Belarusian Financial Compliance Audit Procedures Under Scrutiny

The financial audit regulation landscape in Belarus has been a topic of discussion among experts and regulators alike. The country’s audit industry is governed by the Audit Law of 2013, which sets out the framework for auditing firms and self-employed auditors. However, despite efforts to enhance audit quality assurance, challenges persist.

State Regulation of Audit

The state regulation of audit in Belarus is carried out by the President, Council of Ministers, National Bank, and Ministry of Finance. The Ministry of Finance and National Bank are responsible for ensuring compliance with audit legislation among auditing firms and self-employed auditors.

Key Responsibilities

• The Ministry of Finance ensures compliance with audit legislation
• The National Bank oversees banking sector audits

Audit Associations Play Crucial Role

Audit associations in Belarus, such as the Association of Professional Auditors, Union of Certified Auditors and Accountants, and Belarusian Audit Chamber, play a vital role in promoting high-quality audits. These organizations are responsible for:

Key Responsibilities

• Setting standards
• Conducting quality assurance reviews
• Disciplining members who fail to comply with regulations

Challenges Persist

Despite efforts to improve audit oversight, challenges remain. The lack of a registry of auditing firms and self-employed auditors hinders the ability to track compliance and identify non-compliant entities. Additionally, there is a shortage of skilled human resources in the industry.

Key Challenges

• Lack of registry for auditing firms and self-employed auditors
• Shortage of skilled human resources

Solutions on the Horizon

To address these challenges, draft laws have been introduced to amend the Audit Law of 2013. The proposed amendments aim to:

Proposed Amendments

• Establish a registry of auditing firms and self-employed auditors
• Implement international standards on auditing as technical regulations
• Strengthen external audit quality assurance measures

Draft Law Introduced

The draft law introduces new provisions aimed at enhancing audit oversight, including:

Key Provisions

• Establishment of state registry for auditing firms and self-employed auditors
• Introduction of liability for non-compliance with requirements
• Strengthening disciplinary actions against auditing firms and self-employed auditors who fail to comply with regulations

Audit Oversight Enhanced

The proposed amendments aim to enhance audit oversight by:

Key Measures

• Introducing measures to hold auditing firms and self-employed auditors accountable for breach of audit procedures
• Establishing a procedure for implementation of international standards on auditing as technical regulations in Belarus

Conclusion

Belarus’s financial compliance audit procedures are under scrutiny, with experts calling for improvements to ensure high-quality audits. The proposed amendments to the Audit Law of 2013 aim to address challenges and enhance audit oversight, but further efforts are needed to strengthen the industry’s regulatory framework.