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    Country by Country Financial Reporting and Auditing Framework

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    Belarus – Crowe Horwath Belarus (prepared January 2015)

    Preparation of and Filing of Statutory Financial Statements

    The Law of the Republic of Belarus dated 12.07.2013 №56-3 "On Audit Activity" determines that the annual accounting (financial) reporting prepared in accordance to IFRS is subject to the obligatory (statutory) audit if determined by the legislation of the Republic of Belarus.

    A statutory audit of annual individual and consolidated accounting reporting shall be conducted for the following organizations:

    • Joint-stock companies (socially significant organizations) obliged to publish annual reports for the public information,
    • The National Bank of the Republic of Belarus,
    • Banks, bank holding companies and groups,
    • Stock Exchanges,
    • Commercial organizations with registered share capital fund in part or completely formed by the foreign investments,
    • Insurance agencies,
    • Professional participant of the securities market,
    • Residents of IT Park,
    • Organizations with annual revenue for preceding financial year in more than 5,000,000 Euro (by exchange rate of National bank on December 31 of the preceding report year).

    A statutory audit of annual financial reporting prepared in accordance with IFRS could be conducted by the audit organizations only. The term of statutory audit performance is no later than June 30 of the year following to the reporting one.

     

    Financial Reporting Framework

    All companies (organizations) registered in the territory of the Republic of Belarus must perform their activities in compliance with the Law of the Republic of Belarus dated 12.07.2013 №57-3 "On Accounting and Reporting." That Law determines the legal and methodological frameworks of accounting, and requirements for accounting and financial reporting.

    By the end of the financial year all organizations registered in the Republic of Belarus (except state-financed organizations and insurance agencies) are obliged to submit annual finance reporting no later than on March 31 of the year following the reporting one.

    International Financial Reporting Standards (IFRS) are enforced in the territory of the Republic of Belarus as technical normative legal acts. Socially significant organizations which include large joint-stock companies, insurance agencies and banks, are obliged to prepare and submit consolidated financial reporting in accordance to the IFRS. Socially significant organizations which submit consolidated financial reporting in accordance with IFRS are not exempted from the obligation of preparing accounting and financial reporting under the legislation of the Republic of Belarus.

    Different reporting forms may be used depending on the type of organization, kind of its activity and features of work.

    According to the effective legislation of the Republic of Belarus a financial year is equal to the calendar year, what means that the end of financial year is December 31.

    Audit Activity Rules

    The Audit activity rules correspond to the Law of the republic of Belarus dated 12.07.2013 №56-3 "On Audit Activity." The Audit activity rules include:

    • The National rules on the audit activity,
    • Internal rules on the audit activity of the audit organization.

    The National rules on the audit activity are approved by the Ministry of Finance of the Republic of Belarus. Internal rules on the audit activity of the audit organization shall not contradict the National rules on the audit activity.

    Ethical Framework

    The Law of the Republic of Belarus dated 12.07.2013 №56-3 "On Audit Activity" includes mandatory provisions on independence of the audit organization and impossibility of any influence and pressure on the auditor for the purpose of preventing performance of the audit or participation in the audit of affiliated entities.

    The Law also includes rules on confidentiality in the process of the audit activity and non-disclosure of information received during the performance of the audit.

    Audit Regulation

    Principles of performing and requirements for internal and external control of quality of work of the audit organizations and auditors are established by the National Rules of the audit activity.

    External Monitoring

    External control of the quality of work of the audit organizations is performed by the Audit Association if the audit organization is a participant of such Association, in accordance with the Chapter of that Association and Internal Rules on the audit activity of that Association.

    Internal Monitoring

    Internal control of the quality of auditors' works shall be performed by the audit organization in accordance the Internal Rules on the audit activity established by that organization.

     

     


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