Emerging Markets Group would like to remind you to get ready for an audit of financial statements for 2017.
- The total revenue for the year preceding the reporting year exceeds 400 million rubles, or
- The amount of assets at the end of the year preceding the reporting year, is more than 60 million rubles,
- Yours is a Joint Stock Company, Bank / Credit Institution or Insurance Company,
- Securities of the company are admitted to organized trading, or
- The company submits consolidated financial statements,
THEN YOU REQUIRE A STATUTORY AUDIT.
The finalized audit report is due by December 31, 2018, although the first stages of the AUDIT may begin as early as November 2017. That may still seem like a ways away, but smooth audits come from proper planning. Now is the time to:
- Choose the auditor best for you,
- Negotiate terms of the contact and
- Schedule the stages of the check.
Additionally, as of October 1, 2016 companies that are subject to a statutory audit are also obliged to enter information in the Unified Federal Register within 3 working days from the issuance of the auditor's report. This information consists of:
- Comprehensive information about the audited entity (INN, OGRN, SNILS if any),
- Information about the auditor (organization or individual),
- List of the audited accounting (financial) statements, the period for which the report was compiled and the date of the auditor’s report and
- The opinion of the auditor about the reliability of the accounting (financial) statements and the circumstances that have or may have a significant impact on the reliability of such statements.
Failure to submit or submission of false information in the Unified Federal Register shall entail a fine on company officials from 5 000 to 10 000 rubles for the initial violation, and from 10 000 to 50 000 for repeated violations as well as disqualification for a period from 1 year to 3 years.
CHOOSING THE RIGHT PARTNER
In addition to satisfying statutory obligations, a successful audit helps organizations achieve goals and objectives by measuring a company’s overall performance and productivity.
EMG Audit strives to provide our customers with information concerning significant deficiencies in accounting and tax records, in document flow and internal control systems, as well as recommendations to correct these deficiencies.
For more than 20 years, EMG has helped team (both foreign and domestic) operating in Russia. As of 2016 year-end, EMG has been recognized as one of the largest Outsourced Accounting firms operating in Russia by Expert RA (RAEX).
Give us a call. You’ll be glad you did!