Russian auditing standards have evolved over time. These modifications have influenced the way audits are performed and what information needs to be reported. reporting standards and the independence requirements for auditors.

Prior to 2010, Russian companies were required to conduct audits start business in Russia 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.

Under current regulations, publicly traded companies with foreign currency accounts or investments must conduct audits in compliance with IFRS. These companies must have their financial statements audited by an independent, Ministry-licensed auditor. This audit must be carried out in accordance with ISA and involve material misstatement testing.

Companies not subject to IFRS audits may undergo a simplified RAS audit. The audit's scope will depend on the company's charter and 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.

One of the key audit aspects is the procedures required for auditing. Auditors must carry out a series of procedures to check the completeness and accuracy of financial statements. These procedures must include testing of transactions, account balances, and financial statement disclosures.

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.

In addition to conducting an audit, Russian firms are also required to have a number of other controls in place to ensure the reliability of their financial reporting. These controls include an internal audit function, a risk management function and a corporate governance function.

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