RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of October 18, 2019 No. 59

About quality evaluation of work of auditing organizations, the auditors performing activities as individual entrepreneurs, auditors

Based on the paragraph of third of part one of Item 5 of Article 5, No. 56-Z "About auditor activities" and Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES: parts one of Item 3 of article 29 of the Law of the Republic of Belarus of July 12, 2013

1. Approve the Instruction about the principles of implementation by Auditor chamber of external quality evaluation of work of auditing organizations, the auditors performing activities as individual entrepreneurs it (is applied).

2. Bring in the resolution of the Ministry of Finance of the Republic of Belarus of January 23, 2002 No. 8 "About approval of national rules of auditor activities" the following changes:

to state preamble, Items 1 and 2 in the following edition:

"Based on the paragraph of third of part one of Item 5 of article 5 of the Law of the Republic of Belarus of July 12, 2013 No. 56-Z "About auditor activities", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Approve national rules of auditor activities "Internal quality evaluation of work of auditors" (are applied).

2. Approve national rules of auditor activities "Audit opinion according to the special audit engagement" (are applied).";

in national rules of auditor activities "Internal control of quality of work of the auditors" approved by this resolution:

in the name of the word "Internal control" shall be replaced with words "Internal assessment";

in Item 1 of the word "Rules" and "internal control" to replace respectively with the words "national rules" and "internal assessment";

state Item 3 in the following edition:

"3. For the purposes of these national rules the following terms and their determinations are applied:

the diagnostic report - the document prepared by the expert in internal assessment by results of carrying out diagnostic assessment of the organization of system of internal quality evaluation and efficiency of its functioning;

diagnostic assessment of system of internal quality evaluation - set of the techniques and procedures which are carried out by the expert in internal assessment when implementing of internal quality evaluation of work of auditors of auditing organization by him for assessment of the organization of system of internal quality evaluation and efficiency of its functioning and preparation of the diagnostic report;

the document confirming the carried-out overview of system of internal quality evaluation within the international network of auditing organizations - the document containing confirmation of the international network which includes auditing organization, about the proper organization at this auditing organization of system of internal quality evaluation and efficiency of its functioning;

the international network of auditing organizations - the merging of auditing organizations which is the member of the Forum of the companies of the International federation of accountants;

the partner in task - the head of auditing organization and (or) his deputy and (or) the auditor of auditing organization, authorized to sign audit opinion according to the audit engagement and (or) the report on results of accomplishment of the audit engagement, the auditor - the individual entrepreneur which bear responsibility for correctness of accomplishment of the audit engagement;

the head of audit - the auditor on whom the main responsibility for carrying out audit of the accounting and (or) financial reporting or accomplishment of the special audit engagement is conferred (further - audit) and rendering other auditor services;

the expert in internal assessment - the person having special skills, knowledge and experience, attracted by auditing organization to implementation of internal quality evaluation of work of auditors of auditing organization.";

state Item 5 in the following edition:

"5. Auditing organizations according to national rules of auditor activities "Requirements imposed to internal regulations of auditor activities of auditing organization or the auditor - the individual entrepreneur", the approved by the resolution of the Ministry of Finance of the Republic of Belarus of January 16, 2003 No. 4, and these national rules develop internal regulations of auditor activities of auditing organization according to which the auditing organization performs internal quality evaluation (further - internal regulations of quality evaluation).";

in the name of Chapter 2 to replace the word of "control" with the word "assessment";

state Items 6 and 7 in the following edition:

"6. The auditing organization should determine set of the organizational measures, techniques and specific procedures of internal quality evaluation (further - assessment procedures) directed to providing quality of rendering auditor services according to the legislation on auditor activities.

7. Internal regulations of quality evaluation shall contain the description of elements of system of internal quality evaluation and assessment procedure which should be applied within all activities of auditing organization.";

in Item 8:

in paragraph one of the word of "internal control" shall be replaced with words "internal assessment";

word in paragraph eight of "control procedures" shall be replaced with words "assessment procedures";

in Item 9:

in paragraph one of part one of the word of "internal control" and "control procedures" to replace respectively with words of "internal assessment" and "assessment procedures";

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