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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of September 5, 2002 No. 124

About approval of national rules of auditor activities "Initial and comparable data in the accounting and (or) financial reporting

(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 "Initial and comparable data in the accounting and (or) financial reporting" (are attached).

2. Ceased to be valid according to the Resolution of the Ministry of Finance of the Republic of Belarus of 23.09.2011 No. 97

 

First Deputy Minister

A. I. Sverzh

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of September 5, 2002 No. 124

National auditor activities "Initial and comparable data in the accounting and (or) financial reporting"

Chapter 1. General provisions

1. These national rules establish requirements to the auditing organizations, auditors performing activities as individual entrepreneurs (further – auditing organization), concerning check during audit of the annual accounting and (or) financial reporting of the audited face (further – audit) initial and comparable data in the accounting and (or) financial reporting.

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

final data in the accounting and (or) financial reporting – data in the accounting and (or) financial reporting by the end of the reporting period (further – final data);

initial data in the accounting and (or) financial reporting – data in the accounting and (or) financial reporting for the beginning of the current accounting period (further – initial data);

primary audit – audit for the current accounting period booked in conditions when audit of the annual accounting and (or) financial reporting for the preceding accounting period was not carried out or carried out by the previous auditing organization;

the previous auditing organization – the auditing organization booking audit for the preceding accounting period;

the preceding accounting period – the accounting year preceding the current accounting period;

comparable data in the accounting and (or) financial reporting – the indicators reflecting the financial position, results of financial and economic activity, cash flow, other comparable indicators and data which are subject to disclosure in the accounting and (or) financial reporting more than for one accounting period;

the current accounting period – accounting year for which audit of the accounting and (or) financial reporting is booked.

Comparable data can be presented in the following form:

the corresponding indicators – indicators of the accounting and (or) financial reporting for the preceding accounting period which in the form of component are included in data of the accounting and (or) financial reporting for the current accounting period and are subject to check in comparison to similar indicators of the current accounting period due to the need of confirmation of their reliability;

the comparable accounting and (or) financial reporting – the accounting and (or) financial reporting for the preceding accounting period intended for comparison to the accounting and (or) financial reporting for the current accounting period.

The term "inventory items" matters, the "Receipt of auditor proofs in some specific cases" approved by the resolution of the Ministry of Finance of the Republic of Belarus of September 29, 2005 No. 115 determined by part two of Item 2 of national rules of auditor activities.

3. Are determined by these national rules:

procedure for confirmation of reliability of initial data in case of primary audit;

requirements imposed to auditing organization in case of verification of comparable data in the form of the corresponding indicators;

requirements imposed to auditing organization during audit of comparable data in the form of the comparable accounting and (or) financial reporting.

 

Chapter 2. Procedure for confirmation of reliability of initial data in case of primary audit

4. In case of primary audit the auditing organization shall obtain sufficient competent auditor evidences of the fact that:

initial data do not contain misstatements which can significantly influence the accounting and (or) financial reporting of the current accounting period;

final data of the preceding accounting period are correctly transferred to the beginning of the current accounting period or changed according to procedure for financial accounting and preparation of the accounting and (or) financial reporting;

accounting policy of the audited face is applied consistently or changes in accounting policy conform to requirements of the legislation, are correctly reflected in financial accounting and opened in the accounting and (or) financial reporting.

Initial data shall correspond to final data of the preceding accounting period and reflect:

results of financial and economic activities of the preceding accounting period;

accounting policy of the preceding accounting period.

5. Sufficiency and proper nature of auditor proofs which the auditing organization shall receive concerning initial data depend from:

materialities of initial data for the accounting and (or) financial reporting of the current accounting period;

features of financial accounting by the audited face and probabilities of misstatements in the accounting and (or) financial reporting of the current accounting period;

the fact of carrying out audit of the accounting and (or) financial reporting for the preceding accounting period and the bases for modification of auditor opinion in audit opinion if modification took place.

6. When checking features of financial accounting the auditing organization shall determine whether reflect initial data accounting policy of the audited face and whether it is performed according to requirements of the legislation.

In the presence of any changes in accounting policy or the consequences following from such changes the auditing organization shall establish whether there were specified changes are correctly reflected in financial accounting and fully opened in the accounting and (or) financial reporting.

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