Appendix No. 16

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

International standard of audit 500 "Auditor proofs"

The International Standard of Audit (ISA) 500 "Auditor proofs" 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 International Standard of Audit (ISA) determines that it is part of auditor proofs when carrying out financial records audit and what obligations of the auditor on development and accomplishment of audit procedures for the purpose of receipt of sufficient competent auditor evidences to have opportunity to draw valid conclusions which will form the basis for auditor opinion.

2. This standard is applied to all auditor evidence obtained during audit. Other MSA are considered: specific aspects of audit (for example, in MCA 315 (reviewed) <1>), auditor proofs which need to be collected concerning this or that specific question (for example MCA 570 <2>), specific procedures of receipt of auditor proofs (for example, MCA 520 <3>), and also assessment of whether sufficient competent auditor evidences are collected (MCA 200 <4> and MCA 330 <5>).

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<1> MCA 315 (reviewed) "Identification and risks assessment of essential misstatement by means of studying of the organization and its environment".

<2> MCA 570 (reviewed) "Going concern".

<3> MCA 520 "Analytical procedures".

<4> MCA 200 "Main objectives of the independent auditor and carrying out audit according to International standards of audit".

<5> MCA 330 "Audit procedures in response to the estimated risks".

The effective date

3. This standard becomes effective concerning financial records audit for the periods beginning on December 15, 2009 or after this date.

Purpose

4. The purpose of the auditor consists in development and accomplishment of audit procedures so that the auditor could collect sufficient competent auditor evidences to have opportunity to draw valid conclusions which will form the basis for auditor opinion.

Determinations

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

(a) accounting data - set of accounting entries and the data confirming them, including checks and data on electronic cashless payments; accounts; agreements; the main registers and auxiliary sheets, accounting entries and different adjustments for preparation of the financial reporting which are not reflected in accounting registers, and also data of the razrabotochny and summary tables confirming cost allocation, calculations, reconciliations and disclosure of information;

(b) proper nature of auditor proofs - quality standard of auditor proofs, that is their relevance and reliability for confirmation of conclusions on which the auditor opinion is based;

(c) auditor proofs - information used by the auditor when forming conclusions on which the auditor opinion is based. Auditor proofs include as information containing in accounting data on which the financial reporting, and information obtained from other sources is based;

(d) the expert of management - person or the organization having knowledge and experience in the certain area other than financial accounting or audit which results of work in this area are used by the organization by preparation of the financial reporting;

(e) sufficiency (auditor proofs) - quantitative assessment of auditor proofs. The number of necessary auditor proofs depends on assessment by the auditor of risks of essential misstatement, and also quality of such auditor proofs.

Requirements

Sufficient competent auditor evidences

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