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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of December 5, 2003 No. 165

About approval of national rules of auditor activities "Analysis of forecast financial information"

(as amended on 14-01-2021)

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:

Approve national rules of auditor activities "The analysis of forecast financial information" (are applied).

Minister

N.P.Korbut

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of December 5, 2003 No. 165

National rules of auditor activities "Analysis of forecast financial information"

Chapter 1. General provisions

1. These national rules determine procedure for carrying out by auditing organization, the auditor performing activities as the individual entrepreneur (further – auditing organization), the analysis of forecast financial information of persons concerning whom according to the legislation auditor services are rendered (further – the subject of the analysis).

2. These national rules:

determine the purposes and the principles of the analysis of forecast financial information;

establish procedure for carrying out the analysis of forecast financial information;

establish requirements to form and content of the report of auditing organization on analysis results of forecast financial information.

3. It is excluded.

Chapter 2. Purposes and principles of the analysis of forecast financial information

4. For the purposes of these national rules forecast financial information is understood as information on future financial results, future financial position, future change of financial position, future cash flow of the subject of the analysis or on the separate parties of its financial and economic activities in the future prepared based on assumptions that certain events will take place and certain actions will be taken by management of the subject of the analysis (the business plan, the investment project).

The term "head of task" matters, determined by the national rules of auditor activities "Internal quality evaluation of work of auditors" approved by the resolution of the Ministry of Finance of the Republic of Belarus of January 23, 2002 No. 8.

5. Forecast financial information can be one - or multiple. One-alternative forecast financial information is based on assumptions that certain events will take place and certain actions will be taken by management of the subject of the analysis. Multiple forecast financial information is based on several possible versions of assumptions of future events and actions of management of the customer for the purpose of receipt of various results of financial and economic activities of the customer in the future.

6. Depending on the purposes, forecast financial information can be prepared for internal managerial needs (for assessment of size of necessary financial investments) or for provision to the third parties (potential investors, shareholders, creditors and other interested users).

7. The analysis of forecast financial information is carried out by auditing organization for the purpose of receipt of sufficient evidences:

applicability of the assumptions (their reliability, realness and possibility of use for preparation of given forecast financial information) accepted by its preparation;

correctness of preparation of forecast financial information based on the accepted assumptions;

adequacy of representation of forecast financial information and disclosure of all essential assumptions.

8. Because events and actions which did not take place yet are the basis for forecast financial information and can not take place in the future, tasks of auditing organization do not include expression of opinion on whether the predicted results will be achieved. Nevertheless, if the auditing organization has sufficient confidence in approachibility of these results, such opinion can be expressed.

9. The analysis of forecast financial information cannot be carried out by the auditing organization rendering to the subject of the analysis of service in preparation of given forecast financial information (collection, processing, generalization of information), and also if the auditing organization performed the choice of assumptions on which given forecast financial information is based.

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

Chapter 3. Procedure for carrying out analysis of forecast financial information

11. The analysis of forecast financial information is performed based on the agreement of rendering auditor services (further - the agreement).

In the agreement the purpose of preparation of the report on analysis results of forecast financial information shall be specified, and, if necessary, the circle of users of the report is limited.

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

13. In case of determination of nature, amount and terms of carrying out the analysis of forecast financial information, the auditing organization shall consider:

nature of financial and economic activities of the subject of the analysis;

experience and competence of persons responsible for preparation of forecast financial information;

internal control system behind preparation of forecast financial information;

evaluation methods and selection of assumptions;

the documentation constituted in the course of preparation of forecast financial information, confirming assumptions of management of the subject of the analysis;

availability and the reasons of variations of actual data about activities of the subject of the analysis for previous periods from planned;

extent of use of statistical, mathematical and other techniques, and also computer means by preparation of forecast financial information;

other factors.

14. The analysis of forecast financial information includes assessment:

the assumptions which are the cornerstone of forecast financial information;

correctness of preparation of forecast financial information;

adequacy of representation of forecast financial information.

15. In case of assessment of assumptions on which forecast financial information is based the auditing organization shall:

be convinced that these assumptions answer the purposes of preparation of forecast financial information and needs of its potential users;

determine whether all important assumptions necessary for preparation of forecast financial information were revealed and considered;

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