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On January 31, 2019 No. 53639

Appendix No. 3

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

International standard of audit 210 "Coordination of conditions of audit engagements"

The international standard of audit of MCA 210 "Coordination of conditions of audit engagements" 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 standard establishes the auditor's obligations in case of coordination of conditions of the audit engagement with management and if it is pertinent, persons who are responsible for corporate management. Also establishment of availability of some compulsory provisions for carrying out audit which obligations on providing are assigned to management and when it is pertinent, to persons who are responsible for corporate management is considered. Those aspects of acceptance of auditing provisions which depend on the auditor are considered in MCA 220 <1> (see Item A 1).

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<1> MCA 220 "Quality control in case of carrying out financial records audit".

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 accepting the offer on carrying out audit or to continue its carrying out only when the main conditions based on which it shall be carried out that is reached are approved:

(a) factual determination of availability of compulsory provisions for carrying out audit;

(b) confirmation reached between the auditor and management and if it is pertinent, persons who are responsible for corporate management, single understanding of conditions of the audit engagement.

Determinations

4. For the purposes of International standards of audit the following terms have the stated below values:

compulsory provisions of carrying out audit - use by management in case of financial reporting preparation of the acceptable concept of preparation of the financial reporting and the consent of management and if it is pertinent, persons who are responsible for corporate management with fundamental assumption about their responsibility <2> proceeding from which audit is booked.

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<2> MCA 200 "Main objectives of the independent auditor and carrying out audit according to International standards of audit", Item 13.

5. For the purposes of this standard mentioning in the text of the word "management" should be read further as "management and if it is pertinent, persons who are responsible for corporate management".

Requirements

Compulsory provisions for carrying out audit

6. To establish whether there are compulsory provisions for carrying out audit, the auditor shall:

(a) determine whether that concept of preparation of the financial reporting which will be applied by preparation of the financial reporting (see the Items A2 - A 10) is acceptable;

(b) receive the consent of management that it confirms and realizes the responsibility (see the Items A11 - A 14, A 21):

(i) for preparation of the financial reporting according to the applicable concept of preparation of the financial reporting, including where it is pertinent, its fair presentation (see Item A 15);

(ii) for such internal control which the management considers necessary to provide preparation of the financial reporting, free from essential misstatement both because of unfair actions, and owing to mistake (see the Items A16 - A 19);

(iii) providing the auditor:

a. access to all information of which [management] knows and which matters for preparation of the financial reporting, for example to accounting data, documentation and other data;

b. the additional information which the auditor can request from [management] for the purposes of audit;

c. unrestricted possibility of information exchange with persons in the organization from which the auditor considers necessary to obtain the auditor evidence.

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