Russian auditing standards have evolved over time. The type of audit work that is conducted, and the reporting standards have been affected. reporting standards and the independence requirements for auditors.

Russian companies previously had to adhere to IFRS adopted by Russia for their audits. RAS was introduced in 2010, requiring companies to report using these standards, with some companies needing IFRS-compliant audits.

Under the current law, companies that are publicly traded, have foreign currency accounts or certain types of foreign investments are required to conduct an audit in accordance with IFRS. These companies are required to have their financial statements audited by an independent auditor who is licensed by the Ministry of Finance. This audit must be carried out in accordance with ISA and involve material misstatement testing.

For companies that do not need IFRS-compliant audits, a simplified audit using RAS may be conducted. The audit's scope will depend on the company's charter and by-laws.

One of the key requirements of the audit is independence. The auditor must be independent of the company and must not have any direct or indirect interests in the company or any of the company's subsidiaries or affiliates. The auditor must also comply with specific requirements related to conflicts of interest, including requirements related to accepting gifts or entertainment, having a close personal relationship with the client's management or перевод диплома в Москве employees, or having any family relationships with management.

One of the key audit aspects is the procedures required for auditing. Auditors must carry out a series of procedures to check the completeness and accuracy of financial statements. These procedures must include testing of transactions, account balances, and financial statement disclosures.

Audit reporting is crucial. The final report must be signed and presented to the Board of Directors, containing statements about the fairness and accuracy of the financial statements.

Russian firms must implement additional controls to ensure reliable financial reporting, including internal audit, risk management, and corporate governance functions.

Russian companies face challenges in meeting these standards. Failure to do so may lead to severe consequences, including license revocation and fines.

In conclusion, auditing requirements for Russian firms are complex and multifaceted. Failure to comply with these requirements can result in serious consequences, and it is in the best interest of the company to seek professional advice from a qualified auditor to ensure compliance