Ministry of Justice
Republic of Uzbekistan
On September 23, 1999 No. 822
Approved by the Ministry of Finance of the Republic of Uzbekistan on September 9, 1999, No. 75
1. This standard is developed on the basis of the Law of the Republic of Uzbekistan "About auditor activities", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 10, 1999 N296 "About Measures for Realization of the Basic Provisions Containing in the Report of the President of the Republic of Uzbekistan at the XIV Session of Oliy Majlis" also is element of normative auditing regulation in the Republic of Uzbekistan.
2. The purpose of this standard is establishment of audit procedures for determination of reliability of the other information containing in the financial reporting.
3. Requirements of this standard are obligatory for all auditing organizations when implementing the audit providing preparation of official audit opinion, except for those its provisions where it is directly specified that they have advisory nature.
4. Requirements of this standard have advisory nature when carrying out the audit which is not providing preparation by its results of official audit opinion and also when rendering the services (consulting services) accompanying audit. In case of variation in case of accomplishment of specific task from mandatory requirements of this standard the auditing organization without fail shall note it in the working documentation and in the written report to management of the business entity who ordered audit and (or) services accompanying it.
5. Other information is any information, in addition to the checked financial statements and the conclusion on them of the auditor, containing in the document published by business entity who includes the checked financial statements.
6. Essential contradictions - essential difference between information containing in the checked financial statements and the same information which is available in other parts of the document.
7. Essential misstatements - the misrepresentation representing something another than essential contradiction and which, according to the auditor, is essential.
Sources of other information
8. Other information is might contain:
8.1. The letter of the chairman of executive body or managing affairs;
8.2. The statement of administration concerning its responsibility for financial statements and internal control;
8.3. Main financial performance;
8.4. Financial review:
a) capital investments;
b) operating expenses on maintenance and capital repairs, on advertizing, and also on researches and developments;
8.5. Explanatory notes;
8.6. Schemes, schedules and tables for illustration of financial data accompanied with explanations.
Reading other information and supplementary procedures
9. The document containing other information and the checked financial statements shall be read by the auditor.
10. The auditor who reads the document shall be completely informed in activities and financial position of business entity, be aware of the problems revealed during audit.
11. The auditor, in addition to comparison of other information to the checked financial statements, recalculates digital data, verifies them with those that contain in working papers.
12. If other information contains the data included in financial statements, then such data shall be compared with similar data in the checked financial statements.
13. All indicators mentioned in other information are recalculated on the basis of the checked financial statements. Newly the counted data shall be compared with the indicators taken from other information.
14. Other information may contain the explanatory notes confirming information of financial statements, for example about cost of the sold products, about trading costs and total management expenses. Separate components of these explanatory notes compare with data of expanded draft balance in working papers of the auditor.
15. If when studying other information the auditor finds essential contradictions between this information and the checked financial reporting, the auditor shall determine whether the financial reporting or other information needs corrections.
16. If in the checked reporting corrections are necessary, and the business entity refuses to make corrections to the financial reporting, the auditor shall constitute the conclusion other than certainly positive.
17. If other information needs corrections, and the business entity refuses to make corrections to it, the auditor shall consider question of inclusion in audit opinion of the paragraph describing the found essential contradiction or to take other measures. Activity undertakens, such as release new, other than the first, audit opinion or refusal of expression of opinion depend on special circumstances, nature and importance of contradiction. The auditor should address the lawyer for receipt of recommendations of further actions in the created situation.
18. Studying other information for the purpose of determination of essential contradictions, the auditor can find essential misrepresentations.
19. From the point of view of this standard "essential misrepresentations" in other information exist when such information which is not relating to the questions provided in the checked financial reporting is provided incorrectly.
20. If the auditor finds out that other information contains essential misrepresentations, then he shall discuss this question with management of business entity. In case of discussion of question with management the auditor can not always estimate justification of other information and responses of management to requests of the auditor and shall consider whether there is the valid difference of judgments and opinions.
21. In case the auditor after all considers that there are undoubted essential misrepresentations, he should ask management to consult with the qualified third party, such as he the lawyer of business entity, and shall analyse the received answer.
22. If the auditor draws conclusions that other information contains misrepresentation which the management of business entity refuses to correct, then the auditor shall report in writing about the point of view to executive council and consult with the lawyer of rather following steps.
Availability of other information after date of creation of audit opinion
23. When any other information is unavailable to the auditor before creation of audit opinion, he should study other information in the shortest possible terms to determine degree of materiality of discrepancies of other information and financial reporting.
24. If, studying other information, the auditor determines essential contradictions or finds obvious essential misrepresentations, then he shall determine whether the financial reporting and other information shall be reviewed.
25. In case review of the checked financial reporting is supposed, it is necessary to follow provisions of the "Events after Date of Creation of Balance" standard.
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