Developing an Asset Management Audit Framework and Effectiveness Index for Kazakhstan’s Quasi-Public Sector

Zhadyra Arkenova, Azamat Zhanseitov, Gaini Mukhanova, Gulnur Raikhanova, Ulagat Yussupov

2026

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DOI 10.47703/2789-8253-2026-3-52-70
Data confidence 70 medium
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Abstract

Effective asset management of quasi-public sector organizations is an important condition for improving economic efficiency, quality of corporate governance and sustainability of business processes. The purpose of this study is to develop a conceptual model of asset management audit adapted to the conditions of Kazakhstan and to propose an Asset Management Effectiveness Index (AMEI). The methodology includes a systematic review of the literature on the PRISMA protocol, a thematic analysis of selected studies, and an illustrative analysis of the activities of JSC NC KazMunayGas. Scientific publications for 2012-2020 and consolidated financial statements of KazMunayGas under IFRS for 2022-2023 were used as initial data. Based on the results of the thematic analysis, seven key areas were identified: independence of auditors, application of INTOSAI standards, asset management audit methodology, corporate governance and accountability, features of Kazakhstan’s quasi-public sector, audit quality control mechanisms, and financial benchmarking. On this basis, a five-stage audit and AMEI model is proposed, which includes five equally weighted components, evaluated on a scale from 0 to 10. KazMunayGas’s illustrative data shows that in 2022-2023, revenue decreased from $18,860 million to $18,236 million. The results show the practical significance of the proposed model for a comprehensive assessment of the asset management system; however, calculating and empirically validating AMEI require access to internal audit documentation and informed business decisions in quasi-public sector organizations.