Audit. International Standards on Auditing (Most Important)

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Audit. International Standards on Auditing (Most Important)

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13. INTERNATIONAL STANDARDS FOR AUDITING

In October 2000, the first official translation of the International Standards on Auditing into Russian was published. These standards are developed, implemented and promoted by the International Auditing Practices Committee (IAPS), which operates within the framework of the International Federation of Accountants (IFAC).

International Federation of Accountants is an international association of the accounting profession.

The purpose federation is to develop and improve the accounting profession, which will allow it to provide services at a high quality level in the interests of the whole society. Currently, it includes 153 professional organizations of accountants from 113 countries, including Russia, representing more than two million accountants engaged in private practice, teaching, public service, industry and trade.

International Standards on Auditing (ISA) are used as national standards in 34 countries, and in another 35 countries they are applied without significant changes. These countries include the Netherlands, France, Germany, Switzerland, the United Kingdom, Yugoslavia, Bulgaria, the Czech Republic and Turkey.

Many large auditing firms use ISAs as the main generally accepted recommendations and methodology when conducting an audit. Discussions are currently under way with IOSCO (International Organization of Securities Commissions) for formal recognition of ISAs under the scheme recently used to recognize International Financial Reporting Standards.

One of the problems associated with the introduction of ISA into Russian practice is quite simple - foreigners often simply do not realize what has already been done in Russia in the development and creation of their own standards, while Russian auditors have a poor idea of what is meant by ISA. In addition, not a very large number of Russian auditors are well acquainted even with domestic rules (standards) of auditing, although they are published in a language they understand and have been commented on by experts more than once.

A number of documents from among the ISAs and the Regulations on International Auditing Practice do not yet have Russian analogues. This is due to the fact that the development of Russian regulatory documents takes time and the preparation of the entire package of documents has not yet been completed.

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