Auditing requirements for Russian firms have undergone significant changes in recent. These modifications have influenced the way audits are performed and what information needs to be reported. as well as the standards for reporting and the auditor's independence.

Before 2010, Russian companies were obligated to conduct audits in compliance with IFRS adopted by Russia. However, with the introduction of RAS in 2010, companies are now required to report using these standards, and passport translation services a few companies must still conduct audits in compliance with IFRS.

Under the current law, companies that are publicly traded, have foreign currency accounts or certain types of foreign investments are required to conduct an audit in accordance with IFRS. These companies must have their financial statements audited by an independent, Ministry-licensed auditor. The audit must be conducted in accordance with the International Standards on Auditing (ISA) and must include testing of the company's financial statements for material misstatements.

For companies that are not required to conduct an audit in accordance with IFRS, a simplified audit may be performed in accordance with RAS. The scope of the audit will depend on the specific requirements of the company's charter document or by-laws.

One of the key requirements of the audit is independence. The auditor must be independent of the company and must not have any direct or indirect interests in the company or any of the company's subsidiaries or affiliates. The auditor must also comply with specific requirements related to conflicts of interest, including requirements related to accepting gifts or entertainment, having a close personal relationship with the client's management or employees, or having any family relationships with management.

Another important aspect of the audit is the requirements related to audit procedures. The auditor must conduct a number of audit procedures to verify the completeness and accuracy of the financial statements. These procedures must include testing of transactions, account balances, and financial statement disclosures. These procedures must include testing of transactions, account balances, and financial statement disclosures.

Audit reporting is also an important aspect of the audit. The final audit report must be signed by the auditor and must be presented to the Board of Directors and.

Russian firms must implement additional controls to ensure reliable financial reporting, including internal audit, risk management, and corporate governance functions.

Compliance with these requirements can be challenging for many Russian firms. Failure to comply with the requirements can result in a number of serious consequences, including revocation of their operating license, fines and the threat of legal action.

In summary, Russian firms' auditing requirements can be complicated. Companies must take steps to comply or face serious consequences