Institute for Financial and Economic Monitoring
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Reform of Auditing in Russia

Title Reform of Auditing in Russia
Client The European Commission (TACIS)
Participants Ministry of Finance of the Russian Federation
Brief description The main objective of the Project was to bring the Russian audit into compliance with International Standards on Auditing (ISA), to improve the financial transparency of Russian companies to inward investors and help achieve recognition of Russian audit quality abroad.
The implementation of the project contributed to the development of new auditing standards and provided institutional support to the Ministry of Finance of the Russian Federation and professional associations of auditors.
The project also contributed to the increase of credibility of audit statements by supporting the implementation of the audit reform, and thus contributed to a more conducive business environment ensuring higher levels of investment in the Russian economy.
Results
  1. Development of the Federal law “On auditing activities”, which entered into force in 2001
  2. Preparation of the 11 drafts of new audit standards, baised on ISA
  3. Implementation of program of conducting training, holding seminars and conferences
  4. Publishing of Auditing study guide, methodic recommendations and other publications for the professional auditors.

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