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Russian Federation

On January 31, 2019 No. 53639

Appendix No. 2

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

International standard of audit 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 fundamental obligations of the independent auditor in case of accomplishment of financial records audit according to International standards of audit. So, he establishes main objectives of the independent auditor and explains nature and amount of the audit procedures designed to make possible achievement of these is more whole the independent auditor. In this standard the scope, role and structure of International standards of audit as source of law are also explained, it contains the requirements establishing the fundamental obligations of the independent auditor applicable to all types of audit including the major obligation to observe International standards of audit. Further in the text for designation of the concept "independent auditor" the word "auditor" is used.

2. International standards of audit are stated in the context of the financial records audit which is carried out by the auditor. When they are applied during audit of other financial information of last periods, they should be considered taking into account the specifics dictated by circumstances of specific task. International standards of audit do not consider those obligations of the auditor which can be established by the laws, regulations or other sources of law, for example, in connection with placement of securities among the uncertain group of people. Such obligations can differ from established in International standards of audit. Therefore though certain aspects of International standards of audit can be useful to the auditor in such circumstances, it does not save it from responsibility to provide accomplishment of all corresponding obligations of the auditor provided by the laws, regulations and professional instructions.

Financial records audit

3. The audit purpose - to raise degree of confidence of expected users in the financial reporting. It is reached by means of formulation by the auditor of the corresponding opinion concerning whether really the financial reporting is prepared in all essential relations according to criteria of the applicable concept of preparation of the financial reporting. In case of use of the majority of concepts of preparation of the financial reporting of general purpose this opinion consists in whether really the financial reporting is provided authentically in all essential relations or whether it gives truthful and fair idea according to this or that concept. The possibility of forming by the auditor of such opinion is caused by carrying out audit by it according to International standards of audit and applicable ethical standards (see Item A 1).

4. The financial reporting of the organization which is subject to audit is the reporting prepared by its management under the supervision of persons who are responsible for corporate management behind its creation. International standards of audit do not impose any obligations on management of the organization or on persons who are responsible for corporate management and have no priority over the laws and regulations by which these obligations are established. Nevertheless fundamental assumption of carrying out audit according to International standards of audit is recognition by management of the organization and if it is pertinent, persons who are responsible for corporate management, certain obligations which are the most essential when implementing audit. Such financial records audit of the organization does not exempt its management or persons who are responsible for corporate management from their obligations (see the Items A2 - A 11).

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