- Posted by Sergey Minyailo
- On June 3, 2016
- Comments 0
- Views: 1047
- audit in russia
Awara advises selecting an auditor of financial statements for 2016 and recommends making a choice right now.
We want to remind you that every company is required under Russian law to conduct statutory audits of 2016 in cases when:
- indicators in financial statements of the company for 2015 exceed the following limits: value of sales of more than 400 million rubles, or the amount of the balance sheet assets exceeds 60 million rubles;
- the company is a joint stock company, regardless of the indicators;
- securities of the company are issued to organized trading;
- the company is a credit or insurance organization;
- the company is a microfinance organization;
- the company presents consolidated financial statements;
- the company is a developer that attracts funds of participants of shared construction of multi apartment buildings and (or) other real estate;
- in other cases provided by law.
As an alternative, we can also offer voluntary audits for companies that are not required by Russian law to conduct a statutory audit.
6 reasons to conduct a voluntary audit of your company:
- To ensure the reliability of reporting, thereby increasing confidence in the information that the company provides to owners, investors, banks and business partners;
- To ensure the professionalism of employees of financial and accounting departments and verify that they are aware of the latest changes in legislation affecting accounting and tax calculations;
- To identify tax risks, receive recommendations for their elimination/reduction and assistance in adjusting tax returns and amending tax liabilities prior to inspections by supervising agencies;
- To reduce the risks in cases when Chief Accountant or materially responsible persons leave the company;
- To eliminate deficiencies in accounting, financial reporting, and document management;
- To identify weaknesses in accounting and internal control, which may affect the reliability of financial reporting and tax calculation.
Avoid the misconception that quality auditing is provided only by the Big 4. The quality of services provided by Awara is comparable to the level of the Big 4, and is much more affordable. In addition, in order to avoid currency risks Awara offers fixed prices in rubles.
During its 20+ years of history in the market of consulting services Awara has earned a reputation as a reliable partner and is currently one of the largest and most authoritative companies working in Russia in its segment.
Our goal is not just to prepare an audit report in accordance with Russian or International standards, but also to provide a report on tax risks, conduct a legal review of key documents, help our clients improve internal controls, and ensure the transparency of financial statements.
In addition to the mandatory Russian statutory audit Awara offers the following services:
- FRS / GAAP audit;
- Voluntary Russian audit to confirm the financial condition of the company to owners, investors, banks and foreign partners;
- Conversion of Russian financial data (RAS) into international standards (GAAP, IFRS) and vice versa;
- Financial Due Diligence;
- Services in the field of taxation and consulting.
A detailed list of our audit services can be found here.