MOSCOW: Russia is going to join the international standards on auditing in 2017, Finance Minister Anton Siluanov said on Monday. “The question improving the quality of audit organizations’ activities is on the agenda. We are currently moving towards the implementation of the best global practices, and we have decided that from January 1 2017, Russia will join the international standards on auditing. The Finance Ministry has already prepared the relevant decisions, they will come into effect starting next year,” the minister said.
Siluanov added that the market of audit services currently faces problems – quality of audit services and reliability of information, which is important not only for investors, but also shareholders.”It is important for companies’ shareholders that need to understand how management operates, how the data reporting is conducted, which is the basis for management decisions,” Siluanov said.
