Audit of accounting statements

In Russia the audit of accounting statements is performed in a mandatory manner only in the cases provided by the Russian legislation.

Mandatory audit

The mandatory audit is performed:

  • In case the company has a legal structure of an open joint-stock company.
  • In case securities of the company are allowed to be circulated at auctions of stock exchanges and (or) other organizers of trade at security market.
  • In case the company is a credit organization, credit reference bureau, organization being a professional participant of security market, insurance company, clearing agency, mutual insurance society, trade, currency or stock exchange, non-state pension or other fund, incorporated investment fund, management company of incorporated investment fund, unit investment trust or non-state pension fund (excluding state non-budget funds).
  • In case volume of proceeds from selling products (selling of goods, carrying out of works, service rendering) of the company (excluding governmental authorities, local authorities, state and municipal institutions, state and municipal unitary enterprises, agricultural cooperatives, unions of these cooperatives) for the year prior to reporting one prevails 400 million rubles or the amount of assets of the balance sheet as of the end of the year prior to reporting one prevails 60 million rubles.
  • In case the organization (excluding governmental authority, local authority, state non-budget fund and also state and municipal institution) provides and (or) publishes integrated (consolidated) accounting (financial) statements.
  • In other cases provided by the federal laws.

Mandatory audit is performed:

  • Only by the auditor – a member of professional self-regulating organization. The Company “RosCo” is a member of Russian Audit Chamber from 2006. In 2009 the Company “RosCo” passed successfully a check concerning quality of audit services held by the Russian Audit Chamber.
  • Only by the auditor – whose professional responsibility is insured. The professional responsibility of the Company “RosCo” is insured by OJSC “Alfastrakhovanie”.


Voluntary audit

The companies not falling under the mandatory audit may order performance of voluntary audit. Voluntary audit is performed at the initiative of owners or management of the Company.

It is reasonable to perform voluntary audit in the cases as follows:

  • The owner wants to receive the information concerning fiscal accounting and accounting in the Company it owns from an independent auditor.
  • You doubt competence of your chief accountant.
  • Serious changes in the legislation regulating matters of accounting and taxation took place in the past or current year.
  • The bank, when granting credit, wants to receive confirmation of authenticity of your accounting statements from auditing organization.

In case of voluntary audit, the Client determines what and how auditors should examine. It is possible to perform a comprehensive audit (all statements are examined) or subject audit (separate parts of the accounting or calculations on the selected taxes are examined).

Auditing in Company “RosCo” is not limited only by accounting. Our auditors examine fiscal accounting and personnel records as well as economic contracts. During audit specialists of Company “RosCo” advise the Clients on all matters related to the subject of audit.

High level of quality of auditing services of Company “RosCo” is provided by highly skilled personnel, modern automated technologies of audits, system of intracompany audit standards and audit quality control.


The result of performed audit is represented by:

  • Audit report.

    Audit report is an official document intended for users of accounting (financial) statements of audited persons which contains an opinion of the auditing organization, individual auditor given in the established form concerning authenticity of the accounting (financial) statements of the audited person.

    Audit report is a public document and makes part of the accounting statements for organizations which are subject to the mandatory audit.

  • Management letter.

    The Letter indicates all errors and misrepresentations which influence or may influence significantly the authenticity of the accounting statements as well as facts of violations of the legislation revealed in the course of audit and recommendations on removal thereof. The Letter is a confidential document.

  • Summary report for the management.

    It is made at wish of the Client and contains information on the results of audit which is necessary to the Client’s management.

Period of audit

  • Mandatory audit is performed annually.
  • Mandatory audit of the accounting statements is performed usually in February or March of the year following the reporting year. At the Client’s wish, audit may be performed on a step-by-step basis (quarter, half-year, 9 months and year).
  • Number of stages and periods of audit are agreed at the stage of signing of the audit contract.
  • Performance of step-by-step audit will enable timely making of corrections to the statements as to defects revealed in the course of audit.
  • Step-by-step audit also enables to distribute expenses for audit during the year by breaking cost of audit into several payments, paying not the total audit at once but each stage of the audit.
  • Voluntary audit is performed at any time convenient for the Client.

Cost of audit of the accounting statements depends on scope of works, scale and complexity of the Client’s activity.

Cost of audit of the accounting statements also depends on time of performance of audit and stages into which the audit is broken.

Cost of audit of the accounting statements is made up of calculated labour costs on the project multiplied by the rate of work of specialist of Company “RosCo”.

1,400 rubles /hour of work of 1 auditor/
ORDER SERVICE "Audit of accounting statements"
Date of foundation
company «ROSCO»
Membership in professional organizations:
SRO NP «Audit Chamber of Russia»
(Certificate No 1809 dated 28.12.2009)
Chamber of Tax
(Certificate No 78)
NP «Partnership of RSE»
(Russian Society of Evaluators)
Membership in public association:
Moscow Chamber
of Commerce and Industry
(Certificate No 123-973 dated 21.12.2009)
Partnership of Turkish Entrepreneurs (RTIB)
(as per the results of 2009 -
is included in the register of reliable enterprises of Moscow
Certificates of conformity:
Certificate of conformity to the requirements of GOST R ISO 9001-2008 (ISO 9001:2008)
is insured