Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

Registered by

Ministry of Justice

Republic of Uzbekistan

On April 18, 2002 No. 1128

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of April 3, 2002 No. 48

About approval of the National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 50) "Auditor proofs"

Based on article 21 of the Law of the Republic of Uzbekistan "About auditor activities" and according to the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 N365 "About Enhancement of Auditor Activities and Increase in Role of Audit Inspections", Regulations on the Ministry of Finance of the Republic of Uzbekistan I order:

1. Approve the enclosed National standard of auditor activities of the Republic of Uzbekistan (NSAD N50) "Auditor proofs".

2. This order becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

 

Minister M. B. Nurmuratov

Approved by the order of the Ministry of Finance of the Republic of Uzbekistan of April 3, 2002, No. 48

National standard of auditor activities (NSAD No. 50) "Auditor proofs"

This Natsionalnyyy Standard of Auditor Activities, (NSAA) is developed based on article 21 of the Law of the Republic of Uzbekistan "About auditor activities" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2000, Art. N5-6, 149), Item 3 of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 N365 "About Enhancement of Auditor Activities and Increase in Role of Audit Inspections" (the joint venture of the Republic of Uzbekistan, 2000, N 9, the Art. 62) and is element of normative auditing regulation in the Republic of Uzbekistan.

I. General provisions

1. The purpose of this standard is determination of requirements for quantity and quality of the auditor evidence obtained in case of audit inspection and also concerning the procedures performed for the purpose of receipt of auditor proofs.

2. Requirements of this standard are obligatory for all auditing organizations when carrying out audit inspection.

II. Auditor proofs

3. Auditor proofs - the information collected by auditing organization during audit inspection and proving audit opinion.

4. For receipt of auditor proofs the source documents and accounting entries which are basis for the financial reporting and also other confirmatory information obtained from other sources are used.

5. Auditor proofs shall be sufficient and adequate.

III. Sufficiency and adequacy of auditor proofs

6. Sufficiency of auditor proofs represents the quantitative measure of auditor proofs necessary for auditing organization for opinion expression.

7. Adequacy of auditor proofs represents high-quality measure of auditor proofs which means the importance and reliability of auditor proofs in case of expression of opinion by auditing organization.

8. For the purpose of receipt of sufficient and adequate auditor evidences the auditing organization shall consider the following factors:

nature of systems of financial accounting and internal control of business entity, and also assessment of integral and control is risk;

amount of the procedures performed by auditing organization;

source and reliability of the available information.

IV. Reliability of auditor proofs

9. Auditor proofs are reliable when they are confirmed by documents and actual state of assets and liabilities.

10. In case of assessment of reliability of auditor proofs of auditing organization it is necessary to be guided by the following general rules:

a) the auditor evidence obtained from external sources (for example, the confirmation received from the third party) is, as a rule, more reliable, than the evidence obtained from internal sources;

b) the auditor evidence obtained from internal sources is authentic if the existing systems of financial accounting and internal control are effective;

c) the auditor proofs collected by directly auditing organization are, as a rule, more reliable, than the auditor evidence obtained from business entity;

d) auditor dokazatelsva, received in writing, the auditor evidence obtained in oral form is more reliable, than.

11. Auditor proofs are reliable if they, being collected from various sources, do not contradict each other.

12. If the auditor evidence obtained from one source is inconsistent or the auditor evidence obtained from different sources does not correspond or contradicts each other, the auditing organization needs to determine supplementary procedures which will allow to obtain mathematical evidences.

13. If the auditing organization does not manage to obtain sufficient evidences for expression of opinion on the financial reporting, she should refuse creation of audit opinion.

14. The business entity (customer) has no right to make the actions or failure to act interfering accomplishment of the procedures by auditing organization necessary for receipt of auditor proofs.

15. In case of actions or failure to act of representatives of business entity or the third parties directed to hindrance to holding procedures which the auditing organization considers necessary for receipt of auditor proofs auditing organization has the right to refuse carrying out audit inspection.

V. Receipt of auditor proofs

16. The auditor evidence can be obtained by carrying out tests of internal control system of business entity and procedures of check in essence.

VI. Tests of internal control systems

17. Tests of internal control systems represent the procedures which are carried out by auditing organization for the purpose of receipt of auditor proofs for assessment of condition of systems of financial accounting and internal control of business entity.

18. The main aspects of systems of financial accounting and internal control of business entity concerning which the auditor evidence shall be obtained are:

structure (whether have systems of financial accounting and internal control the relevant structure intended for prevention or detection and correction of misstatements);

functioning (whether systems of financial accounting and internal control effectively are effective).

VII. Procedures of check in essence

19. Procedures of check in essence represent the procedures performed by auditing organization for the purpose of receipt of auditor proofs concerning availability or lack of essential misstatements in the financial reporting.

20. In case of performing procedures of check the following questions are in essence studied:

availability of assets and liabilities on end date of the accounting period;

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