A statutory audit is an independent in nature verification of the correctness of the accounting statements and financial documentation of an enterprise in order to express an opinion on their reliability. Such an inspection should be carried out once a year. Often, the terms “core” or “general audit” are used instead of the term “statutory audit”.
Since the beginning of 2011, amendments to the Law on Auditing Activities have been in force. The changes made more accurately determine the criteria for audit engagement.
According to the law, compulsory audit is carried out in organizations operating in the form of OAO; being unitary state or municipal enterprises; credit, insurance, educational institutions; stock, trading exchanges; banks; mutual insurance societies ; other organizations covered by federal law.
Also subject to mandatory verification are enterprises whose revenue for the year preceding the reporting year exceeds 400 million rubles (with the exception of agricultural cooperatives and their unions, as well as those organizations whose accounting balance sheet assets amount to 60 million rubles or more at the end of the year).
Mandatory audit is carried out strictly according to the plan drawn up and in accordance with the audit program, which determines the time frame and the nature of its implementation.
Based on the results of the audit, an audit report is issued, to which are attached written instructions for all identified deficiencies and tips for correcting them. To submit reports to state inspection institutions, it will be enough to provide an opinion. Only in this case will the reporting be considered reliable. Without a corresponding opinion, the tax inspectorate has the right not to accept reports, since it is an integral part of accounting reports (in accordance with Article 13, Clause 2 of the Law “On Accounting” of November 21, 1996).
A mandatory audit is carried out in relation to the entire volume of the financial statements of the enterprise for the year. Therefore, such a check takes time. In this regard, a mandatory audit often involves work in several stages throughout the year. The purpose of this workload distribution is to obtain more accurate reporting information. In addition, this nature of the work allows not to distract the employees of the enterprise from their main activity. An intermediate audit can save time.
Business entities operating under a simplified taxation system may also fall under the main audit. It all depends on the amount of assets in the balance sheet.
Only persons who have a valid qualification certificate and are members of organizations of auditors are entitled to conduct a mandatory audit .
When conducting an audit, the following should be considered. The company being inspected has the right to demand from the auditor the justification of all its conclusions and comments. At the same time, the audited organization is obliged to provide the auditor with all kinds of assistance in its work, timely providing all the necessary documents and information about the activity.
Amendments to the Law went beyond the scope of the obligation to conduct an audit of almost completely small business in Russia. About 30% of previously audited organizations for new cost indicators ceased to be subject to audit. Out of control of the auditors, utilities and city-forming enterprises with revenues below 400 million rubles per year have gone out of control.
On the other hand, along with an increase in the cost indicators for which the audit should be conducted, the list of areas of activity in which its conduct is mandatory has expanded. Currently, clearing organizations are subject to audits ; organizations presenting consolidated financial statements; currency exchanges; organizations participating in the securities market; managing companies, mutual inversion, joint-stock, private pension funds.