The law on accounting was amended on 1.01.2014 so that as of this date companies subject to statutory audit must submit an audit opinion on their financial reporting only to statistical authorities. It is therefore no longer required to provide an audit opinion to other agencies, in particular, tax authorities.
Audit opinions must be filed with statistical authorities together with financial reporting or within 10 working days from the day following the date of the audit opinion, but no later than December 31 of the year following the reporting year. Previously, companies were required to file audit opinions by the 1st of April so this new timeframe confers more flexibility and time for companies to complete their statutory audits.
We would like to note that a company is required to conduct Russian statutory audits when the figures in its financial statements for the year preceding the reporting year exceed the following thresholds: revenue from sales exceeds RUB 400 million, or the company’s asset value as specified in its balance sheet exceeds RUB 60 million. As of September 1, 2014, all joint stock companies are obligated to conduct a Russian statutory audit (regardless of whether the JSC is public or non-public), and regardless of their financial results.
By choosing Awara as your local auditor you will benefit from several advantages.
Awara provides cost-efficient local audits conducted in accordance with Russian standards, while report on audit findings to management is done in accordance with international practice. Our management reports are written in a clear and transparent manner and focus on essential matters so that management may quickly take stock of what matters most. Unlike Russian audit practice, which favors long reports of over 100 pages where essential data may only be found among much irrelevant information, our management reports are clear and concise thus saving you valuable time.
More about our services
Awara is one of the leading financial administration and accounting service providers on the Russian market.
Awara provides its clients all over Russia with services ranging from conducting internal reviews to outsourced control of finance and business operations in accordance with Russian principles and requirements. Providing financial administration services to many international companies operating in Russia for years, we have gained extensive experience and expertise in understanding significant financial advantages, identifying potential financial risks and conducting timely audits. Our auditors apply their expert knowledge of financial administration in all auditing procedures, while fully complying with local statutory requirements.
We customize our auditing services to meet the needs of our clients in various fields:
- Russian Statutory Audit
- IFRS and GAAP Audit
- Conversion of Russian financial data (RAS) into international standards (GAAP, IFRS) and vice versa
- Special Audits
- Russian Corporate Governance Audit
- Performing Revision Committee Functions
- Russian Risk Management Audit
- Financial Due Diligence
Awara specialists provide optimal cost-effective solutions precisely and efficiently meeting your companys audit requirements.
We would be pleased to discuss your companys needs and offer our auditing services to enable the growth of your business and increase your shareholder value.
We look forward to collaborating with you and building a mutually rewarding relationship with your company.