Russia introduces international auditing standards

Russia introduces international auditing standards

Deputies of the State Duma approved in the third reading the federal law #316841-6 «On introduction of changes into certain legislative acts of the Russian Federation."

The law regulates the transition to the international auditing standards that enable auditing on the territory of Russia in accordance with the international auditing standards developed by the International Federation of Accountants.

This raises the relevant amendments to be made to Article 9 of the Federal Law "Concerning the investment of resources for the financing of the funded component of a retirement pension in the Russian Federation" and to certain articles of the Federal Law "Concerning Auditing Activities", eliminating the definition of "federal auditing standards."

The law also provides for the establishment of a step-by-step procedure of acknowledgement and implementation of international auditing standards in the Russian Federation.

Experts believe that the adoption of international auditing standards will ensure the harmonization of national audit practices with international practices and will be an additional incentive of foreign trade activity and investment cooperation between Russian business entities.

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