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of July 12, 2013 No. 56-Z

About auditor activities

(The last edition from 17-07-2017)

Accepted by the House of Representatives on June 19, 2013

Approved by Council of the Republic on June 28, 2013

Chapter 1. General provisions

Article 1. Subject of regulation of this Law

This Law determines the legal basis of implementation of auditor activities in the territory of the Republic of Belarus, and also governs the relations arising in the course of implementation of such activities.

Article 2. The main terms applied in this Law and their determinations

For the purposes of this Law the following main terms and their determinations are applied:

the audited faces are legal entities of the Republic of Belarus, their branches, representations and other separate divisions having separate balance, representative offices of the foreign and international organizations, holdings, particular partnerships (agreement parties about joint activities), individual entrepreneurs concerning whom audit of accounting (financial) records is booked and (or) other auditor services are rendered (further if other is not established, – auditor services);

audit of accounting (financial) records - auditor service in accounting independent valuation (financial) records of the audited face including constituted according to International accounting standards and their Explanations (further - IFRS) or the legislation of other states, for the purpose of expression of auditor opinion on its reliability;

the auditor - the physical person having the competence certificate of the auditor issued by the Ministry of Finance of the Republic of Belarus;

auditor activities - business activity on rendering by auditing organizations, the auditors performing activities as individual entrepreneurs (further - auditors - individual entrepreneurs), auditor services;

audit opinion - the document constituted by auditing organization, the auditor - the individual entrepreneur by results of rendering auditor services and containing the auditor opinion expressed in the established form;

reliability of accounting (financial) records - degree of accuracy of data of accounting (financial) records which allows users to draw based on data of accounting (financial) records reliable conclusions about financial position, financial results of activities and changes of financial position of the audited faces and to make the reasoned economic decisions which are based on these conclusions;

customers of auditor services - the audited persons, the owner of property (founders, participants) of the audited faces, and also other interested persons who concluded with the consent of the audited face (if other is not stipulated by the legislation the Republic of Belarus) with auditing organization, the auditor - the individual entrepreneur the agreement of rendering auditor services;

quality control of work of auditing organization, the auditor - the individual entrepreneur, the auditor - system of organizational measures, techniques and procedures for check of observance by auditing organization, the auditor - the individual entrepreneur, the auditor of rules of auditor activities, and also justification of the conclusions created by them and expressed in the established form of auditor opinion.

Article 3. Basic principles of auditor activities

The basic principles of auditor activities are independence, confidentiality, professional competence, professional behavior.

The principle of independence consists in obligation of absence at auditing organization, the auditor - the individual entrepreneur, the auditor of financial, property or other interest in activities of the audited face, and also any dependence on the third parties which can affect objectivity of auditor opinion.

The principle of confidentiality consists in non-proliferation by auditing organization, the auditor - the individual entrepreneur, the auditor of information on activities of the audited person, the customer of auditor services, failure to provide to the third parties of such information and the auditor services of the documents, and also in nondisclosure containing in these documents of data without the consent of the audited person, the customer of the auditor services, except as specified, provided by this Law, other legal acts of the Republic of Belarus or the agreement of rendering auditor services received or constituted during rendering.

The principle of professional competence is that the auditor shall have the necessary professional qualification allowing it to provide high-quality rendering auditor services.

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