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Ministry of Justice

Russian Federation

On January 31, 2019 No. 53639

Appendix No. 27

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

The international standard of audit 600 "Features of financial records audit of group (including work of auditors of components)"

The International Standard of Audit (ISA) 600 "Features of financial records audit of group (including work of auditors of components)" shall be considered in total 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. International standards of audit are applied to audit of group. This standard establishes obligations in relation to audit of group, especially when auditors of components are attracted.

2. This standard if necessary adapted for circumstances can be useful to the auditor when it involves other auditors in financial records audit which is not the financial reporting of group. For example, the auditor can involve other auditor to observation of carrying out inventory count or inspection of physical availability of fixed assets in the remote divisions.

3. The auditor of component can be shall according to the legislation, regulations or owing to other reasons to express opinion of the auditor concerning the financial reporting of component. The team of the auditor of group can make the decision on use of auditor proofs which are the basis for expression of opinion of the auditor on the financial reporting of component, as auditor proofs for the purposes of audit of group, however requirements of this standard anyway shall be applied (see Item A 1).

4. According to MCA 220 <1> the head of audit of group shall be convinced that those who participate in task performance on audit of group including auditors of components, jointly have proper competences and potential. The head of audit of group also bears responsibility for management, supervision and task performance on audit of group.

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<1> MCA 220 "Quality control in case of carrying out financial records audit", Items 14 - 15.

5. The head of audit of group applies requirements of MCA 220 regardless of the one who carries out work concerning financial information of component - the head of audit of group or the auditor of component. This standard helps the head of audit of group to fulfill requirements of MCA 220 in cases when auditors of components perform tasks concerning financial information of components.

6. The audit risk represents function of risks of essential misstatement and risk of nondetection <2>. In case of audit of group it includes risk that the auditor of component can not reveal misstatement of financial information of component which can lead to essential misstatement of the financial reporting of group, and risk that the team of the auditor of group can not reveal this misstatement. This standard explains questions which are considered by team of the auditor of group at determination of nature, terms and level of the participation in assessment procedures of risks and the further audit procedures performed by auditors of components concerning financial information of components. The purpose of such participation is receipt of the sufficient competent auditor evidences proving opinion of the auditor concerning the financial reporting of group.

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<2> MCA 200 "Main objectives of the independent auditor and carrying out audit according to International standards of audit", Item 34.

The effective date

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

Purposes

8. The purposes of the auditor consist in that:

(a) determine whether it is necessary to undertake obligations of the auditor of the financial reporting of group;

(b) being effective as the auditor of the financial reporting of group:

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