Statutory Audit in accordance with Russian accounting principles
Under the conditions of severization of requirements for quality and transparency of financial information, independent audit is becoming increasingly important in the process of establishing whether financial statements are reliable.
Audit of annual financial statements is mandatory from July 1, 2015 for all joint stock companies, regardless of their type; as well as limited liability companies, if:
- securities of the company are admitted to organized trading;
- total revenue for the year preceding the reporting year exceeds 400 million rubles, or the amount of assets at the end of the year preceding the reporting one, is more than 60 million rubles;
- the company is a clearing or a credit organization;
- the company submits consolidated financial statements.
If the financial statements are subject to mandatory audit, their submission to the statistical authorities and their publication must be carried out together with the auditor’s report.
Mazars has been specializing in the audit of financial statements for many years and it has a large number of customers using this type of services.
In addition to the auditor’s report with the opinion on the reliability of the financial statements, collaboration with Mazars provides:
- a positive image to investors. Mazars is accredited by the European Bank for Reconstruction and Development (EBRD) and other international credit institutes;
- effective organization of audit on the basis of risk assessment and multi-level quality control of the project implementation;
- a team of specialists with high qualifications and relevant experience in audit;
- trying to avoid a formal approach to the project implementation. Focus on long-term cooperation and constant interaction with the management are part of our approach.
The official website of the Ministry of Finance of the Russian Federation provides access to the Checklist of Obligatory Accounting (Financial) Auditing Cases for 2016. It summarizes the cases of obligatory accounting (financial) auditing set forth by the Legislation of the Russian Federation for the year 2016. The Checklist for 2016 includes the following new cases of obligatory auditing:
- Stock companies and federal state unitary enterprises specified by the Decree of the Government of the Russian Federation dated October 27, 2015 No. 2176-р (clauses 4, 5);
- Public companies (clause 9);
- Microfinance companies (clause 29);
- Political parties in particular cases (clauses 45, 46, 47);
- Stock company “The Managing Company of the Russian Direct Investment Fund” (clause 66);
- The Fund of Credit Assistance (clause 67).
The full checklist is available at the following link (document New in Audit Legislation: Facts and Comments (No. ИС-аудит-13)).