LAW OF THE REPUBLIC OF BELARUS

of July 12, 2013 No. 56-Z

About auditor activities

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 auditor activities for carrying out audit of the accounting and (or) financial reporting and to rendering other auditor services, 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 the legal entities created according to the legislation 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, other persons concerning whom audit of the accounting and (or) financial reporting is booked and (or) other auditor services are rendered (further if other is not established, - auditor services);

audit of the accounting and (or) financial reporting - auditor service in independent assessment of the accounting and (or) financial reporting 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 if other is not established by international treaties of the Republic of Belarus, and included in the register of auditors, auditors - individual entrepreneurs, auditing organizations;

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 in cases, stipulated by the legislation, by results of rendering auditor services and containing the auditor opinion expressed in the established form;

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

customers of auditor services - the audited persons, owners 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) with auditing organization, the auditor - the individual entrepreneur the agreement of rendering auditor services;

quality evaluation of work of the auditor, auditor - the individual entrepreneur, auditing organization - system of measures, techniques and procedures for the analysis of observance by the auditor, auditor - the individual entrepreneur, auditing organization of rules of auditor activities, the international standards of auditor activities accepted by the International federation of accountants (further - international standards of auditor activities), the Code of ethics of professional accountants accepted by the International federation of accountants (further - the Code of ethics), the basic principles of auditor activities, and also justification of the conclusions created by them and expressed in the established form of auditor opinion;

the register of auditors, auditors - individual entrepreneurs, auditing organizations (further - the auditor register) - the systematized list of auditors, auditors - individual entrepreneurs, auditing organizations and the information about them which is conducted for accounting in the territory of the Republic of Belarus of the physical persons having the competence certificate of the auditor issued by the Ministry of Finance and also the individual entrepreneurs and legal entities having the right to implementation of auditor activities for the purpose of providing interested persons with certain information on auditors, auditors - individual entrepreneurs, auditing organizations.

Article 3. Basic principles of auditor activities

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

2. 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.

3. 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 or the agreement of rendering auditor services received or constituted during rendering.

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

5. The principle of professional behavior consists in observance by the auditor of priority of public concerns, general moral standards, manifestation of impartiality and impartiality by consideration of professional questions, forming of conclusions and opinions, and also in non-execution of the actions discrediting the auditor.

Article 4. Legal regulation of the relations in the field of auditor activities

Legal regulation of the relations in the field of auditor activities is based on the Constitution of the Republic of Belarus and is performed according to this Law, other laws, acts of the President of the Republic of Belarus and other acts of the legislation adopted according to them (further - the legislation on auditor activities), and also the international treaties of the Republic of Belarus and international legal acts constituting the right of the Eurasian Economic Union.

Article 5. State regulation of auditor activities

1. State regulation of auditor activities is performed by the President of the Republic of Belarus, Council of Ministers of the Republic of Belarus, National Bank, the Ministry of Finance.

2. The president of the Republic of Belarus determines single state policy and performs other powers in the field of auditor activities according to the Constitution of the Republic of Belarus, this Law and other legal acts.

3. Council of Ministers of the Republic of Belarus:

provides carrying out single state policy in the field of auditor activities;

enacts in the territory of the Republic of Belarus international standards of auditor activities, the Code of ethics according to the procedure, determined by legal acts;

establishes procedure for carrying out certification on the right of receipt of the competence certificate of the auditor and procedure for confirmation of qualification by auditors;

establishes procedure for rendering by auditing organizations, auditors - individual entrepreneurs of services in independent assessment of activities of legal entities (individual entrepreneurs) in case of their liquidation (the activities termination), and also requirements to auditing organizations, auditors - to the individual entrepreneurs rendering such services;

performs other powers in the field of auditor activities according to the Constitution of the Republic of Belarus, this Law, other laws and acts of the President of the Republic of Belarus.

4. National Bank:

establishes the qualification requirements and requirements to goodwill imposed to the auditors rendering auditor services in banks, "Development Bank of the Republic of Belarus" open joint stock company, the non-bank credit and financial organizations (further - banks), banking groups, bank holdings, and also procedure for evaluating compliance to such requirements;

establishes requirements imposed to auditing organizations, auditors - to the individual entrepreneurs performing auditor activities in banks, banking groups, bank holdings and also procedure for evaluating compliance to such requirements;

determines structure of the accounting and (or) financial reporting which is subject to statutory audit in banks, banking groups, bank holdings;

determines the list of the questions which are subject to studying when carrying out audit of the annual accounting and (or) financial reporting of banks and the annual consolidated accounting and (or) financial reporting of banking groups, bank holdings additional to the questions established by national rules of auditor activities;

establishes requirements to content of audit opinion and other documents constituted by results of audit of the accounting and (or) financial reporting of banks and the consolidated accounting and (or) financial reporting of banking groups, bank holdings, additional to the requirements established by national rules of auditor activities and (or) international standards of auditor activities;

determines procedure for representation of audit opinion and other documents constituted by results of audit of the accounting and (or) financial reporting, to National Bank, banks in which audit of the accounting and (or) financial reporting, to parent organizations of banking group, bank holding, and also owners of their property (founders, participants) and the board of directors (supervisory board) was booked;

adopts other regulatory legal acts, including establishes document forms, in the field of auditor activities in banks, banking groups, bank holdings;

controls observance by auditing organizations, auditors - individual entrepreneurs of the legislation on auditor activities in banks, banking groups, bank holdings;

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