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):
- Joint stock companies (OAO).
- 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).
- Enterprises that have annual revenue in the preceding financial year exceeding 400 million RUB (approximately 6 million US dollars as at December 2018).
- 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).
- If securities of a company are admitted to trading on stock exchange.
- If an entity provides or publishes its financial-accounting report to the public (excluding state companies and state non-budget funds).
- 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.