`Two separate acts will regulate the operation of accountants and auditors,` according to draft acts on accounting and on independent financial audit. The Parliamentary Budget and Finance Committee proposed the drafts. The application of the international accounting standards is to start from January 1, 2005 according to the new accounting act. These standards will be enforced in 2003 for the banks, the insurance companies, the pension funds and the companies listed on the stock exchange. `The act on independent financial audit will be a precondition for the adoption and application of the international accounting standards,` the initiators of the draft wrote to explain their motives. The draft clearly formulates the right of Certified Public Accountants /CPA/ to express independent opinion on the veracity of the companies` financial reports. All auditors should be members of the Institute of CPAs.

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