Legal basis for carrying out audit in the Republic
of Belarus is specified by theLaw
of the Republic of Belarus “On Audit” № 3373-XІІ, Decree
of the President of the Republic of Belarus No. 67 dated February
12, 2004 “On Improvement of Governmental Regulation of Audit”,
and other standard legal acts of the Council of Ministers of the Republic
of Belarus, the Ministry of Finance of the Republic of Belarus, and
the National Bank of the Republic of Belarus.
According to Decree
of the President of the Republic of Belarus No. 17 dated July 14,
2003 “On Licensing Certain Kinds of Activities”, audit is regarded
a licensed kind of activities. Any auditing companies, in particular,
foreign companies and auditors – individual entrepreneurs, shall obtain
a special permission (license) for carrying out audit in the territory
of the Republic of Belarus.
The Ministry of Finance was entrusted with a task of governmental
control of auditing activities, and of keeping the register of licenses
for audit.
The National Bank shall establish the procedure of auditing activities
carried out by banks and non-banking financial institutions.
As of January 1, 2006, ninety eight auditing companies and 493
auditors – individual entrepreneurs were registered in the Republic
of Belarus.
Such world recognized auditing companies as Deloite & Tush,
and Ernst & Young are successfully operating in the Republic
of Belarus.
Auditing companies and individual auditors carry out audit of:
- validity of annual accounts (financial statements);
- reliability of data on business accounting;
- financial standing of the investor (initiator of the investment
project);
- financial standing of security issuer;
- other indices of financial and economic activities of any organization
or individual entrepreneur in cases stipulated for by the legislation,
on paid basis under signed contracts for audit.
Moreover, the auditors may render the following related services:
- making accounts (financial statements);
- structure identification and evaluation of a company when entering
into contracts of the company sale or closing any other bargains
related to granting, change or termination of proprietary interests,
as well as evaluation of other property;
- evaluation of enterprises as proprietary complexes;
- arrangement, restoration, keeping business accounting;
- making up declarations of income and property;
- analysis of financial and economic activities;
- advice on the issues of business accounting and taxation;
- management advice, including advice on company restructuring;
- informational support of any companies and/or individual entrepreneurs;
- business accounting automation and introduction of information
technologies;
- estimation of business risks;
- investment project development and analysis, making business-plans;
- market research;
- training specialists in the fields related to audit – in accordance
with the procedure established by the legislation.
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