Mandatory audit

Mandatory audit is an independent verification of the correctness of financial statements and financial documentation of an enterprise in order to express an opinion on their reliability. Such a review should be conducted once a year. Often, instead of the term "obligatory audit", the terms "basic" or "general audit" are used.

Since the beginning of 2011, there have been amendments to the Law on Auditing. The made changes more precisely define criteria of obligatory audit.

Under the law, compulsory audit is conducted in organizations operating in the form of a public company; Which are unitary state or municipal enterprises; Credit, insurance, educational institutions; Stock, trading exchanges; Banks; Mutual insurance societies; Other organizations to which the federal law applies.

Enterprises that receive revenues in excess of 400 million rubles (except for agricultural cooperatives and their unions, as well as those organizations whose assets at the end of the year is 60 million rubles or more) are subject to mandatory inspection.

Mandatory audit is carried out strictly according to the prepared plan and in accordance with the verification program, which determines the time frame and the nature of its conduct.

Based on the results of the audit, an audit report is issued , to which are attached written instructions for all identified shortcomings and advice on how to correct them. For submission of reports to the state audit institutions, it will be sufficient to provide an opinion. Only in this case, the reporting will be considered reliable. Without the relevant conclusion, the tax inspectorate has the right not to accept reports, since it is an integral part of the accounting reports (according to article 13, paragraph 2 of the Law on Accounting 21.11.1996).

Mandatory audit is conducted in relation to the entire volume of financial statements of the enterprise for the year. Therefore, such a check takes time. In this regard, mandatory audit often involves working in several stages throughout the year. The purpose of such a distribution of the scope of work is to obtain more accurate information on the conduct of reporting. In addition, this type of work does not distract employees from their main activities. Interim audit significantly helps to save time.

Business entities operating under a simplified taxation system may also be subject to a basic audit. It all depends on the amount of assets on the balance sheet.

Only those persons who have a valid qualification certificate and are members of audit organizations are entitled to conduct mandatory audit.

When conducting an audit, the following should be considered. The enterprise at which the audit is conducted has the right to require the auditor to substantiate all of its findings and observations. At the same time, the audited organization is obliged to provide the auditor with all possible assistance in his work, timely providing all the necessary documents and information about the activities.

Amendments to the Law have taken Russia's small business out of the bounds of compulsory auditing. About 30% of previously audited organizations for new value indicators are no longer subject to audit. Out of the auditors' control came municipal economy, city-forming enterprises with revenues below 400 million rubles a year.

On the other hand, along with the increase in the cost indicators for which an audit is to be carried out, the list of activities in which it is mandatory is expanded. At present, clearing organizations are subject to audit ; Organizations that present consolidated financial statements; Currency exchanges; Organizations participating in the securities market; Management companies, unit inversion, joint-stock, non-government pension funds.