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This material provides a brief overview of changes in Russian auditing in 2017 and the implications for business. You will find a detailed analysis of the consequences with comments from Pravovest Audit experts in the articles:

What changes in mandatory audit in 2017?

Since January 1, 2017, 30 international auditing standards (ISAs) have been put into effect in the Russian Federation, according to Order of the Ministry of Finance dated October 24, 2016 N 192n. Also, by Order of the Ministry of Finance dated November 9, 2016 No. 207n, 18 more new auditing standards were introduced from January 1, 2017. The list of international auditing standards includes:

• agreeing on the terms of audit assignments;
• quality control during the audit of financial statements;
• audit documentation;
• forming an opinion and drawing up a conclusion on the financial statements;
• communicating key audit issues in the auditor's report;
• modified opinion in the auditor's report, etc.

All this will increase the labor intensity of the audit by 30–40%, due to the increasing number of audit procedures in accordance with ISA requirements, the need to fill out new forms and tables and other working documents.

Legislators also plan to increase the responsibility of auditors in 2017. The Ministry of Finance proposes to punish them not only with fines, according to the Administrative Code, but also to introduce criminal liability for issuing a knowingly false audit report. The corresponding draft is posted for public discussion on the website of the federal portal of draft normative legal acts http://regulation.gov.ru/projects#npa=51024

The auditor's report on ISA will become more informative and public

Instead of the usual form of an auditor's report on several sheets with standard text, for all new contracts for mandatory audit concluded from January 1, 2017, a more information-rich audit report is drawn up in accordance with international standards of mandatory auditing.

The new form of the auditor's report according to ISA will contain not only an assessment of the company's financial statements, but also pay attention to the most important points in the activities of the audited entity, including what attracted the most attention of the auditor, what the auditor sees as the most significant risks for business, etc.

Thus, the new form of AZ implies expanded information not only for accounting, but also for external and internal interested users: shareholders, board of directors, etc., that is, a wider range of people making decisions on business development strategy.

Let us recall that from October 1, 2016, legally significant information about the facts of the activities of legal entities, including information about mandatory audits, is entered into the Unified Federal Register. In this case, the audit client is obliged to disclose circumstances that have a significant impact on the reliability of the reporting listed in the audit report.

Information in the Register must be entered within three working days from the date of occurrence of the relevant fact (paragraph 2, paragraph 9, article 7.1 of Law No. 129-FZ). If this deadline is violated, officials of the organization may be subject to administrative liability, including disqualification.

Thus, from January 1, 2017, the new ISA requirements will affect both auditors and audited companies. The volume of data required to analyze the activities of audited organizations is significantly increasing, and the degree of publicity of audit results is also increasing.

Business implications

Undoubtedly, disclosing additional data in the auditor's report will allow investors and companies' counterparties to make more informed business decisions. However, as a consequence, we should expect an increase not only in the quality of business risk assessment, but also an increase in the cost of auditing from 2017. In addition, financial risks increase, since increasing the level of transparency of the company’s activities and reflecting all identified business risks in the audit report will automatically lead to an increase in the cost of bank loans for companies.

International Standards on Auditing (ISA) also have long-term implications for business. It is planned that from 2018 the Federal Tax Service will be able to require auditors to disclose audit secrets. On the federal portal of draft normative legal acts regulation.gov.ru, a draft Federal Law on amendments to Articles 82 and 93.1 of Part 1 of the Tax Code of the Russian Federation is posted for public discussion. When conducting tax control, it will be allowed to collect, store, use and disseminate information about the taxpayer (fee payer, insurance premium payer, tax agent) received from audit organizations and individual auditors.

An official of the tax authority will have the right to request from auditors documents (information) received during audits and the provision of other audit services that serve as the basis for the calculation and payment (withholding, transfer) of tax (collection) by the organization. These documents may be requested by the tax authority if they are not submitted in the prescribed manner by the taxpayer himself.

The current version of the Tax Code does not yet allow, when exercising tax control, the collection, storage, use and dissemination of information about taxpayers obtained in violation of the requirement to ensure the confidentiality of information that constitutes a professional secret of other persons, in particular an audit secret.

Implications for accounting

The responsibilities of an accountant increasingly extend beyond accounting. It is no secret that already in many companies the responsibilities of the chief accountant are not limited solely to financial statements and filing tax returns. An accountant is required to assess tax risks and consequences when conducting transactions, tax and financial planning, which leads to increased responsibility and increased risks to professional reputation.

Why is it better to audit the 2016 financial statements not in accordance with ISA?

