The State Duma empowered the Central Bank to regulate audit activities

The State Duma adopted in the third and final reading a draft law on empowering the Bank of Russia with the powers of an auditor. The law will enter into force on January 1, 2022, some provisions will take effect later, on July 1.

According to the law, audit activities will be carried out in accordance with the standards and other requirements established by the Central Bank of the Russian Federation and the self-regulatory organization (SRO) of auditors. The standards of auditing are understood as the standards of the International Federation of Accountants, RIA Novosti reports.

Mandatory audit of financial statements can only be carried out by audit organizations. Auditors who provide services to “socially significant” organizations must be included in the register of the Central Bank. Public companies, organizations whose securities are admitted to organized trading, banks, insurance organizations, mutual insurance companies, state corporations and state-owned companies, public law companies, organizations with a state share of 25% or more, professional participants in the securities market, NPFs, mutual funds …

Also, the Central Bank, in agreement with the FSB and the Federal Service for Technical and Export Control, will establish requirements for information security for audit organizations, credit history bureaus, credit rating agencies. The National Financial Council will assess the independence of audit organizations that conduct a mandatory audit of the Central Bank’s annual report and audit the financial statements of organizations with a Bank of Russia share of more than 50%. Information about the assessment will be included in the annual report of the Central Bank.

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