RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of December 30, 2013 No. 93

About modification and amendments in some resolutions of the Ministry of Finance of the Republic of Belarus concerning auditor activities and recognition voided resolutions of the Ministry of Finance of the Republic of Belarus of June 19, 2002 No. 86 and separate structural elements of resolutions of the Ministry of Finance of the Republic of Belarus

Based on the paragraph of third of part six of article 5 of the Law of the Republic of Belarus of July 12, 2013 "About auditor activities", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585 "Questions of the Ministry of Finance of the Republic of Belarus", the Ministry of Finance of the Republic of Belarus DECIDES:

1. Bring in the resolution of the Ministry of Finance of the Republic of Belarus of January 23, 2002 No. 8 "About approval of Rules of auditor activities" (The national register of legal acts of the Republic of Belarus, 2002, No. 22, 8/7750; 2005, No. 18, 8/12007; 2007, No. 188, 8/16886; No. 250, 8/17207; 2008, No. 94, 8/18547; 2009, No. 157, 8/21078; 2010, No. 40, 8/21880; No. 147, 8/22441; No. 312, 8/23085; 2011, No. 85, 8/23931) following changes and amendments:

1.1. in the name "Governed" shall be replaced with words the word "national rules";

1.2. state Item 1 in the following edition:

"1. Approve the enclosed national rules of auditor activities "Internal control of quality of work of auditors".";

1.3. to add Item 2 after the word "enclosed" with the word "national";

1.4. in the rules of auditor activities "Internal control of quality of audit" approved by this resolution:

state the name in the following edition:

"National rules of auditor activities "Internal control of quality of work of auditors";

state Item 1 in the following edition:

"1. These rules establish single requirements to internal regulations of auditor activities of auditing organization, the auditor performing activities as the individual entrepreneur (further - auditing organization) according to which the auditing organization exercises internal control of quality of work of auditors when rendering auditor services (further - internal control of quality).";

exclude Item 2;

add Item 3 with words "accounting (financial) records or accomplishment of the special audit engagement (further - audit) and rendering other auditor services";

state Item 5 in the following edition:

"5. Auditing organizations according to national rules of auditor activities "Requirements imposed to internal regulations of auditor activities of auditing organization or the auditor - the individual entrepreneur", approved by the resolution of the Ministry of Finance of the Republic of Belarus of January 16, 2003 No. 4 "About approval of national rules of auditor activities" (The national register of legal acts of the Republic of Belarus, 2003, No. 16, 8/9058), and these rules develop internal regulations of auditor activities of auditing organization according to which the auditing organization exercises internal control of quality (further - internal regulations of quality control).";

state Chapter 2 in the following edition:

"Chapter 2 of the Requirement to internal regulations of quality control

6. The auditing organization should determine set of the organizational measures, techniques and specific procedures of internal control of quality (further - control procedures) directed to providing quality of rendering auditor services according to the regulatory legal acts of the Republic of Belarus regulating auditor activities.

7. Internal regulations of quality control shall contain the description of elements of internal control system of quality and specific control procedures which should be applied within all activities of auditing organization.

8. Elements of internal control system of quality are:

professional requirements (employees of auditing organization shall adhere to the principles of independence, honesty, objectivity and confidentiality, and also regulations of professional behavior);

professional competence (employees of auditing organization shall know requirements of the legislation of the Republic of Belarus, and in need of International accounting standards and their Explanations or the legislation of other states, to own proper skills, and also to have the necessary professional qualification allowing them to provide high-quality rendering auditor services);

the order of tasks (work on rendering auditor services shall be charged to the workers having the professional training level and work experience necessary in these conditions, and also answering to criterion of independence);

control powers (it is necessary to direct adequately work, to exercise the current control at all levels and stages of performance of work to provide reasonable confidence that work is performed with proper quality);

consultation (in necessary cases it is necessary to hold external or internal consultations with the specialists having the corresponding knowledge);

work with the audited faces (it is necessary to carry out constantly assessment of the potential audited faces and persons to whom auditor services can be rendered. In case of the solution of question of the conclusion of the agreement or continuation of cooperation it is necessary to proceed from reasons of independence of auditing organization and its capability to render auditor services properly);

assessment and efficiency analysis of control procedures (it is necessary to perform constantly observation of efficiency of the control procedures applied by auditing organization).

9. Determination by auditing organization of necessary elements of internal control system of quality and specific control procedures are influenced by the following major factors:

the size of auditing organization and nature of the rendered auditor services;

territorial arrangement of auditing organization;

organizational structure of auditing organization.

Depending on the specified factors the amount, time frames and nature of the control procedures applied by auditing organization and also amount of documentation on questions of implementation of internal control of quality are determined.

10. Specific control procedures are determined by auditing organization based on the list of the main control procedures corresponding to elements of internal control system of quality according to appendix.

11. The procedure for holding control procedures established by internal regulations of quality control shall be brought to the attention all employees of auditing organization so that reasonable confidence that the control procedures adopted in the organization are clear to workers was provided and are applicable in practice.";

to add the name of Chapter 3 after the word "QUALITIES" with words "AUDIT AND OTHERS";

in Item 12 of the word of "the procedure of internal control of quality of audit", "quality control procedures" shall be replaced with words "control procedures";

in Item 14 the word "terms" shall be replaced with words "time frames";

in Item 16:

after paragraph one to add Item with the paragraph of the following content:

"whether work was properly planned;"

to consider paragraphs of the second or sixth respectively paragraphs the third or seventh;

to add the paragraph of the seventh with words ", expressed in audit opinion";

in Item 18 of the word to "quality control of the rendered auditor services" shall be replaced with words to "internal control of quality";

add rules with Item 19 of the following content:

"19. The auditing organization should carry out periodically assessment and efficiency analysis of control procedures.

Assessment and efficiency analysis of control procedures shall provide reasonable confidence that the control procedures applied in auditing organization are effective. For this purpose in the course of evaluating and efficiency analysis of control procedures are performed:

check and testing of observance in auditing organization of general requirements and control procedures;

selective check of audit procedures regarding their compliance to national rules of auditor activities, and also to internal regulations of auditor activities of auditing organization;

discussion with employees of auditing organization of general conclusions by results of evaluating and efficiency analysis of control procedures;

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