Mega-regulator and members of the professional community discuss the future of audit

On 14 April 2017, a workshop attended by the representatives of the Bank of Russia, federal executive authorities, audit organisations and the self-regulatory associations thereof, addressed issues related to the transfer of authorities to the mega-regulator in order to supervise audit activities and to draft a respective law.

The workshop participants put forward various proposals regarding a model designed to regulate and supervise this sector. Other topics touched upon at the meeting included: clarification of mandatory audit criteria, enhanced requirements for entering the market of audit services applied to the audit of public interest entities, and also enhanced auditors’ responsibility and their closer interaction with supervisors. The meeting participants also discussed ways to expand the role of self-regulatory organisations in cleaning and rehabilitating the audit market.

The discussion findings will be analysed and will go on to form the basis of proposals for industry reform.