Appendix №4

to the Order of the Ministry of Finance of the Russian Federation of January 9, 2019 No. 2n

International standard of audit 220 "Quality control in case of carrying out financial records audit"

The international standard of audit of MCA 220 "Quality control in case of carrying out financial records audit" should be considered together with MCA 200 "Main objectives of the independent auditor and carrying out audit according to International standards of audit".

Introduction

Scope of this standard

1. This International Standard of Audit (ISA) establishes special obligations of the auditor concerning control procedures of quality when carrying out financial records audit. The standard also considers when it is applicable, obligations of person performing task performance quality check. This MSA should be considered together with the relevant ethical requirements.

Quality control system and role of auditor groups

2. Obligation of auditing organization is establishment of system, policy and control procedures of quality. According to MSKK 1 auditing organization performs duty on creation and maintenance of quality control system for receipt of reasonable confidence that:

(a) the organization and its employees observe professional standards and applicable legislative and normative requirements;

(b) the conclusions issued by the organization or heads of tasks have proper character in specific circumstances <1>.

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<1> MCKK 1 "Quality control in the auditing organizations which are carrying out audit and survey inspections of the financial reporting, and also performing the other tasks providing confidence, and tasks on rendering the accompanying services", Item 11.

This standard is constituted taking into account assumption that action MCKK 1 or at least strict requirements of the national legal system (see Item A 1) extends to the organization.

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