Bank of Russia to maintain register of auditors of socially important organisations in financial market
In January 2022, amendments to the law on the Bank of Russia came into force. Now, the regulator is authorised to admit to the financial market companies providing audit services to socially important organisations operating in the financial market (SIOFMs).
Such audit companies will need to submit an application and a package of documents to the Bank of Russia, the requirements for which are specified in the Bank of Russia regulation.
The formation of the register of audit companies in the financial market will begin in 2022. Starting with reporting for 2023, only companies included in this register will be allowed to audit SIOFMs’ statements. As regards audit-related services provided to SIOFMs, this requirement will be applicable from 1 January 2023.