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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of March 28, 2003 No. 45

About approval of national rules of auditor activities "Going concern assumption of the audited face"

(as amended on 31-12-2021)

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 "Going concern assumption of the audited face" (are applied).

2. Ceased to be valid according to the Resolution of the Ministry of Finance of the Republic of Belarus of 17.02.2012 No. 11

3. Bring in the rule of auditor activities "Purposes and general auditing principles of accounting (financial) records" approved by the resolution of the Ministry of Finance of the Republic of Belarus of October 26, 2000 No. 114 (The national register of legal acts of the Republic of Belarus, 2000, No. 114, 8/4360), the following changes:

in paragraph five of Item 2 of the word "the checked subject of business activity * (further - the subject)" shall be replaced with words "the checked organizations, their separate divisions, individual entrepreneurs (further - the audited face)";

to exclude the interlinear note to Item 2;

in the text of the rule of the word "subject", "checked subject", "audited subject" shall be replaced with words "the audited face" in the corresponding case;

state Item 5 in the following edition:

"5. The purpose of audit is expression of opinion on reliability of accounting (financial) records of the audited faces and compliance of committed financial (economic) transactions to the legislation. The auditing organization (auditor) expresses the opinion on reliability of accounting (financial) records in all essential relations";

state Item 18 in the following edition:

"18. The auditing organization (auditor) bears responsibility for the expressed opinion on reliability of accounting (financial) records. Responsibility for completeness and reliability of the documents and other information provided for check of auditing organization bears management of the audited face.

Audit inspection does not exempt the audited face from responsibility for violation of procedure of economic activity and discrepancy to the represented accounting (financial) records to requirements of the legislation";

exclude Item 19.

4. Bring in the rule of auditor activities "Auditor proofs" approved by the resolution of the Ministry of Finance of the Republic of Belarus of October 26, 2000 No. 114 (The national register of legal acts of the Republic of Belarus, 2000, No. 114, 8/4360), the following changes:

in Item 1 of the word "* (further - the subject)" shall be replaced with words the subject of business activity "the organizations, their separate divisions, individual entrepreneurs (further - the audited face)";

to exclude the interlinear note to Item 1;

in the text edited the word "subject" shall be replaced with words "the audited face" in the corresponding case;

to state part one of Item 18 in the following edition:

"18. 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".

 

Minister

N.P.Korbut

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of March 28, 2003 No. 45

National rules of auditor activities "Going concern assumption of the audited face"

Chapter 1. General provisions

1. These national rules determine actions of auditing organization, the auditor performing activities as the individual entrepreneur (further – auditing organization), during audit of the accounting and (or) financial reporting of the audited face (further – audit) according to justification of preparation of the accounting and (or) financial reporting of the audited face proceeding from assumption about continuity of its activities, including assessment of capability of the audited face to continue to perform continuous activities.

2. No. 93 is excluded according to the Resolution of Council of Ministers of the Republic of Belarus of 30.12.2013

3. It is excluded

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

going concern principle – one of the principles on which are based the financial accounting and the accounting and (or) financial reporting which is that information on assets, obligations, on equity, the income, expenses of the audited face is created in financial accounting and the accounting and (or) financial reporting depending on intention of the audited face to continue or stop the activities further. Within going concern assumption of the audited face it is considered that in case of creation of the accounting and (or) financial reporting the audited face recognizes what will continue the economic activity at least one year, following the accounting period. At the same time it has no intentions and the need for liquidation or essential reducing economic activity and according to its obligation will be fulfilled in accordance with the established procedure;

uncertainty – situation which result depends on future actions or events which are out of direct control of the audited face, but which can influence the accounting and (or) financial reporting. Uncertainty is considered essential if the result of uncertain situation can influence the management decisions of users of the accounting and (or) financial reporting (further – users) accepted on the basis of the accounting and (or) financial reporting which is not considering this situation.

Chapter 2. Establishment of obligations of auditing organization concerning going concern assumption of the audited face

5. For expression of auditor opinion concerning going concern assumption the auditing organization shall consider all set of the facts rendering and (or) capable to exert impact on possibility of the audited face to continue financial and economic activities and to fulfill the obligations within at least next 12 months following the accounting period (further - it is continuous).

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