Audit Chamber 2020

9 january 2020

Managing Partner of Audit Firm UHY BusinessCollegia Elected to the Board Members of Audit Chamber of Belarus

Audit Chamber of the Republic of Belarus (http://minfin.gov.by/ru/auditor_activities/implem_law/), a single self-governing body of audit firms and auditors-individual entrepreneurs, was formed in the Republic of Belarus.

Competences of Audit Chamber are prescribed by Article 12 of the Law of the Republic of Belarus “On audit activities” (http://pravo.by/document/?guid=3871&p0=H11300056), the main of which is external quality assessment of audit firms’ and auditors-individual entrepreneurs’ performance.

Mr. Denis Kastsian, Managing Partner of audit firm UHY BusinessCollegia, was elected to the Board Members of Audit Chamber of the Republic of Belarus and is the Head of Committee for assistance in implementation of IFRS in the Republic of Belarus. The Board of Audit Chamber is a collegiate executive body. Seven members of the Board of Audit Chamber of the Republic of Belarus are elected by the foundation meeting and then the general meeting of the members of Audit Chamber for a period of three years.

Audit Chamber of the Republic of Belarus is based on obligatory membership of audit firms and auditors-individual entrepreneurs.

Starting 1 January 2020 audit firms and auditors- individual entrepreneurs, in order to conduct their audit activities, are required to become members of Audit Chamber. Audit firms (auditors - individual entrepreneurs) gain a right to carry out audit activities from the date of entering on the Register of auditors and audit organizations (http://minfin.gov.by/ru/auditor_activities/registry/) and lose such a right from the date of striking off the Register.

Carrying out audit activities by a legal entity or individual entrepreneur not included on the Register is illegal and prohibited.