The draft federal law On Amendments to Article 9 of the Federal Law “On Investments to Finance the Cumulative Part of Pensions in the Russian Federation” and the Federal Law “On Auditing” Regarding the Introduction of  International Auditing Standards has been developed by the  Ministry of Finance following the Government instruction of November 21, 2012.

The draft law envisions a transition to a system of auditing in the Russian Federation that is in accordance with international auditing standards accepted by the International Accounting Federation. 

The draft law does not require automatic acceptance of international auditing standards in the Russian Federation. The Government will set up an order for recognising those standards as applicable on the territory of the Russian Federation. 

The acceptance of the international auditing standards will bring the national auditing practices in line with universally recognised practices, and will ensure greater confidence in the activities of auditors, as well as international recognition of the auditing results. The use of international auditing standards is necessitated by further intensification of international economic activity and investment cooperation by the Russian economic entities.

 The draft law will be discussed at a Government’s meeting.