If the audit agreement was concluded before January 1, 2017, then the audit organization has the right to conduct an audit of the accounting (financial) statements and draw up an audit report in accordance with the auditing standards in force before the entry into force of the international audit. Under agreements concluded after January 1, 2017, new international auditing standards in Russia are applied when conducting an audit of accounting (financial) statements prepared for any reporting periods.

With the introduction of ISA, it is important for companies to take the determination of the timing of the financial statements audit seriously, since during the process a sufficient number of questions usually arise, and sometimes the need to make corrections to the accounting. It is advisable not to schedule an audit for the last days before submitting accounting or tax reports, when the accounting department is already very busy.

It would be preferable to conduct an audit of the 2016 financial statements according to Russian standards, concluding an agreement before the end of 2016. Arguments in favor of this are the lack of clear regulations for the actions of the parties to the contract for the provision of audit services under the new rules, a noticeable increase in labor intensity and cost of services, which are inevitable with such global changes in the audit industry.

The best option is to conduct an audit for 2016 in two stages (at the end of 9 months and for the year). In this case, the auditors will complete almost the entire amount of work before the end of the reporting year, which will allow the organization to avoid haste, take into account their findings and recommendations in order to approach the annual report without distortions and errors in accounting.

As is known, if there are significant accounting distortions, the audit report may be negative, which will require the organization to additional costs associated with correcting the identified violations. Carrying out the bulk of the work based on the results of reporting for 9 months will help both the accounting department and the auditors to avoid these troubles. And even after receiving a report with a list of significant errors made when preparing reports for 9 months, the organization will have time to make the necessary corrections in accounting and receive a positive audit report at the end of the year.

The transition to ISA is aimed at reforming auditing activities in Russia, improving the quality of reporting and financial information presented to the external market. Innovations will affect not only auditors, but also companies subject to mandatory audit. We will solve the tasks assigned to auditors and business together, putting quality and professionalism as the basis for cooperation.

Modern business trends provide for ever closer international cooperation. Financial and accounting statements must be understandable to counterparties, first of all, in terms of their content.

In 2017, the Russian Federation saw large-scale changes in domestic auditing towards increased transparency, objectivity and convergence with international norms and standards.

Let's consider the features of the application of international auditing standards (ISAs) at domestic enterprises.

What are ISAs?

International auditing standards(ISA), or in international transcription (English) International Standards on Auditing (ISA) is a set of documentation containing professional requirements and conditions for conducting audit activities. They are published by the International Accounting Association through the International Auditing and Assurance Standards Committee.

In the Russian Federation, only a part of these standards is used, but gradually the set of them for use in domestic audit is expanding, with particularly large-scale dynamics occurring in 2017.

IMPORTANT! The main difference between ISAs is the priority of content over form: they are not based on rigid regulations, but on flexible principles of appropriateness, reliability, completeness and neutrality.

ISA classification

The set of international auditing standards consists of documents covering the following aspects of auditing:

• introductory part - the basics of the approach to auditing and other activities to confirm the quality of services and the reliability of information, an overview of terminology;
• general principles of quality control, auditor responsibilities, basic documentation, information exchange with the business owner;
• standards aimed at assessing risks and countering identified risks;
• standards aimed at evidence and confirmation of audit information;
• standards regulating the services of external auditors;
• standards according to which audit findings are formulated;
• special aspects of the audit: analysis of financial statements according to special purpose principles.

If we compare ISAs with Russian auditing standards, we can classify them as follows:

1. International standards applied in the Russian Federation or close to them.
2. International standards, whose analogues in the Russian Federation differ significantly.
3. MSA, which is not used at all in the Russian Federation.
4. Domestic standards, which have no analogues in the ISA.

Main objectives of International Standards on Auditing

Adherence to international standards in financial reporting and its verification is intended to unify accounting procedures, but at the same time allows for the preservation of national business traditions inherent in the domestic economy. Using the results of an ISA audit, you can objectively compare the activities of enterprises in different countries, which is very convenient for international investment.

Some states strictly adhere to ISAs and even accept them as national ones; some others (England, USA, Canada and Sweden) prefer to use their own standards, without rejecting international requirements. The third group of countries, including Russia, are developing their own auditing standards, taking as a basis those adopted by the international Committee.

The main goal of developing international standards is:

unification of business activities of states with similar economic principles within the framework of the global economy.

It is implemented in two main directions:

• harmonization of rules and requirements adopted in individual countries to enable better integration into the global economy;
• raising the level of audit activity to a general economic level (if it is reduced in a particular state).

