Rus News Journal

To auditors give self-management

state regulation

Yesterday Minister of Finance Alexey Kudrin has vised amendments to the law on audit before their sending in the government. They provide cancellation of licensing of auditor firms since January, 1st, 2006.
as it became known, yesterday Minister of Finance Alexey Kudrin has vised the bill About changes and additions in the federal law ` About auditor activity ` . This information was confirmed with the high-ranking official of the Ministry of Finance. However he has refused official comments, having declared that can give them after the document will be transferred in the government. Most likely, it will occur already today.
the Document has the major value for the future Russian auditor market. The matter is that, by data, the new law provides cancellation of licensing of audit since January, 1st, 2006. Instead obligatory membership of auditors in one of the professional associations accredited at the Ministry of Finance is provided.
at the Ministry of Finance the Institute of professional auditors, Institute of professional bookkeepers, Auditor chamber of Russia, the Moscow auditor chamber, the Russian board of auditors, National federation of advisers and auditors, association of auditors and bookkeepers " are accredited; Commonwealth .
the Bill provides transfer of function of regulation of the audit, recognised within the limits of administrative reform potentially superfluous, from the Ministry of Finance to the self-adjustable organisations (SRO), - has declared a source in the Ministry of Finance. - licensing cancellation is compensated by obligatory membership at least in one of accredited SRO auditors. And obligatory insurance of a civil liability of auditors .
Auditor associations basically have supported idea of the bill, though and with reservations. The law, naturally, needs updating, - Darya Dolotenkova has declared the head of Institute of professional auditors. - But as to licensing cancellation I with it would not hurry up. The market is not ready today to it: remains questions to quality of work of auditors too much. We will look that will be in 2006, but during remained time I even more have toughened licence requirements .
Professional associations already need to start today performance of the problems put in the new law, - the head of the Russian board of auditors Alexander Ruf has declared. - In particular to create the uniform monitoring system of quality of audit, to develop professional standards and to carry out control over their observance, to solve professional etiquette problems .