GREEN AUDIT AS A TOOL FOR ENHANCING ENVIRONMENTAL ACCOUNTABILITY AND SUSTAINABLE FINANCIAL PERFORMANCE: DEVELOPMENT PROSPECTS FOR UZBEKISTAN

Abstract

Abstract. Environmental pressures, resource scarcity and climate-related risks are increasingly relevant to corporate governance and financial decision-making. This article examines how green audit can strengthen environmental accountability and support sustainable financial performance, with a focus on Uzbekistan. The study uses qualitative document analysis and a comparative synthesis of academic literature, international standards, official policy documents and institutional reports. It distinguishes environmental audit from sustainability assurance and develops a practical framework linking audit quality to environmental information reliability, regulatory compliance, resource efficiency and financial risk management. International evidence indicates a continued expansion of sustainability disclosure and independent assurance: the IFAC, AICPA and CIMA benchmark reports that 97% of the large companies reviewed disclosed sustainability-related information in 2024, while 75% obtained assurance over at least part of it. These global findings do not demonstrate that assurance itself causes higher profitability; rather, they underline the growing importance of credible and comparable information. In Uzbekistan, the Law “On Environmental Audit” and national green-transition policies provide an institutional basis for further development. Key constraints include uneven environmental data, limited specialist capacity, fragmented measurement practices and a need to connect environmental audit findings more directly with management accounting and financial reporting. The article recommends a phased, risk-based approach, common indicators, auditor training and follow-up mechanisms to measure whether recommendations are implemented. The study is qualitative and does not claim a causal effect of green audit on Uzbek companies’ financial results.