Belarus introduces requirement to notify Ministry of Finance about audit

3 July 2020 - As of 1st January 2020, in accordance with para. 6 p. 2 Article 18 of the Law "On Auditing Activities", the audited entities, in the event of a mandatory audit of the annual accounting and (or) financial statements within a month from the date of receipt of the audit report, but no later than July 15th of the year following the reporting, must provide information on the fact of the mandatory audit annual accounting and (or) financial reporting to the Ministry of Finance. This is in order to form an information bank of these organizations, on the annual accounting and (or) financial reporting of which is subject to mandatory audit in accordance with Article 22 of this Law.

In order to proceed with the notification, a letter must be written, stating that a company is subject to a mandatory audit, has conducted such an audit, about which an audit report was received, its date and number, and by whom the audit was carried. Needless to say, it is not required to submit an audit report to the tax office at the place of registration, as well as notify it of the audit.

In the event that these audited entities are subordinated (administered), are included in the composition (system) of 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), they must submit to these bodies (organizations) an audit report on the results of the mandatory audit of the annual accounting and (or) financial statements.

 

Our contacts

Kariem Abdellatif

Kariem Abdellatif

Head of Mercator by Citco

T+352 47 23 23 265
Ekabdellatif@citco.com
LLuxembourg

Robert-Jan Kokshoorn

Robert-Jan Kokshoorn

Head of Business Development,
Mercator by Citco

T+1 415 470 1935
Erkokshoorn@citco.com

Chris Butler

Chris Butler

Head of Operations,
Mercator by Citco

T+370 5 204 7300
Echbutler@citco.com
LVilnius