LAW OF THE REPUBLIC OF BELARUS

of November 8, 1994 No. 3373-XII

About auditor activities

This Law determines the legal basis of implementation of auditor activities in the territory of the Republic of Belarus, establishes the rights and obligations of auditing organizations and auditors, and also governs the relations arising in the course of state regulation of auditor activities.

Chapter 1. General provisions

Article 1. Concept of auditor activities

Auditor activities - business activity on independent check (audit) of financial accounting and accounting (financial) records and other documents of the organizations, their separate divisions, economic groups, banking groups, bank holdings, particular partnerships (agreement parties about joint activities), individual entrepreneurs (daleeaudiruyemy persons), and if necessary and (or) on check of their activities which shall be reflected in accounting (financial) records, for the purpose of expression of opinion on reliability of accounting (financial) records and compliance of committed financial (economic) transactions to the legislation.

For the purposes of this Law:

terms "banking group" and "bank holding" have the values determined respectively by paragraphs to the second and third part one of article 35 of the Bank code of the Republic of Belarus;

reliability of accounting (financial) records is understood as degree of accuracy of data of accounting (financial) records which allows the user of accounting (financial) records to draw based on its data the correct conclusions about results of economic activity, financial and property status of the audited faces and to make the reasoned decisions which are based on these conclusions;

users of accounting (financial) records are understood as founders (participants, owners of property) of the audited face, investors, creditors, the audited faces, other physical persons and legal entities, and also the state bodies and other persons of law interested in information on the audited face, in cases, stipulated by the legislation.

Audit does not substitute the state control of financial and economic activity of the audited faces performed according to the legislation.

Operation of this Law does not extend to the organization and implementation of internal control of financial and economic activity (internal audit).

Article 2. Audit and services accompanying audit

Auditing organizations, the auditors performing activities as individual entrepreneurs (further - auditors - individual entrepreneurs), book audit:

reliability of accounting (financial) records;

reliability of the consolidated statements about activities of banking group, bank holding;

correctness of reflection of account transactions of financial accounting;

target use of the credits and investments;

financial condition of the investor (initiator of the investment project);

financial condition of the issuer of securities;

forming of authorized fund, origin of the money of founders (participants) of the organization deposited in its authorized capital;

reliability of the tax declaration (calculation);

structure and cost of the company as property complex;

fixed asset cost, being in property, economic maintaining or operational management of the audited face;

other indicators of financial and economic activity of the audited faces.

Auditing organizations, auditors - individual entrepreneurs can render the services accompanying audit on:

to creation of accounting (financial) records;

to value assessment of the company as property complex, and also other property;

to statement, recovery, conducting accounting and (or) tax accounting;

to creation of declarations on the income and property;

to the analysis of financial and economic activity;

to consultation on the questions connected with making of financial (economic) transactions, forming of results of economic activity and creation of accounting (financial) records;

to the managerial consultation including connected with restructuring of the organizations;

to information servicing;

automation of financial accounting and implementation of information technologies;

to assessment of entrepreneurial risks;

to development and analysis of investment projects, creation of business plans;

to carrying out marketing researches;

to receipt of additional education of adults according to the legislation on education.

By legal acts also other services accompanying audit can be established.

The procedure for carrying out audit is determined by the legislation, and also charters and other documents of the audited faces in cases, stipulated by the legislation.

The services accompanying audit are rendered with observance of requirements of the legislation imposed to the corresponding services.

The services accompanying audit can be rendered irrespective of carrying out audit.

Article 3. Statutory audit

Statutory audit - audit which obligation of carrying out is established by this Law and other legal acts.

Legal entities from shares of state-owned property to whom in the accounting period the departmental control and auditing service carries out audits of finansovokhozyaystvenny activities are exempted from carrying out statutory annual audit. Other cases of release of the audited faces from carrying out statutory audit can be established by the president of the Republic of Belarus.

Statutory audit of reliability of annual accounting (financial) accounts is annually booked:

open joint stock companies;

banks, non-bank credit and financial organizations;

exchanges;

the commercial organizations with foreign investments;

insurance companies, insurance brokers;

residents of the Park of high technologies;

the organization performing the guaranteed compensation of bank deposits (deposits) of physical persons;

other organizations and individual entrepreneurs at whom total revenue from sales of goods (performance of works, rendering services) for the previous accounting year constitutes more than 600 thousand euros.

Statutory audit of reliability of annual accounting (financial) accounts of kolkhozes (agricultural production cooperatives) and peasant farms is not carried out.

In case of conducting by monitoring bodies checks (audits) of finansovokhozyaystvenny activities of persons specified in paragraphs the second or sixth, eighth and ninth to part three of this Article, these persons are exempted from carrying out statutory audit of reliability of annual accounting (financial) accounts in the part checked by these bodies.

The audited faces at which statutory audit of reliability of annual accounting (financial) accounts is booked within 30 calendar days from the date of receipt of audit opinion about reliability of annual accounting (financial) accounts shall eliminate the violations of the law revealed by the auditor and make corresponding changes to accounting (financial) records.

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