Appendix No. 20

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

International standard of audit 520 "Analytical procedures"

The International Standard of Audit (ISA) 520 "Analytical procedures" 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 concerning analytical procedures as procedures of check for being ("analytical procedures of check in essence"). Besides, this standard regulates the auditor's obligation on holding analytical procedures closer to the end of audit that will promote forming at the auditor of general conclusion of rather financial reporting. MCA 315 (reviewed) <1> is devoted to holding analytical procedures as assessment procedures of risks. MCA 330 <2> contains requirements and instructions concerning nature, terms and amount of the audit procedures which are carried out concerning the estimated risks; analytical procedures of check in essence can be among such audit procedures.

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<1> MCA 315 (reviewed) "Identification and risks assessment of essential misstatement by means of studying of the organization and its environment", Item 6.

<2> MCA 330 "Audit procedures in response to the estimated risks", Items 6 and 18.

The effective date

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

Purposes

3. The purpose of the auditor consists in that:

(a) obtain the pertinent and reliable auditor evidence when holding analytical procedures of check in essence;

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