Audit and Consulting 2014: Challenges

Anastasia Terekhina, АССА, Mazars Audit Department Manager, gave her expert opinion in the article “Audit and consulting 2014. Education of Auditors and Accountants“ in “Auditor” magazine (№3-2015).

“Audit and consulting 2014. Education of Auditors and Accountants“

Anastasia Terekhina, АССА, Mazars Audit Department Manager, gave her expert opinion in the article “Audit and consulting 2014. Education of Auditors and Accountants“ in “Auditor” magazine (№3-2015). The article covers the main trends in the market of audit and consulting in Russia in 2014, reviews education of accountants and auditors, provides rankings of audit and consulting companies and educational training centers for Professional Accountants and Auditors on the results of activities for 2014.

Anastasia Terekhina:

“Transition to ISA audits in full volume causes disputes in the audit community. On the one hand, auditors performing audits for international users of accounting statements - most often for international networks - now have to adapt their approaches, taking into account requirements of both ISA and federal standards, which is usually an additional workload on auditors. A significant part of client portfolio of international accounting and consulting groups is composed of international groups’ subsidiaries, which management often wants to have an audit performed under ISA. In addition, our foreign colleagues - group auditors - performing reviews of our work, also want be sure that we performed audit not under Russian standards, but under ISA. Applying two standards is surely an additional load on auditors and quality control department, as they have to evaluate whether the accomplished work meets two standards, which, though not being radically opposed, do not match in some aspects. Accordingly, this creates additional risks that the requirement of any standard will appear to be broken. On the other hand, abolition of the existing auditing standards and ISA introduction causes a negative response from the audit community, as this may raise an issue of training auditors on international standards and some new certification, for example, for the right to audit consolidated financial statements”.

You may download full version of the article in Russian below or find it on website