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Statutory Audit

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Page of the site: HOME » AUDIT SERVICES » Statutory Audit

Statutory Audit

    
Statutory Audit
- – independent review of accounting and financial statements of organizations or self-employed entrepreneurs, performed annually as required by the Russian legislation (Auditing Activities Act No. 307-FZ of 30.12.2008).
 

Pursuant to Cl. 5 of Auditing Activities Act No. 307-FZ of 30.12.2008 Statutory Audit is compulsory in the following cases:
  • for organizations that are open joint stock companies;
  • for such organizations as lending institutions, credit history bureaus, insurance companies, credit unions, commodity or stock exchange, investment funds, state non-budgetary funds or any other foundations operating from the donations by persons or legal entities;
  • where receipts from the sale of products and services (except for farmers' cooperatives or associations of such cooperatives) for the year preceding the reporting year exceeds 50 m. Roubles, or where total assets at the end of the year preceding the reporting year is in excess of 20 m Roubles. For municipal unitary enterprises the above figures may be lower if so regulated in the laws and regulations of the corresponding Subjects (constituent entities) of the Russian Federation;
  • in any other cases as provided for or required by the Federal acts and regulations.
Statutory Audit shall be performed on annual basis.

Statutory Audit is performed with the following objectives:
  • ascertain accuracy and validity of accounting (financial statements) in the audited organization;
  • detect accounting errors;
  • establish impediments for business development and develop recommendations on how these may be eliminated.
Description of Services:
Statutory Audit is performed by our qualified Auditors and includes the following services:
  • review source accounting and financial documents and related transactions (operations);
  • give opinion whether these transactions are accurately and correctly recorded for financial and tax accounting purposes;
  • give recommendations on how the identified misstatements or errors may be corrected;
  • provide advice and   consulting  on bookkeeping in the audited organization, preparation of accounting reports and tax-related issues.
Upon the completion of the Audit the following documents are produced:

Audit Report including the Auditors' Opinion about the accuracy and validity of accounting (financial statements);
Detailed Report containing the Auditors' findings and recommendations on how to eliminate errors and improve business efficiency, and advice on various other audit-related issues.
Statutory Audit may be performed as part of our Continuous Audit Support
  • at the year-end;
  • at the end of 9 months and for the past quarter;
  • quarterly.
(Auditors' Opinion is produced upon the audit of closing annual accounts)

Such regular phased audits enable our Customers' bookkeepers to work hand in hand with the Auditors and eliminate any possible errors, thus avoiding penalties by taxation authorities or other inspecting agencies.

Statutory Audit of accounts (financial statements) in organizations whose securities may be traded at stock exchange and/or any other security market players, lending institutions, insurance agencies, non-governmental pension funds, also organizations with the government share in their authorized (share) capital of no less than 25 %, government-owned corporations or companies, and also the audit of consolidated accounts may only be performed by the external auditors.

Important!

If your organization is not required to have Statutory Audit, we recommend you to initiate voluntary audit in order to have a clear picture of your financial and tax accounting status. Auditors' opinion and advice will help you to run your business safely and effectively for best market achievements and easy dialogue with taxation authorities.

We offer wide range of other services:

Our best Recommendation - Confidence of our Customers:


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