Аудит в России

Contents
Introduction 3
1. Basics of audit 4
2. Particularities of audit in Russia 9
Conclusion 13
References and sources 14

Today’s Russian institutionalized accounting rules (Russian Accounting Standards, RAS) are regulated by norms of four levels as it shown on slide. The highest level is the Accounting law which is passed by the Russian State Duma. The second level is the accounting standards which are issued by the Russian Ministry of Finance. They are mostly based on International Financial Reporting Standards (IFRS). In addition to accounting standards the Ministry of Finance issues detailed instructions as to the application of the accounting standarts in specific situations. The fourth level of regulations is the rules that the company establishes within the framework allowable by the government regulations. The Russian Law requires that some entities have to submit to an annual statutory audit examining all accounts and financial transactions and to make the results of the audit available to the public. They are listed on the slide.Despite the positive changing during the last years in Russian auditing system there are still a number of difficulties to overcome. The implementations of the international standards and principles in practice still have some flaws. The main shortfall in the development of Russian Accounting Standards in comparison with international standards arises from the fact that the accounting principles still favor the tax authorities as the main recipient of the information. This is in direct contrast to international basic root principles, in that financial and accounting information should be produced specifically in the interests of accuracy and fairness towards shareholders and relevant stakeholders.However, Russian audit is still evolving it is evident that the understanding of the auditing process has shifted over the years and it is likely to continue shifting in the future. Thank you for your attention!