Russian auditing requirements update > 자유게시판

Auditing requirements for Russian firms have undergone significant changes in recent. These modifications have influenced the way audits are performed and what information needs to be reported. reporting standards and the independence requirements for auditors.

Prior to 2010, Russian companies were required to conduct audits in accordance with International Financial Reporting Standards (IFRS) as adopted by the Russian Federation. However, with the introduction of RAS in 2010, companies are now required to report using these standards, and a few companies must still conduct audits in compliance with IFRS.

Under the current law, companies that are publicly traded, have foreign currency accounts or certain types of foreign investments are required to conduct an audit in accordance with IFRS. Financial statements for these companies must be audited by an independent auditor, licensed by the Ministry of Finance. This audit must be carried out in accordance with ISA and involve material misstatement testing.

For companies that do not need IFRS-compliant audits, a simplified audit using RAS may be conducted. The scope of the audit will depend on the specific requirements of the company's charter document or by-laws.

One of the key requirements of the audit is independence. The auditor must be independent of the company and must not have any direct or indirect interests in the company or any of the company's subsidiaries or affiliates. The auditor must also comply with specific requirements related to conflicts of interest, including requirements related to accepting gifts or entertainment, having a close personal relationship with the client's management or employees, or having any family relationships with management.

One of the key audit aspects is the procedures required for auditing. Auditors must carry out a series of procedures to check the completeness and accuracy of financial statements. These procedures must include testing of transactions, checking account balances, and disclosures in financial statements.

or the Supervisory Board. The report must include a statement regarding whether or passport translation services not the financial statements are presented fairly and in accordance with the applicable reporting standards. It must also include a statement regarding whether or not the auditor is aware of any material weaknesses in internal control or any significant difficulties encountered during the audit.

In addition to conducting an audit, Russian firms are also required to have a number of other controls in place to ensure the reliability of their financial reporting. These controls include an internal audit function, a risk management function and a corporate governance function.

Compliance with these requirements can be challenging for many Russian firms. Failure to comply with the requirements can result in a number of serious consequences, including revocation of their operating license, fines and the threat of legal action.

In conclusion, auditing requirements for Russian firms are complex and multifaceted. Failure to comply with these requirements can result in serious consequences, and it is in the best interest of the company to seek professional advice from a qualified auditor to ensure compliance