Audit is an independent assay of the client’s accounting (financial) statements intended to express the opinion about a confidence of such statements.

Accounting (financial) statements include the statements required by the Federal Law № 402-ФЗ of December 6th of 2011 “On Accountancy”, alongside with the Rules (standards) for accounting (RFA), as established by the Ministry of Finance of the Russian Federation.

Auditing services are provided in accordance with the requirements of the Federal Law of the Russian Federation №119-ФЗ of August 7th of 2001, and № 307-ФЗ of December 30th of 2008 “On Auditing”, International standards of auditing, and internal standards established within NVK Group.

The users of the financial (accounting) statements are legal entities and individuals, interested in the information concerning an economic entity. They can be represented by managers, shareholders and owners of an economic entity, and by its investors, creditors, counterparties, and state authorities.

The confidence of financial statements presumes precision of data represented by financial (accounting) statements, which allows the user to make accurate conclusions concerning business activities, financial state and property of the entities audited, and make decisions based on such conclusions. Also, it is important to notice that auditing is not meant to substitute governmental control of financial (accounting) statements, performed by the empowered institutions in accordance with the legislation of the Russian Federation.

Statutory Audit

According to the Paragraph 5 of the Federal Law, the subjects to statutory audit are:

  1. open joint-stock companies;
  2. banks and other crediting entities, crediting history offices, insurance companies, mutual insurance companies, commodity or stock exchanges, investment funds, state extra-budgetary funds, and the funds sourced by voluntary contributions of individuals and legal entities;
  3. Organizations having annual revenue exceeding 400 million rubles, earned from sales of goods, works performed or services carried out (except for agricultural cooperatives and unions of such cooperatives) as for the preceding reporting year;
  4. Organizations whose total assets as of the balance sheet at the end of the year preceding the reported one exceed 60 million rubles. Financial requirements can be decreased for the municipal unitary enterprises in accordance with the legislation of the particular subject of the Russian Federation;
  5. Organizations being subject to statutory audit according to the Federal Law.

When statutory audit of the entities, having state or that related to the subject of the Russian Federation share of the authorized (share) capital no less than 25 percent, all contracts made for the provision of auditing services should be set up via open competition.

The procedure for conducting such competitions is approved by the Government of the Russian Federation, unless otherwise being presumed by Federal Law.

Initiative audit is the auditing initiated by the managers, shareholders or owners of an enterprise In order to express an opinion regarding confidence of the financial statements.

Human resources auditing - examination of primary documents related to human resources, local acts of the organization, and the expertise of the organization’s compliance to current Labour legislation and legislation on labour protection.

Our experienced and highly qualified professionals are ready to develop compulsory local acts for your organization, and set up appropriate personnel service. HR administration services are available upon request.