Procedure and deadlines for providing information on the results of the mandatory audit
Information on the fact of conducting the mandatory audit of the annual accounting and (or) financial statements is submitted by the audited entity to the Ministry of Finance of the Republic of Belarus by filling out the form posted on the official website of the Ministry of Finance of the Republic of Belarus. The website also contains instructions on how to fill out the form for a database of organizations the annual financial statements of which are subject to the mandatory audit.
If the audited entities, whose annual financial statements are subject to the mandatory audit, are subordinate (under supervision), are part of (the system of) the republican government bodies and other state organizations subordinate to the Council of Ministers of the Republic of Belarus, local executive and administrative bodies, or their shares (shares in the authorized funds) are transferred to the management of these bodies (organizations), these audited entities are required to submit to the relevant authorities (organizations) an audit opinion based on the results of the mandatory audit of the annual accounting and (or) financial statements (sixth paragraph of clause 2 of Article 18 of Law of the Republic of Belarus dated July 12, 2013 No. 56-Z “On Auditing”).
Deadlines for providing the information:
- financial statements prepared in accordance with the requirements of the legislation of the Republic of Belarus – within one month from the date of receipt of the auditor’s report, but no later than July 15 of the year following the reporting year;
- financial statements prepared in accordance with International Financial Reporting Standards and their Interpretations (IFRS) – no later than June 30 of the year following the reporting year.
Annual financial statements of the organization in cases stipulated by the legislation of the Republic of Belarus are subject to mandatory publication. If the annual financial statements are subject to the mandatory audit in accordance with the legislative acts of the Republic of Belarus, they are published together with the auditor’s opinion on these statements (paragraph 8 of Article 16 of Law of the Republic of Belarus dated July 12, 2013 No. 57-Z “On Accounting and Reporting”).
Annual financial statements in accordance with IFRS must be posted on the website of a socially significant organization on the global computer network Internet no later than July 31 of the year following the reporting year (clause 4 of Article 17 of Law of the Republic of Belarus dated July 12, 2013 No. 57-Z “On Accounting and Reporting”). It should be noted that the procedure and deadlines for providing information on the results of the mandatory audit of individual legal entities (HTP residents, banks, NFI, etc.) have their own peculiarities.
Business Assurance specialists and auditors are ready to provide you with comprehensive advice on the procedure and deadlines of providing information on the results of the mandatory audit. To receive a consultation, fill out the form on the website or send us an email request to info@assurance.by.
