Appendix No. 15

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

The international standard of audit 450 "Assessment of the misstatements revealed during audit"

The International Standard of Audit (ISA) 450 "Assessment of the misstatements revealed during 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 impact assessment of the revealed misstatements on audit and uncorrected misstatements if such are available, on the financial reporting. To establish obligation of the auditor in case of opinion formulation according to the financial reporting whether reasonable confidence that the financial reporting in general does not contain essential misstatements was received, is considered in MCA 700. The audit opinion provided by MCA 700 <1> shall consider assessment by the auditor of impact of uncorrected misstatements if such are available, on the financial reporting according to this standard. MCA 320 <2> establishes obligation of the auditor to apply the concept of materiality when planning and carrying out financial records audit.

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<1> MCA 700 (reviewed) "Forming of opinion and creation of the conclusion about the financial reporting", Items 10 - 11.

<2> MCA 320 "Materiality in case of planning and carrying out audit".

The effective date

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

Purpose

3. The purpose of the auditor consists in estimating:

(a) impact of the revealed misstatements on the booked audit;

(b) impact of uncorrected misstatements if such are available, on the financial reporting.

Determinations

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