Audit. Responsibility of auditors and audit organizations (most important)

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Audit. Responsibility of auditors and audit organizations (most important)

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10. RESPONSIBILITIES OF AUDITORS AND AUDIT ORGANIZATIONS

Article 21 of the Federal Law of August 7, 2001 No. 119-FZ "On Auditing" determines that audit organizations and their heads, individual auditors, audited entities and persons subject to mandatory audit bear criminal, administrative and civil liability in accordance with the legislation of the Russian Federation.

Responsibility to the client arises as a result of a violation of the obligations assumed under the contract for the provision of audit services. A separate article in the Criminal Code of the Russian Federation (Article 202 "Abuse of Power by Private Notaries and Auditors") establishes the responsibility of individual auditors for using their powers contrary to the tasks of auditing in order to derive benefits and advantages for themselves and others. If the actions of an individual auditor caused significant harm to the rights and legitimate interests of citizens, organizations or the state, then he is punished with a fine in the amount of 500 to 800 minimum wages or in the amount of the wage or other income of the convicted person for a period of 5 to 8 months, or imprisonment for up to 3 years with deprivation of the right to hold certain positions or engage in certain activities for up to 3 years.

For the implementation of audit activities without a license, a fine in the amount of 100 to 300 minimum wages is imposed.

Drawing up a knowingly false audit report (i.e., drawn up without an audit or contradicting the content of the documents) entails liability in the form of cancellation of an individual auditor or audit organization's license to carry out audit activities, and for the person who signed such a report, also cancellation of the auditor's qualification certificate and bringing him to criminal liability in accordance with the legislation of the Russian Federation. A knowingly false audit report is recognized as such only by a court decision.

In accordance with the Law, the activities of auditors and audit organizations must be independent.

The procedure for payment and the amount of remuneration to audit firms and individual auditors for conducting an audit and providing related services are determined by contracts for the provision of audit services and cannot be made dependent on the fulfillment of any requirements of the audited entities on the content of conclusions that can be made in result of the audit.

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