Changes

In 2017, orders of the Ministry of Finance of the Russian Federation dated October 24, 2016 No. 192n and November 9, 2016 No. 207n “On the introduction of international auditing standards on the territory of the Russian Federation” came into force. The first introduced 30 international auditing standards, and the second introduced 18 more.

They must be applied if the contract for the audit was concluded no earlier than January 1, 2017 (in this case, the audit can still be carried out according to the old standards).

Application of audit according to ISA at enterprises

Enterprises maintain financial statements, and if this occurs in accordance with the requirements of IFRS (the international financial reporting system), then it must be verified in accordance with international requirements. As a rule, such reporting is carried out, and therefore will be the objects of international audit, by the following organizations:

• companies that have active foreign partners;
• legal entities planning their entry into the international economic arena;
• entrepreneurs looking for foreign investors;
• organizations receiving loans from foreign banks;
• enterprises professing the corporate values ​​of international financial associations.

FOR YOUR INFORMATION! Within the framework of domestic legislation, this list necessarily includes credit and insurance companies, non-state pension funds, federal unitary enterprises (according to the list approved by the Government), joint-stock companies whose shares belong to the state, and any enterprises trading on international stock exchanges.

Why conduct an audit according to ISAs

To ensure the principle of reliability of financial statements, the law requires an audit to be carried out at least once a year. If a company maintains and publishes reports in accordance with international financial standards, then the audit must also be carried out in accordance with international regulations.

Stages of conducting an audit according to ISAs

Since the audit is a standardized procedure, it must be carried out according to certain regulations:

1. Preparatory stage audit includes:
   • assessment of the field of activity of the auditor - the quantity and composition of the reports being examined;
   • agreement on audit conditions (timing, cost, etc.);
   • conclusion of an audit agreement;
   • drawing up a preliminary inspection plan;
   • preparing responses and documentation in accordance with audit requests.
2. Audit research(collection and evaluation of evidence). The actual audit, which includes a study of reporting for the previous year (for an objective comparison of indicators) and for the reporting year. Subject to study:
   • accounting reports;
   • financial documentation;
   • management information.

The audit procedure involves not only the analysis of documents, but also interviews with employees and management, observation, inspection of production premises and warehouses, etc.

ATTENTION! It is imperative to record all information that could affect the evidence of the auditor's opinion when formulating conclusions.

3. Formulation of the conclusion. The data is corrected, a report is drawn up and the final audit opinion is formed. It is provided to recipients interested in the result: counterparties, potential investors, senior management, credit institutions, etc.

NOTE! The report on the results of an audit conducted in accordance with domestic standards may differ significantly from the results of an audit in accordance with ISAs. This is explained by the discrepancy between principles and approaches to assessment.

Who has the right to conduct an audit according to ISAs?

At Russian enterprises, audits in accordance with international standards can only be carried out by audit companies. The requirements for them are determined by law (Federal Law of December 30, 2008 No. 307-FZ “On Auditing Activities”):

• the organization should not have a field of activity other than auditing and related services;
• the company must be listed in the registers of SROs (self-regulatory organizations);
• The audit should only be carried out by certified specialists.

It is important to select specialists to conduct an audit according to ISA, taking into account the industry specifics of the enterprise.

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Bibliography on auditing, auditing bibliography 2017, bibliography on auditing 2016, bibliography on accounting and auditing, list of used auditing bibliography, bibliography of audit diploma

Standards allow regulate the activities of specialists in the field of audit. Let us note that they are recognized in most countries of the world, as they contribute to the achievement of objectivity in the matter of the auditor’s opinion and the process of creating all enterprise reporting related to the financial sector.

Using them there is ability to set certain criteria, which are uniform in comparing the results of providing audit activities. Uniformity of audit activities is an important condition for ensuring a variety of techniques that are used in practice.

Definition

Based on audit documents, it appears opportunity to create a program, which provides training for specialists. Documents act as the main evidence during the trial and determination of liability.

With their help, it is possible to establish an approach to conducting an audit, the scope of the audit, types of reports, methodology, and so on.

In the event that a specialist deviates from the application of the rules during his work activities, he must be ready to explain for what reason was this done?.

The application of international requirements is very important in the process of performing work. This is because the documents:

1. Allows you to ensure the quality of the inspection.
2. They help people understand the whole process.
3. Possibility of creating an image of this activity.
4. There is no need to exercise control by government authorities.
5. Assisting a specialist in negotiating with customers.
6. Ensuring communication between individual processes.

