Appendix No. 17

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

International standard of audit 501 of "Feature of receipt of auditor proofs in specific cases"

The International Standard of Audit (ISA) 501 "Features of receipt of auditor proofs in specific cases" 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 describes the single questions considered by the auditor in case of receipt of sufficient competent auditor evidences according to MCA 330 <1>, MCA 500 <2> and other applicable MSA concerning the certain aspects concerning inventories, claims and legal proceedings with participation of the organization, and also information on segments when carrying out financial records audit.

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<1> MCA 330 "Audit procedures in response to the estimated risks".

<2> MCA 500 "Auditor proofs".

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 collecting sufficient competent auditor evidences in the relation:

(a) existence and inventory conditions;

(b) completeness of information on claims and legal proceedings with participation of the organization;

(c) representations and disclosures of information on segments according to the applicable concept of preparation of the financial reporting.

Requirements

Inventories

4. If inventories are essential to the financial reporting, the auditor shall collect sufficient competent auditor evidences concerning availability and inventory condition in the way:

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