Appendix No. 10

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

International standard of audit 300 "Planning of financial records audit"

The International Standard of Audit (ISA) 300 "Planning of 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 the auditor's obligations on planning of financial records audit. This standard is applied to repeated audit engagements. The additional notes relating to the audit engagement performed for the first time are separately provided.

Role and terms of planning

2. Planning of audit assumes development of general strategy of audit on task and audit scheduling. Proper planning is useful when carrying out financial records audit as (see the Items A1 - A 3):

- helps the auditor to pay due attention to important aspects of audit;

- helps the auditor to reveal and fix possible problems timely;

- helps the auditor to organize properly the audit engagement and to direct process of its carrying out so that to provide its effective implementation;

- gives help in case of the choice of the members of auditor group having proper skills and qualification for decrease in the expected risks and also at job sharing between them;

- promotes implementation of management and control of members of auditor group, and also the analysis of results of their work;

- when it takes place, gives help in coordination of work of auditors of components of the organization and experts.

The effective date

3. This standard becomes effective concerning financial records audit for the periods beginning on December 15, 2009 or after this date.

Purpose

4. The purpose of the auditor consists in planning carrying out audit so that it was carried out effectively.

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