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Audit in Russia

The Russian Law requires that the following entities have their accounting records fully audited by a licensed auditor (article 5 of the Russian Audit Law):

  1. Joint stock companies (OAO).
  2. Banks, credit or insurance companies, mutual insurance associations, clearing agencies, commodity and stock exchanges, incorporated investment funds, non-budgetary state funds, holding/management companies of investment funds, unit investment funds or non-state pension funds (excluding non-budgetary state funds).
  3. Enterprises that have annual revenue in the preceding financial year exceeding 400 million RUB (approximately 6 million US dollars as at December 2018).
  4. Enterprises that have total assets at the end of preceding financial year exceeding 60 million RUB. (approximately 900 thousand US dollars as at December 2018).
  5. If securities of a company are admitted to trading on stock exchange.
  6. If an entity provides or publishes its financial-accounting report to the public (excluding state companies and state non-budget funds).
  7. In other cases as stipulated by the law.

A Russian audit requires not only a systematic verification of the accounts, but also a meticulous examination of the accounting procedures of the enterprise in the manner prescribed by the law.