Ministry of Justice
On January 31, 2019 No. 53639
Appendix No. 1
to the Order of the Ministry of Finance of the Russian Federation of January 9, 2019 No. 2n
The international standard of quality control (MSKK 1) "Quality control in the auditing organizations booking audit and survey verifications of the financial reporting, and also performing the other tasks providing confidence, and tasks on rendering the accompanying services" should be considered together with MCA 200 "Main objectives of the independent auditor and carrying out audit according to International standards of audit".
Scope of this standard
1. This International Standard of Quality Control (ISQC) establishes obligations of auditing organization in the field of its quality control system of audit and survey verifications of the financial reporting, and also other tasks providing confidence, and the accompanying services. This MSKK should be considered together with the relevant ethical requirements.
2. Additional standards and recommendations concerning obligations of personnel of auditing organization for control procedures of quality by specific types performed contain in other official documents of Council for international standards of audit and the tasks providing confidence (the official name on the website IFAC the International Auditing and Assurance Standards Board(R) (IAASB(R)) Council for international standards of audit and the tasks providing confidence). MCA 220 <1>, for example, describes control procedures of quality when carrying out financial records audit.
<1> MCA 220 "Quality control in case of carrying out financial records audit".
3. The quality control system includes the policy directed to goal achievement, established in Item 11, and the corresponding procedures necessary for implementation and monitoring of their observance.
Scope of this standard
4. This MSKK is applied by all organizations of professional accountants to audit and survey verifications of the financial reporting, and also the other tasks providing confidence and the tasks connected with rendering the accompanying services. Nature and amount of policy and the procedures developed by this or that specific auditing organization for observance of this MSKK will depend on various factors, such as the size and characteristics of activities of auditing organization, and also on whether it is part of network.
5. This MSKK establishes the purpose of auditing organization in case of observance of this standard and contains the requirements designed to provide achievement of this purpose by auditing organization. Besides, it contains the corresponding instructions in the form of recommendations about application and the other explanatory materials described further in Item 8, and the prolog determining the context necessary for proper understanding of this standard, and also determination.
6. This purpose determines context in which requirements of this MSKK are established, and is intended for assistance of auditing organization:
- in understanding that it is necessary to execute;
- in decision making about whether it is necessary to take additional measures for achievement of this purpose.
7. Requirements of this MSKK are stated using verb "shall".
8. Where it is necessary further explanations of relevant requirements are provided in recommendations about application and other explanatory materials and recommendations about their accomplishment are made. In particular, they may contain:
- more detailed instructions specifying value of this or that requirement and its scope of application;
- examples of policy and procedures which can be pertinent in specific circumstances.
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