Abstract
This article scrutinizes the nature and manner of auditors’ prescriptive reports submitted to regulatory authorities. Grounds are given for the necessity to expand the present list of those items envisaged by a state regulatory body in summarizing the statistics linked with the functions of the audit market in Russia. The author points out a tendency to break up auditing services marketeers into smaller units (most of these are currently referred to small business entities. or SBEs) under turbulent economy, which evidently poses definite risks for the customers of auditing services in what concerns the adequate quality of the said services and the final document (conclusion). One of the reasons of this situation, as stated by the author, is insufficient transparency and incompleteness of the accounting reports drawn up by audit companies (and individual auditors), as well as its simplified format (corresponding to the SBE status). It is the author’s opinion that a promising trend in the improvement of auditing activities might firstly be toughening of requirements to the level of competence of the auditing companies’ staff within the framework of quality inspection of the activities of their members by self-regulatory audit authorities. Secondly, this might be a revision of the Russian law providing it with a detailed description of the methods of audit, which alongside international audit standards and norms of the International Federation of Accountants will make a safe basis for supporting a high level of audit quality in the Russian Federation.
Published Version
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