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Home / Services

Audit services

Audit

Your organization is subject to statutory audit if:

- total revenue exceeds 400 million rubles for the last reporting period;
- total balance sheet assets exceed 60 million rubles by the end of the last reporting period;
- the company issued securities that are admitted to trading on stock exchanges;
- the company submits or publishes consolidated financial statements;

If your company is
- a joint-stock company;
- a credit institution;
- a credit bureau;
- a professional participant in the securities market;
- an insurance company;
- a clearing organization;
- a mutual insurance company;
- a stock exchange;
- a fund (or other non-governmental pension fund, investment fund, management company of stock investment fund, mutual investment fund or private pension fund, except for budgetary funds);
- in other cases stipulated by federal laws
The companies whose annual accounting (financial) statements are subject to mandatory audit must submit audit reports on the annual financial (accounting) statements to the statistical authorities for the fiscal year in a timely manner, no later than 31 December of the year following the reporting period (Article 2, Article 18 of the Law № 402-FZ).

Failure to submit mandatory audit report may be subject to an administrative fine on citizens in the amount of 100 to 300 roubles; on officials - from 300 to 500 roubles; for legal entities - from 3000 to 5000 roubles. (Article 19.7 Code of Administrative Offences).

Failure to comply with the legislation on the disclosure of information relating to joint stock companies that publish their accounting (financial) statements and the audit reports entail imposition of administrative penalties under Article 15.19 of code of Administrative Offences from 500 000 and 700 000 roubles.

 Initiated Audit

During initiated audit tax risks are usually identified, formation of the tax base and validity of benefits are verified, tax disputes are examined and reconciliation of accounts with the budget is initiated.

Initiated audits prevent possible losses that may arise as a result of errors, identify financial reserves if tax laws are applied correctly, reduce labor costs, using optimal accounting policies, and to find out whether there are indications for performing tax revision of your company.

 Consulting
We respond to urgent questions by phone, prepare written advice, examine contracts, develop local acts, intra-group statements and make recommendations to optimize the structure of financial services, conduct professional assessment of employees of financial services and candidates for vacancies.

For companies acquiring new businesses we conduct Due diligence assessing tax risks, verifying property rights, licenses, general accounting, checking for hidden liabilities and possible loss of assets.

Examination of compliance with labor laws, employment paperwork and document-flow regarding personnel will help you avoid disputes with Labour Inspectorate.

 Outsourcing
We perform accounting, tax and management surveys, restoration of accounting, and preparation of accounting reports and tax reports for those who do not want to have problems with accounting.

 IFRS
Companies with foreign capital may be interested in audit of financial statements prepared in accordance with IFRS; as well as the transformation of statements in accordance with IFRS.

The following entities are required to prepare financial statements in accordance with IFRS, in accordance with the Federal Law # 208-FZ dated 27 July 2010 “On Consolidated Financial Statements”:

  • credit unions;
  • insurance companies;
  • other organizations whose securities are admitted to organized trading by their inclusion in the quotation list;
  • organizations if their constituent documents provide for presentation and/or publication of consolidated financial statements;
  • if federal law envisages preparation and/or presentation and/or publication of consolidated financial statements (consolidated financial statements (consolidated statements and balance) ;
  • companies that have only issued bonds admitted to organized trading by their inclusion in the quotation list;
  • private pension funds;
  • management companies of investment funds, mutual investment funds and private pension funds;
  • clearing companies;
  • federal state unitary enterprises (FSUE), the list of such organizations is approved by the Government of Russian Federation;
  • joint-stock companies whose shares are federally owned and their list is approved by the Government of Russian Federation. 

 Management Accounting and Budgeting42

If business owner is interested in real cash flow (inflow and outflow), our assistance in organization of management accounting, tax planning and budgeting will be appreciated. This service is performed by our staff using their own spreadsheets.