An amendment was made to the normative act of SARAS

An amendment was made to the order No.17 (October 28, 2016) adopted by the Head of SARAS on “The Rules for introduction of the website and the electronic registry, its structure, form, list of information and the identification of users” and paragraph 6 has been added to Article 13, according to which “an auditor, who is no longer an employee of an audit firm based on information preserved at SARAS, is obliged to submit updated documentation to SARAS on employment or/and professional liability insurance in an audit firm no later than in 10 (ten) working days from the occurrence. SARAS is authorized to increase the documentation submission period, but no longer than 10 working days based on the auditor’s request. Non-compliance with this requirement may become the basis for the cancellation of the registration. During this period SARAS makes a note in the Registry regarding the compliance check.

This amendment was made to ensure reliability and accuracy of the Registry and calls for more responsibility of auditors to comply continuously with the registration pre-conditions. In addition, in the case of non-compliance, a relevant note will be made in the Registry, on an individual page of the auditor.