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Auditing requirements for Russian firms have undergone significant changes in recent. The type of audit work that is conducted, and the reporting standards have been affected. reporting standards and the independence requirements for auditors.

Before 2010, Russian companies were obligated to conduct audits in compliance with IFRS adopted by Russia. However, with the introduction of Russian Financial Reporting Standards (RAS) in 2010, companies are now required to report in accordance with these standards, and for some companies, an audit is still required in accordance with IFRS.

Companies with foreign currency accounts and investments, as well as publicly traded companies, must adhere to IFRS standards. These companies must have their financial statements audited by an independent, Ministry-licensed auditor. This audit must be carried out in accordance with ISA and involve material misstatement testing.

Companies not subject to IFRS audits may undergo a simplified RAS audit. The audit's scope will depend on the company's charter and by-laws.

One of the audit's most critical aspects is independence. The auditor must be separate from the company and comply with requirements for avoiding conflicts of interest.

Another important aspect of the audit is the requirements related to audit procedures. The auditor must conduct a number of audit procedures to verify the completeness and accuracy of the financial statements. These procedures must include testing of transactions, account balances, and passport translation services financial statement disclosures. These procedures must include testing of transactions, account balances, and financial statement disclosures.

Audit reporting is crucial. The final report must be signed and presented to the Board of Directors, containing statements about the fairness and accuracy of the financial statements.

Russian firms must implement additional controls to ensure reliable financial reporting, including internal audit, risk management, and corporate governance functions.

Compliance with these requirements can be challenging for many Russian firms. Failure to comply with the requirements can result in a number of serious consequences, including revocation of their operating license, fines and the threat of legal action.

In summary, Russian firms' auditing requirements can be complicated. Companies must take steps to comply or face serious consequences