Russian statutory audit for 2016

In accordance with legislation, audit reports are to be submitted to the Russian State Statics Committee by December 31 of the year following the reporting year. This means that for the financial year 2016, statutory audits should be completed by December 31, 2017 at the latest.

Moreover, starting from October 1, 2016, companies subject to a statutory audit are obliged to enter information on the results of the statutory audit of accounting (financial) statements in the Unified Federal Register. This is an overall trend to more transparency and means that all audit results will become public. The following information should be provided by the audited entity:

• comprehensive information about the audited entity (INN, OGRN, SNILS if any)
• information about the auditor (organization or individual)
• list of the accounting (financial) statements of the audited entity in respect of which the statutory audit was conducted, and the period for which the report was compiled and the date of the auditor’s report
• opinion of the auditor about the reliability of the accounting (financial) statements, indicating the circumstances that have or may have a significant impact on the reliability of such statements.

To log in and submit information it is necessary to obtain a certificate of electronic signature verification key, issued by an authorized certification center. An electronic signature is issued for the General Director of the audited entity or a representative by power of attorney.

EMG asks to pay close attention to these changes in case your company meets one of the following criteria:

• 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 
• all joint stock companies
• banks, credit institutions and insurance companies
• securities of the company are admitted to organized trading
• the company submits consolidated financial statements.

For further information, please do not hesitate to contact us.

Olga Semenova
Partner. Chief Operating Officer
Anna Fadeeva
Lead Auditor