Having a positive audit opinion on the reliability of financial statements is a kind of business card for many companies.

In accordance with the requirements of Russian legislation, quite a few companies are required to conduct an audit, while other companies want to have an audit opinion as an additional indicator of good faith when attracting investments, obtaining bank loans, or establishing relationships with foreign partners.

To comply with the requirements of the legislation, as well as the need for companies to obtain confirmation of the reliability of financial (accounting) statements, the Group of Companies ВСА is ready to offer an audit.

Statutory Audit Under RAS (Russian Accounting Standards)

Mandatory audit is an annual audit of a company’s accounting and financial statements to express an opinion on their reliability. The procedure is regulated by the state and can only be carried out by audit organizations or individual auditors who have the appropriate qualification certificate and are members of self-regulatory organizations of auditors. At the same time, state corporations and enterprises, non-state pension funds, companies in which the share of state ownership is at least 25%, credit and insurance organizations can be audited only by an audit company.

According to Federal Law No. 307 dated December 30, 2008, an audit is mandatory for:

• Joint-stock companies
• Companies whose securities participate in trading
• Credit, insurance organizations and investment funds (including pension funds) and their management companies
• Large companies (except for state institutions, etc.), whose revenue for the year preceding the reporting year exceeded 400 million rubles or whose assets were more than 60 million rubles at the end of the same period
• Organizations (except for state or municipal authorities and other state institutions) that present (disclose) annual consolidated accounting or financial statements
• Some other organizations (according to other current laws)

Initiative Audit Under RAS (Russian Accounting Standards)

An audit conducted at the initiative of a client when there is a change in the chief accountant, when doubts arise regarding the accuracy of accounting, or when there is a need to provide interested users with an audit opinion on the reliability of the financial statements.

Audit Under ISA (International Standards on Auditing)

The main advantages of auditing according to international standards are:

• Transparency, reliability, and comparability of financial information on a global scale
• Increased trust among participants in the international securities market and international partners
• Protection of the interests of international investors