Registered by
Ministry of Justice
Russian Federation
On January 31, 2019 No. 53639
Appendix No. 4
to the Order of the Ministry of Finance of the Russian Federation of January 9, 2019 No. 2n
The international standard of audit of MCA 220 "Quality control in case of carrying out financial records audit" 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 Audit (ISA) establishes special obligations of the auditor concerning control procedures of quality when carrying out financial records audit. The standard also considers when it is applicable, obligations of person performing task performance quality check. This MSA should be considered together with the relevant ethical requirements.
Quality control system and role of auditor groups
2. Obligation of auditing organization is establishment of system, policy and control procedures of quality. According to MSKK 1 auditing organization performs duty on creation and maintenance of quality control system for receipt of reasonable confidence that:
(a) the organization and its employees observe professional standards and applicable legislative and normative requirements;
(b) the conclusions issued by the organization or heads of tasks have proper character in specific circumstances <1>.
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<1> MCKK 1 "Quality control in the auditing organizations which are carrying out audit and survey inspections of the financial reporting, and also performing the other tasks providing confidence, and tasks on rendering the accompanying services", Item 11.
This standard is constituted taking into account assumption that action MCKK 1 or at least strict requirements of the national legal system (see Item A 1) extends to the organization.
3. In the context of quality control system of auditing organization auditor groups are responsible for implementation of such control procedures of quality which are applicable to the specific audit engagement and provide the organization with significant information for functioning of that part of quality control system of auditing organization which is related to independence.
4. Auditor groups have the right to rely on quality control system of auditing organization, except as specified, when information provided by the organization or other persons assumes other approach (see Item A 2).
The effective date
5. This standard becomes effective concerning financial records audit for the periods beginning on December 15, 2009 or after this date.
Purpose
6. The purpose of the auditor consists in implementing the control procedures of quality at the level of the carried-out audit engagement providing reasonable confidence of the auditor that:
(a) the booked audit conforms to professional standards and applicable legislative and normative requirements;
(b) the issued audit opinion has proper nature in specific circumstances.
Determinations
7. For the purposes of International standards of audit the following terms have the stated below values:
(a) the head of task <2> - the partner or other employee of auditing organization who is responsible for task and its accomplishment, and also for the conclusion issued on behalf of auditing organization and to whom are provided if it is necessary, proper powers the professional organization, the legal entity or regulating authority;
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<2> In appropriate cases it is necessary to understand the equivalents of these terms applied in public sector as the terms "head of task", "partner" and "auditing organization".
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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