Mandatory audit of accounting (financial) statements

Our company offers the provision of services for the mandatory audit of accounting statements prepared in accordance with the requirements of the legislation of the Republic of Belarus (audit according to national accounting standards, NAS), and audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS).

Mandatory audit of accounting statements according to national standards

A mandatory audit of accounting and (or) financial statements is an audit of accounting and (or) financial statements the obligation of which is established by the Law of the Republic of Belarus dated July 12, 2013 No. 56-Z “On auditing” (hereinafter – the Law of the Republic of Belarus “On auditing”) and other legislative acts of the Republic of Belarus (paragraph 22 of the Law of the Republic of Belarus “On auditing”).

The mandatory audit of the annual individual and consolidated (if any) accounting and (or) financial statements prepared in accordance with the legislation of the Republic of Belarus is conducted annually (paragraph 3 of Article 22 of the Law of the Republic of Belarus “On auditing”) of:

  • joint-stock companies required by law to disclose information about the joint-stock company in accordance with the legislation about securities;
  • the National Bank;
  • banks, banking groups and bank holding companies;
  • exchanges;
  • insurance organizations, insurance brokers;
  • residents of the Hi-Tech Park (HTP);
  • organizations providing guaranteed reimbursement of bank deposits of individuals;
  • professional participants of the securities market;
  • joint-stock investment funds;
  • managing organizations of investment funds;
  • special financial organizations;
  • other legal entities revenue from the sale of goods of which (performance of works, provision of services) for the previous reporting year exceeds 500,000 basic units (as of December 31, 2024 of the reporting year – 20,000 thousand BYN).

Mandatory audit of financial statements in accordance with IFRS

The following organizations are required to carry out a mandatory audit of annual individual or consolidated accounting and (or) financial statements prepared in accordance with IFRS and their Interpretations (paragraph 2 of Article 17 of the Law of the Republic of Belarus “On accounting and reporting”) for the year 2016 and subsequent years:

  • socially significant organizations (SSO) (annual consolidated statements);
  • banks, managing organizations of investment funds (annual consolidated or individual statements);
  • joint-stock investment funds (annual individual statements).

In accordance with Resolution No. 351 of the Council of Ministers of the Republic of Belarus dated 31.05.2023 “On the list of organizations with state participation” (hereinafter – the Resolution), 33 organizations with state participation will be obliged to prepare financial statements in accordance with IFRS and their Interpretations and the Conceptual framework for submitting financial statements from January 1, 2025.

Business Assurance has extensive experience in providing services for conducting mandatory audits of accounting statements of enterprises in various fields of activity. Our company employs highly qualified auditors who are ready to provide consulting support during the audit process.

To receive more detailed information, clarify the cost of services or request a commercial offer, you can send us an email request to info@assurance.by.

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