I obtained my audit license back in December 2018.

This gives me a legal right to provide accounting and audit related services to public.

As an individual auditor I cannot perform statutory audits though, as according to the law – statutory audits can be performed by audit firms only, i.e. legal entities.

Audit activities are regulated by the Law of Turkmenistan ‘on Audit’ (the “Law”).

The Law was adopted in 2014 and it regulates the legal, economic and organizational basics of performing audit related services in Turkmenistan.

In this article I will try to touch the maximum amount of information that you may be looking for in relation to audit and auditors in Turkmenistan.

Let’s jump into it.


Who are subject to annual statutory audit?

Audit is obligatory for following persons:  

  1. banking entities
  2. securities trading entities
  3. stock trading companies
  4. insurance and pension insurance entities
  5. companies limited by shares
  6. economic societies, i.e. limited liability companies
  7. joint ventures and their subsidiaries which do not operate in the sectors listed in points a-d above
  8. branches and rep offices of FLEs registered in Turkmenistan
  9. legal persons with either partial or full foreign investment


What is the frequency of statutory audit?

Statutory audit must be performed once a year by audit firms only, i.e. licensed individual auditors cannot perform statutory audits.


How audit firms are selected/hired?

Usually by company management, board of directors or other governing body (depends on the organization type). In special cases, usually when provided for in related contracts, Cabinet of Ministers of Turkmenistan will appoint an international audit firm to perform statutory audit of a given company.


Other type of audit is initiative audit which companies are free to initiate voluntarily. Initiative audit may come in various forms, such as:

  • audit of financial statements
  • payroll audit
  • due diligence
  • audit of costs
  • audit of tangible assets
  • and more…

Unlike with statutory audits the performance of initiative audits is not limited to audit firms only. Hence, initiative audits can be performed either by audit firms or individual licensed auditors like myself.

Some of the most popular types of initiative audits that I have been involved to perform were:

- payroll and HR system audits

- financial due diligence of target companies for potential acquisition by foreign investors

- financial due diligence for obtaining or extending international bank loans

- verification of pension insurance costs and review of inventories.


Other services provided by licensed individual auditors and audit firms in Turkmenistan include:

  • preparation of financial reports
  • integrating the accounting system and restoration of accounting records
  • preparation of financial and statistical reports
  • adoption of IFRS, transfer of financial reporting into IFRS
  • analysis of financial reports
  • consulting on preparation of financial and statistical reports
  • consulting on accounting and on adopting accounting IT
  • consulting on tax and finance matters
  • and some other services provided for in National Standards on Auditing. 


Is there a ‘Big 4’ presence in Turkmenistan?

Big 4 global audit and assurance firms (Deloitte, PwC, EY, KPMG) are not established in Turkmenistan.

Though not present in Turkmenistan, international audit firms do provide audit and assurance services to local financial institutions and multinational corporations doing business in Turkmenistan. Usually these are the entities which require IFRS audit by an internationally recognized audit firm or branches of FLEs who need an international audit firm to perform the component audit for group consolidation purposes in adherence with ISAs. Two specific examples when international audit firms are engaged in Turkmenistan operations are usually for performing IFRS audits of local financial institutions and for performing special purpose audits for PSA (Production Sharing Agreement) holders working under the Petroleum Law of Turkmenistan.  



My friends, I hope you found this article useful. If you know someone who may be interested in the same information that you find useful then please refer this website to them. Since this is an overview of the audit in Turkmenistan and doesn’t cover details, you may have any specific queries. Do not hesitate – be my guest and drop me a message at and I will do my utmost to satisfy your needs.

Last update: September 2020

Phone: +993 65 85-55-41 | Email:

License no. 1-5-32-209 Issued by the Ministry of Finance and Economy of Turkmenistan