Audit Under National Standards

Purpose of audit is to express an opinion on reliability of financial (accounting) statements and compliance of financial (business) transactions with the legislation.

In accordance with the Law of the Republic of Belarus “On audit activities” reliability of financial (accounting) statements is a certain accuracy of data that allows drawing reliable conclusions from such financial statements about the audited entities’ financial position, financial results and changes in financial position, including flow of funds,  and taking reasonable economic decisions based on such conclusions.

Statutory audit of annual individual and consolidated (if any) financial and/or accounting statements prepared in accordance with the laws of the Republic of Belarus is conducted annually for:

•  joint-stock companies which according to the securities laws of the Republic of Belarus are required to publish their annual reports;
• National Bank of the Republic of Belarus;
• banks, banking groups, banking holdings;
• stock exchange;
• insurance companies, insurance brokers;
• residents of Hi-Tech Park;
• organizations that guarantee repayment of individual deposits;
• professional participants of the securities market;
• joint stock investment funds;
• managing organizations of investment funds;
• special financial organizations;
• other legal entities, which volume of receipts from sales of goods (services, works) for the previous reporting year exceeded 500 000 basic amounts (as at 31 December of the previous reporting  year).Statutory audit of the annual financial (accounting) statements shall be conducted not later than the 30th of June of the year following the reporting one.

UHY BusinessCollegia LLC’s specialists carry out statutory audits  in accordance with:

• the Law of the Republic of Belarus “On audit activities”;
• the National rules on audit activities approved by the Ministry of Finance of the Republic of Belarus;
• the List of issues subject to examination in the course of statutory audit approved by the Resolution of the Ministry of Finance of the Republic of Belarus No.81 from 04.08.2000 (as amended);
• the company’s internal standards, methods and instructions on auditing;
• as well as the following principles: independence, confidentiality, professional competence and professional conduct.

In the course of audit we take into consideration special aspects of financial and economic activities, business and organizational structure of your company.

In the course of audit we take into consideration special aspects of financial and economic activities, business and organizational structure of your company.

Upon audit we provide:

• Written report on the results of auditing financial (accounting) statements;
• Audit conclusion on the reliability of financial (accounting) statements.

In view of the audit results we give as precise and detailed recommendations as possible on how to correct the detected violations.

To ensure the best results, we recommend you stage-by-stage audit in order to detect possible system errors and correct them before submitting the annual balance sheet and to apportion the auditor’s working time effectively during the year.

Auditor’s report on special purpose audit engagements refers to an audit opinion on specific financial information other than the financial statements prepared in accordance with the legislative requirements of the Republic of Belarus.

Special purpose audit engagements include audit of:

• financial soundness indicators as to the accuracy of calculation and data on which they were calculated (for the purposes of inclusion in the register of authorized economic operators);
• structure and value of enterprises as asset complexes (for the purposes of state registration of real estate titles and transactions therewith, or for the purposes of pledge);
• financial position of the investor (investment project promoter) (to prove that the investor has sufficient opportunities to make investments and provide funding for the investment project in accordance with the declared project environment);
• accuracy of accounting transactions;
• intended use of credits and investments;
• financial position of the securities issuer;
• authorised capital formation, source of funds contributed to the authorized capital by the founders (members);
• reliability of tax returns (tax calculation);
• value of fixed assets being in ownership, under economic or operational management of the audited entities;
• other indicators of financial and economic activities of audited entities.

Tax audit is an independent audit of tax accounting in order to examine the accuracy of tax charges and payments to the budget, as well as tax recording in the accounting.

Tax audit enables a company to prepare for inspections conducted by tax authorities.

Tax Audit is conducted:

• to examine the accuracy of tax accounting and bookkeeping in a company;
• in case of changing the chief accountant, financial director or company director;
• before inspections conducted by tax authorities;
• to examine tax returns before submitting to the tax office.