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Auditing requirements for Russian firms have undergone significant changes in recent. These changes have had a direct impact on the type of audit work that is required,. as well as the standards for reporting and the auditor's independence.

Prior to 2010, Russian companies were required to conduct audits in accordance with International Financial Reporting Standards (IFRS) as adopted by the Russian Federation. RAS was introduced in 2010, requiring companies to report using these standards, with some companies needing IFRS-compliant audits.

Companies with foreign currency accounts and investments, as well as publicly traded companies, must adhere to IFRS standards. These companies must have their financial statements audited by an independent, Ministry-licensed auditor. The audit must be conducted in accordance with the International Standards on Auditing (ISA) and must include testing of the company's financial statements for passport translation services material misstatements.

Companies not subject to IFRS audits may undergo a simplified RAS audit. The scope of the audit will depend on the specific requirements of the company's charter document or by-laws.

One of the audit's most critical aspects is independence. The auditor must be separate from the company and comply with requirements for avoiding conflicts of interest.

Another important aspect of the audit is the requirements related to audit procedures. The auditor must conduct a number of audit procedures to verify the completeness and accuracy of the financial statements. These procedures must include testing of transactions, account balances, and financial statement disclosures. These procedures must include testing of transactions, checking account balances, and disclosures in financial statements.

Another critical aspect of the audit is the reporting process. The final report must be signed by the auditor and presented to the Board of Directors.

Russian firms must implement additional controls to ensure reliable financial reporting, including internal audit, risk management, and corporate governance functions.

Compliance with these standards can be difficult for some Russian companies. Failure to comply can result in severe consequences such as license revocation or fines.

To summarize, auditing requirements for Russian companies are complex. To avoid consequences, companies should seek professional help from a qualified auditor