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LAW OF THE REPUBLIC OF BELARUS

of July 12, 2013 No. 56-Z

About auditor activities

(The last edition from 18-07-2019)

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.

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