Audit. Structure and functions of audit regulators (most important)

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Audit. Structure and functions of audit regulators (most important)

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5. STRUCTURE AND FUNCTIONS OF THE BODIES REGULATING AUDITING ACTIVITIES

There are two main areas: state regulation (from government agencies) and self-regulation (by public audit organizations). In Russia, the regulatory system is still in the process of formation, at the moment state regulation prevails, but in the process of reforming, more and more elements of self-regulation appear.

Articles 18 and 19 of the Law of August 7, 2001 No. 199-FZ "On Auditing" define the functions of the authorized federal body for state regulation of auditing activities (Ministry of Finance) and the functions of the Audit Council under the authorized federal body. Main functions of the Ministry of Finance are:

1) publication, within its competence, of normative legal acts regulating auditing activities;

2) organization of development and submission for approval to the Government of the Russian Federation of federal rules (standards) of auditing;

3) organization, in accordance with the procedure established by the legislation of the Russian Federation, of a system for attestation, training and advanced training of auditors in the Russian Federation, licensing of auditing activities;

4) organization of a system of supervision over compliance by audit organizations and individual auditors with licensing requirements and conditions;

5) control over compliance by audit organizations and individual auditors with federal rules (standards) of audit activity;

6) determination of the volume and development of the procedure for submitting reports of audit organizations and individual auditors to the authorized federal body;

7) maintaining state registers of certified auditors of audit organizations, individual auditors, professional audit associations and training and methodological centers in accordance with the regulation on maintaining registers approved by the authorized federal body, as well as providing information contained in the registers to all interested parties;

8) accreditation of professional audit associations.

Audit Council organized under the authorized federal body in order to take into account the opinions of professional participants in the audit market. In accordance with the Law, the audit council:

1) takes part in the preparation and preliminary review of the main documents of audit activities and draft decisions of the authorized federal body;

2) develops federal rules (standards) of audit activity, periodically reviews them and submits them for consideration by the authorized federal body;

3) considers appeals and petitions of accredited professional audit associations and makes appropriate recommendations for consideration by the authorized federal body;

4) performs other functions in accordance with the regulation on the audit council.

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