Statutory audit of an entity: eligibility criteria

In accordance with subparagraph 1, paragraph 1 of Article 5 “Statutory Audit” of Federal Law No. 307-FZ “On Auditing” dated December 30, 2008 (as amended on December 1, 2014) and the List of cases requiring the statutory audit of accounting (financial) statements for 2014 published by the Ministry of Finance of the Russian Federation on January 26, 2015, since 2015, an audit of annual accounting (financial) statements is mandatory for all companies established in the legal form of a joint-stock company, including closed joint-stock companies (CJSC).

It is important to remember that your company is subject to a statutory audit if (according to Article 5 “Statutory Audit” of Federal Law No. 307-FZ “On Auditing” ):

1) an entity exists in the legal form of a joint-stock company;

2) securities of an entity are listed for trading on a stock exchange;

3) an entity is a credit company, a credit bureau, a professional participant of the securities market, an insurance company, a clearing agency, a mutual insurance company, a trade organizer, a non-government pension or other fund, a joint-stock investment fund or a management company of the joint-stock investment fund or a mutual investment fund or a non-government pension fund (except government non-budgetary funds);

4) proceeds from the sale of products (the sale of goods, the performance of work, the provision of services) of an entity (except public authorities, local governments, government and municipal institutions, government and municipal unitary enterprises, agricultural cooperatives, unions of such cooperatives) in the preceding fiscal year exceed RUB 400 million or the total assets on the balance-sheet as of the end of the preceding fiscal year exceed RUB 60 million;

5) an entity (except public authorities, local governments, government non-budgetary funds or government and municipal institutions) submits and (or) publishes consolidated accounting (financial) statements; and

6) as otherwise provided by federal laws.

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Mazars in Russia Audit Department provides its clients with professional and independent advice at each stage of the audit procedure. In our work we are guided by the principles of technical excellence and independence of judgment.