AGREEMENT OF STATE MEMBERS OF COMMONWEALTH OF INDEPENDENT STATES

of April 19, 2022

About implementation of auditor activities within the Eurasian Economic Union

The state members of the Eurasian Economic Union which further are referred to as with state members

being guided by the Agreement on the Eurasian Economic Union of May 29, 2014, the conventional principles and rules of international law,

confirming the aspiration to create the single market of auditor services within the Eurasian Economic Union (further - the Union),

wishing to create single approaches to the organization, implementation of regulation and control of auditor activities,

agreed as follows:

Article 1 of Determination

1. For the purposes of this agreement concepts which mean the following are used:

"the audited face" - person concerning whose accounting (financial) records and (or) other information provided to them audit is booked or to which the services accompanying audit are rendered;

"audit" - verification of accounting (financial) records of the audited face and (or) other financial information provided to them for the purpose of expression of independent opinion on their reliability;

"auditor" - the physical person who acquired the participation right in implementation of auditor activities in state member;

"auditor activities", "auditor services" - the activities for carrying out audit and accomplishment of other checks providing confidence, and also for rendering accompanying audit of services, performed according to standards of auditor activities;

"auditing organization" - the legal entity, the right to implementation of auditor activities which is the commercial organization and acquired in state member;

"audit opinion" the official document constituted by auditing organization or the individual auditor by results of carrying out audit;

"conclusion" - the official document constituted by auditing organization or the individual auditor by results of accomplishment of the checks other than audit providing confidence;

"the individual auditor" - the auditor who acquired the right to implementation of auditor activities as the individual entrepreneur;

"foreign auditing organization" - the organization which acquired the right to implementation of auditor activities in the state which is not state member and which status is confirmed with competent authority of such state;

"report" - the official document constituted by auditing organization or the individual auditor when rendering the services accompanying audit;

"the register of auditing organizations, individual auditors and auditors" - the systematized list of auditing organizations, individual auditors and auditors which is kept in the state member body, responsible for it, according to the procedure determined by the legislation of state member;

"the services accompanying audit" - the verification of accounting (financial) records of the audited face and other information provided to them other than the checks providing confidence, and also other services recognized accompanying audit according to standards of auditor activities;

"the member of the financial market" the legal entity performing activities for provision of financial services.

2. Other concepts used in this agreement are applied in the values defined by the Agreement on the Eurasian Economic Union of May 29, 2014.

Article 2 Subject of the agreement

This agreement governs the relations connected with providing the admission of auditing organizations and individual auditors of one state member to implementation of auditor activities in other state members and the admission of auditors of one state member to participation in implementation of auditor activities in other state members and also determines single approaches to implementation and auditing regulation in state members.

The article 3 Admission to implementation of auditor activities

1. Auditor activities in state member are performed by persons who acquired the right to implementation of auditor activities in this state member.

Auditing organizations (except for the auditing organizations specified in Items 2 and 4 of Article 32 of this agreement) and individual auditors of one state member have the right to implementation of auditor activities in other state members.

Auditor activities can be performed by individual auditors if it is stipulated by the legislation state member.

2. Auditors (except for persons specified in Item 3 of Article 32 of this agreement) one state member have the participation right in implementation of auditor activities in other state members.

Article 4 of the Requirement to persons performing auditor activities

1. For receipt of the right to implementation in state member of auditor activities as auditing organization the legal entity shall conform to the following requirements:

a) the number of the auditors who are workers of this legal entity on principle place of employment based on employment contracts established by the legislation of state member - at least 3;

b) the share of the authorized (share) capital of this legal entity belonging to auditors and (or) auditing organizations - at least 51 percent;

c) the number of auditors in collegiate executive body of this legal entity - at least 50 percent of structure of such body. Person which is sole executive body of this legal entity shall be auditor;

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