The amendment was made to the normative act of the SARAS

The amendment was made to the decree of Head of SARAS (Order №12, October 17, 2016) on “adoption of the rule of determining insurance amount and essential conditions of professional responsibility insurance of Auditors/audit firms” and the paragraph 2, article 10 was defined with the following composition: Auditor/audit firm is obliged to inform SARAS about the conclusion, termination or amendments made to the professional insurance contract (including increasing or decreasing the amount of insurance) no later than 5 working days from the date of commencement of the insurance period, or amendments made to the insurance contract.

According to the amendments made to the decree, taking into account the interests of third-party, auditor/audit firms were given the opportunity to submit relevant documentation within 5 working days from the date of commencement of the insurance period.