The documents define the approach to the implementation of audit actions, the scope of the audit, and various related issues. Domestic ones are developed based on international algorithms.

In general, the procedure can be national, domestic or international. As a result, the common goal is to create and use packages of internal standards that detail and regulate the requirements for conducting inspections, as well as drawing up conclusions.

How is classification carried out?

Auditing standards are documentation, which formulate the requirements and approaches in order to successfully carry out this activity.

The basis is the training programs to prepare auditors and the requirements for conducting examination activities. Their use should contribute to changing economic conditions. As a result, they require regular review.

They are intended to provide a unified approach internationally and development in those countries where their level is significantly lower than that used throughout the world.

So, today there is 39 standards. They are divided into 9 groups and 11 positions. Their general characteristics are as follows:

1. Introduction.
2. Responsibilities.
3. Planning.
4. Ensuring internal control.
5. Audit evidence.
6. Use by third parties.
7. Conclusions and conclusions.
8. Specialized areas.
9. Related services.

The introduction includes two standards, which set out in as much detail as possible the principles and procedures for carrying out the work activities of auditors and the principles of formation. Responsibilities include 8 documents containing general provisions, including tasks and goals, as well as ensuring quality control.

The third group, which describes planning, provides information on how to implement an inspection plan. In this case, this includes three documents.

The internal control group also has three standards. Here we study issues that relate to risk assessment and audit control in the field of information technology. Audit evidence refers to 11 documents that explain the relationship between the purpose of evidence and audit methods.

The group of application of the work of third parties includes three auditing standards devoted to the use and provision of additional services of experts, other auditors, as well as materials for conducting financial audits. The findings and conclusions include 4 documents. This paragraph is devoted to completing the audit and drawing up an audit report.

Special areas of audit include two main standards, which deal with the preparation of an audit report through the use of specific audit engagements and the application of financial information that is expected. The last, ninth group is related services. This includes three standards that are devoted to financial reporting audit services.

Since 2017, the Russian Federation has been operating 30 international standards. These include:

1. Agreeing on the implementation of the audit knowledge process.
2. Quality control during the procedure.
3. Creation of documentation.
4. Creation of final financial statements.
5. Informing about key issues.
6. Opinion about the conclusions.

In addition, starting this year, the degree of responsibility for specialists has increased significantly. The Russian Ministry of Finance proposes to punish auditors not only with fines, but also with criminal liability for the fact that they issued an opinion that does not correspond to reality.

A more detailed conclusion is also drawn up that meets international standards. This form of conclusion may contain an assessment of the company’s reporting and draw attention to the most important points in the work. Thus, one of the new forms involves indication of extended information for accounting specialists and other interested parties.

First of all, these include shareholders, members of the board of directors, and others who make key decisions in the company’s activities.

The new requirements have already had an impact on both individual specialists and the organizations that are being inspected. That is why, before drawing up documentation, it is necessary to fully familiarize yourself with the rules that were introduced in January 2017.

Professional internal

In accordance with the legislation of the Russian Federation, the internal rules and standards of activity that operate in the organization carrying out auditing activities include interior appearance standards.

Professional internal standards are documentation that detail and regulate certain requirements that ensure the implementation and execution of audit documentation. They are accepted and approved by audit organizations in order to ensure efficiency and compliance with certain rules for conducting financial work.

The organization must carry out the work of creating a package of internal standards. They reflect their own approach to the inspections that are carried out. The consequence is the drawing up of an opinion based on the principles of organizing and conducting audit activities.

Intra-company standards provide regulation for the activities of auditors within the company and provide a number of additional frameworks for regulating real and potential conflicts that arise during the work process.

The auditing standards that are adopted within the company include those that are approved in the manner established by law or standards, instructions, methodological developments, manuals and other types of documentation. They should be mandatory for use in audit organizations. The fact is that such documents make it possible to reveal the internal approach to the implementation of the audit. Together they represent process of describing an integrated approach to the organization and technologies of auditing activities.

It should be noted that such standards are approved by the head of the audit company, unless internal documents provide otherwise. Documents may be revised if changes are made in the current legislation of the country, in specializations, or when the owner changes.

Thus, it is extremely important to ensure that the financial audit of an enterprise or organization is carried out correctly. To do this, it is recommended to seek help from those companies that provide services of this type over a long period of time and, accordingly, know the regulatory framework, legislation and the nuances of performing audit work.

If you study this issue independently and in depth, it will take a lot of time. In addition, changes are made to the current legislation of the Russian Federation every year.