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Ministry of Justice

Russian Federation

On January 31, 2019 No. 53639

Appendix No. 24

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

International standard of audit 560 of "Event after reporting date"

The International Standard of Audit (ISA) 560 "Events after reporting date" 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) establishes the auditor's obligations concerning events after reporting date when carrying out financial records audit. In it the questions relating to the auditor's obligations concerning the other information obtained after date of audit opinion which are considered in MCA 720 (reviewed) <1> are not considered. However such other information can lead to recognition of events after reporting date which are considered in this standard (see Item A 1).

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<1> MCA 720 (reviewed) "The auditor's obligations relating to other information".

Events after reporting date

2. The certain events taking place after reporting date can exert impact on the financial reporting. Within many concepts of preparation of the financial reporting such events are considered especially <2>. According to such concepts of preparation of the financial reporting events of two types are usually marked out:

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<2> For example, in the International accounting standard (IAS) 10 "Event after the accounting period" the procedure for reflection in the financial reporting of events (both favorable, and adverse) which took place during the period between the reporting date (which is referred to as in IFRS (IAS) with "end date of the accounting period") and date of approval of the financial reporting to release is considered.

(a) the events testimonial of circumstances which existed on reporting date;

(b) the events testimonial of circumstances which arose after reporting date.

In MCA 700 <3> it is explained that date of audit opinion informs users that the auditor considered influence of events and transactions of which he knew and which occurred before this date.

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<3> MCA 700 (reviewed) "Forming of opinion and creation of the conclusion about the financial reporting", Item 66.

The effective date

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

Purposes

4. The purpose of the auditor consists in that:

(a) obtain sufficient competent auditor evidences as regards the events taking place between reporting date and date of audit opinion and requiring adjustment or disclosure of information in the financial reporting are properly reflected in this financial reporting according to the applicable concept of preparation of the financial reporting;

(b) take the corresponding actions in response to the facts about which the auditor learned after date of audit opinion and because of which the auditor could change audit opinion if they were known to the auditor for date of this conclusion.

Determinations

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

(a) reporting date - end date of the last period reflected in the financial reporting;

(b) approval date of the financial reporting to release - date for which all reports which are part of the financial reporting, including the corresponding notes and for which persons having necessary powers confirmed that they assumed responsibility for this financial reporting (see Item A 2) were prepared;

(c) date of audit opinion - date which the auditor dates the conclusion concerning the financial reporting according to MCA 700 (see Item A 3);

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