Penaly Maya · Audit · Tax · Advisory
ENRUTM

Audit · Tax · Advisory

Assurance you can build on.

Audit, tax and business advisory services in Turkmenistan

Our servicesContact us

Who we are

An independent firm with international standards and local depth.

Economic Society “Penaly Maya” was incorporated in Ashgabat in 2025 to provide a wide range of high-quality financial services. Our team are internationally qualified professionals: members and students of ACCA and CIPA-EN.

We work where regulatory compliance, fiscal integrity and strategic advice meet. Clients get figures they can rely on and advice that helps them grow, attract financing and meet the expectations of investors, banks and international partners.

  • 2025Year of incorporation
  • AshgabatHeadquarters, Turkmenistan
  • ACCA · CIPA-ENProfessional qualifications of our team
  • 3Working languages: Turkmen, Russian, English

Mission, vision & values

Our mission

To achieve distinction in auditing, accounting and consultancy services by creating real value for our clients, while upholding sound professional and financial standards.

Our vision

To be recognised as a professional services firm known for exceptional client service, leadership and operating excellence in everything we do.

Our values

  • Strategic Precision

    Rigorous audit and tax insight, delivered with mathematical and legal precision.

  • Forward Foresight

    Guiding growth through risk management and proactive business advice.

  • Uncompromising Trust

    Long-term relationships grounded in ethics, independence and confidentiality.

Our services

Six practice areas, one point of contact.

Each engagement is led by a qualified professional and tailored to the client’s size, sector and reporting needs.

Audit & Assurance

Independent assurance that builds confidence with owners, banks and partners.

  • Statutory and voluntary audits in accordance with International Standards on Auditing (ISA)
  • Audits of financial statements prepared under IFRS and Turkmenistan GAAP
  • Reviews and agreed-upon procedures engagements
  • Audits of projects funded by international financial institutions and donors
  • Internal audit and internal-control assessments

Tax Services & Advisory

Compliance done right, and tax positions planned in advance.

  • Preparation and review of tax returns under the Tax Code of Turkmenistan
  • Tax health checks and tax due diligence
  • Tax planning and structuring of transactions
  • Support during tax inspections and in dealings with the tax authorities
  • Advice on cross-border payments and double-tax treaties

IFRS & Turkmenistan GAAP Consulting

Financial reporting that meets local and international requirements.

  • Transformation of national statements into IFRS financial statements
  • First-time adoption of IFRS
  • Accounting policies and accounting manuals
  • Advice on complex areas: financial instruments, revenue, leases
  • Training for finance teams

Accounting Outsourcing

A reliable finance function without the overhead.

  • Bookkeeping and maintenance of accounting records
  • Payroll and related tax and social-contribution reporting
  • Statutory and tax reporting
  • Monthly management accounts and KPI reporting
  • Preparation of annual financial statements

Business Advisory

Analysis that turns plans into decisions.

  • Business plans for new ventures and expansions
  • Feasibility studies and investment appraisals
  • Financial modelling, budgeting and forecasting
  • Process and internal-control improvement
  • Support for management decisions and restructuring

SME Financing Support

Helping growing businesses become bankable.

  • Preparing financing applications for IFIs, international donors and local financial institutions
  • Financial projections and cash-flow models for lenders
  • Bringing financial statements to lender and donor standards
  • Covenant and post-financing reporting
  • Liaison with lenders throughout the financing process

Who we work with

Clients we serve

Small and medium-sized enterprises

Owner-managed and family businesses that need reliable figures and practical advice as they grow.

International companies

Subsidiaries, branches and representative offices of foreign companies operating in Turkmenistan.

IFI- and donor-funded projects

Projects and implementing agencies that must meet the reporting and audit requirements of their funders.

Non-governmental organisations

NGOs and international organisations that need transparent financial management and assurance.

Our approach

How we work

  1. Understand

    We learn your business, sector, risks and the people who will rely on our work.

  2. Plan

    We agree scope, timetable and deliverables, focused on what matters most.

  3. Deliver

    Qualified professionals do the work to international standards, with partner involvement throughout.

  4. Report & advise

    Clear reporting in your working language, with practical recommendations for the next step.

Why Penaly Maya

What sets us apart

International qualifications

ACCA and CIPA-EN trained professionals applying ISA and IFRS.

Local expertise

In-depth knowledge of Turkmenistan’s tax and accounting legislation and practice.

Three working languages

Reports and advice in Turkmen, Russian and English.

Independence & confidentiality

Objective judgement and strict protection of client information.

Partner-led service

Senior attention on every engagement, from planning to sign-off.

Forward-looking advice

We link compliance to your growth, financing and investment plans.

Frameworks we work with

  • ISA
  • IFRS
  • IFRS for SMEs
  • Tax Code of Turkmenistan
  • Turkmenistan GAAP
  • IESBA Code of Ethics

Our team

The people behind the numbers

Our professionals combine international qualifications with hands-on experience of the Turkmen market.

Ahal Hudaynazarov

Partner

FCCA · CAP · Licensed Auditor

a.hudaynazarov@penalymaya.com

Sapargeldi Sapargeldiyev

Partner

Licensed Auditor

s.sapargeldiyev@penalymaya.com