Mandatory audit is independent in natureverification of the correctness of accounting records and financial documentation of the enterprise in order to express an opinion on their reliability. Such a review should be conducted once a year. Often, instead of the term "mandatory audit", the terms "basic" or "general audit" are used.
Since the beginning of 2011, there have been amendments to the Law on Auditing. The made changes more precisely define criteria of obligatory audit.
Under the law, compulsory audit is conducted inorganizations operating in the form of JSC; which are unitary state or municipal enterprises; credit, insurance, educational institutions; stock, trading exchanges; banks; mutual insurance societies; other organizations to which the federal law applies.
Also obligatory to check the enterprises,whose revenues for the year preceding the reporting year exceed the amount of 400 million rubles (excluding agricultural cooperatives and their unions, as well as those organizations whose balance sheet assets at the end of the year is 60 million rubles or more).
Mandatory audit is carried out strictly according to the plan and in accordance with the verification program, which determines the time frame and nature of its conduct.
Based on the audit results, an audita conclusion to which written instructions are attached to all identified shortcomings and advice on how to correct them. For submission of reports to state inspection agencies, it will be sufficient to provide an opinion. Only in this case the reporting will be considered reliable. Without the relevant conclusion, the tax inspectorate has the right not to accept reports, since it is an integral part of the accounting reports (according to article 13, paragraph 2 of the Law on Accounting 21.11.1996).
Mandatory audit is conducted for the wholevolume of financial statements of the enterprise for the year. Therefore, such a check takes time. In this regard, mandatory audit often involves working in several stages throughout the year. The purpose of such a distribution of the scope of work is to obtain more accurate information on the conduct of reporting. In addition, this type of work allows not to distract the employees of the enterprise from their main activities. Interim audit significantly helps to save time.
Business entities operating under a simplified taxation system may also be subject to a basic audit. It all depends on the amount of assets on the balance sheet.
Only those persons who have a valid qualification certificate and are members of audit organizations are entitled to conduct mandatory audit.
When conducting an audit, it is necessary to take into accountfollowing. The enterprise at which the audit is conducted has the right to require the auditor to substantiate all of its conclusions and observations. At the same time, the audited organization is obliged to provide the auditor with all possible assistance in his work, timely providing all the necessary documents and information about the activities.
Amendments to the Law were taken out of boundsthe audit is almost entirely small business in Russia. About 30% of previously audited organizations for new value indicators are no longer subject to audit. Out of the auditors' control came municipal economy, city-forming enterprises with revenues below 400 million rubles a year.
On the other hand, together with the increasecost indicators for which an audit is to be carried out, the list of activities in which it is mandatory is expanded. At present, the audit is subject to clearing organizations; organizations that present consolidated financial statements; currency exchanges; organizations participating in the securities market; management companies, unit inversion, joint-stock, non-government pension funds.
