Question to the auditor
Joint-stock companies have been removed from the list of organizations that are subject to mandatory audit.
Are they still subject to mandatory audit or not? Do the new criteria for mandatory audit apply to 2021 or will they only apply to reporting for 2021? When deciding whether to conduct a mandatory audit of an organization, one should be guided by the criteria established by paragraph 1 of Art. 5 of the Federal Law of December 30, 2008 No. 307-FZ.
Federal Law No. 476-FZ of December 29, 2020 amended this provision, which came into force on January 1, 2021.
Thus, from 2021 (i.e. from reporting for 2021), mandatory audits are carried out for organizations:
- received income of more than 800 million rubles in the year preceding the reporting year. (previously – 400 million rubles) or having assets worth more than 400 million rubles as of the end of the year preceding the reporting year. (previously – 60 million rubles);
- whose securities are admitted to organized trading;
- who are professional participants in the securities market or credit history bureaus;
- being funds with the receipt of property (including cash) for the year preceding the reporting year, more than 3 million rubles. (except for state extra-budgetary funds, specialized endowment management organizations and international funds);
- other organizations in accordance with federal laws (joint stock companies, investment funds, clearing, credit, insurance, microfinance, etc.).
A complete list of cases of mandatory audit of accounting (financial) statements for 2021 (in accordance with the legislation of the Russian Federation) is presented on the website of the Ministry of Finance of Russia.
Thus, joint stock companies are required to undergo an audit of annual accounting (financial) statements by virtue of Part 3 of Art. 88 of the Federal Law of December 26, 1995 No. 208-FZ.
Organizations that, according to the new criteria established by Federal Law No. 476-FZ dated December 29, 2020, are not subject to mandatory audit, do not need to undergo it in relation to the annual accounting (financial) statements for 2021. This is only true if the 2021 audit was not started before January 1, 2021.
If, before January 1, 2021, the execution of the contract for the audit of the financial statements for 2021 of an organization that is not subject to mandatory audit from 2021 has begun, then this audit must be completed. For such organizations, the changes will apply from reporting for 2021.
Source: information system 1C:ITS
What is a statutory audit of an organization?
Statutory audit is an annual inspection of the accounting and financial statements of companies in order to monitor the accuracy of the statements. It is carried out by organizers or individual auditors who have passed certification and are members of SRO auditors.
The auditors issue the conclusion to the company's managers, and they, in turn, are obliged to submit it to the territorial division of Rosstat. This must be done together with the submission of financial statements or no later than 10 working days after receiving the conclusion. The deadline is December 31 of the year following the reporting year.
Two types of organizations are required to submit a report to the Ministry of Justice:
- Structural divisions of non-profit and non-governmental representative offices. Until April 1 of the year following the reporting year.
- Russian non-profit organizations that have been recognized as foreign agents. Until April 15 of the year following the reporting year.
Important point! For structural divisions of non-profit and government representative offices, the audit should be carried out only by Russian auditors.
What are the requirements for the auditor's report?
Unlike a proactive audit (you can read about types of audits in our previous article), very strict requirements are imposed on the conclusion of a mandatory audit.
The document must contain:
- Name;
- an indication of the circle of persons to whom the information is addressed;
- the name (according to the charter) of the economic entity that passed the inspection, its legal address, OGRN;
- information about the auditor company (name, address and OGRN, number in the register of auditors, link to the SRO, which includes the auditor);
- a complete list of analyzed accounting forms;
- list of verification measures and tools;
- the final opinion of the auditors regarding the degree of reliability of the studied forms;
- an indication of important points that influenced the auditors' conclusions;
- date of drawing up the conclusion.
The conclusion is drawn up in Russian, the cost indicators must be expressed in rubles.
Let us dwell in more detail on the opinions of auditors. Law No. 307-FZ establishes 3 types of opinion:
- Positive. Auditors confirm that the reporting reliably reflects the real state of affairs.
- Modified. Auditors cannot express a clear opinion for a number of reasons.
- Negative. The auditor discovered completely distorted information about the state of the company.
A modified opinion may be positive, negative, qualified, or a disclaimer. Accordingly, in the first case, the auditor cannot call the opinion 100% positive. In the second - negative. A qualified opinion implies that a situation that could materially affect the reliability of the statements has not been fully disclosed. And if the auditor writes a refusal to express an opinion, he will need to describe the reason for such a decision.
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The Ministry of Finance explains
The Russian Ministry of Finance periodically publishes a complete list of mandatory audit criteria on its website or in open sources. Usually - in the form of “Information” collected together from various legislative acts.
The Ministry grouped the cases of mandatory audit very logically and clearly:
- by organizational and legal form;
- by type of activity;
- specific organizations;
- enterprises with certain financial indicators;
- organizations preparing consolidated statements.
Question to the auditor
Joint-stock companies have been removed from the list of organizations that are subject to mandatory audit. Are they still subject to mandatory audit or not? Do the new criteria for mandatory audit apply to 2021 or will they only apply to reporting for 2021?
When deciding whether to conduct a mandatory audit of an organization, one should be guided by the criteria established by paragraph 1 of Art. 5 of the Federal Law of December 30, 2008 No. 307-FZ.
Federal Law No. 476-FZ of December 29, 2020 amended this provision, which came into force on January 1, 2021.
Thus, from 2021 (i.e. from reporting for 2021), mandatory audits are carried out for organizations:
- received income of more than 800 million rubles in the year preceding the reporting year. (previously – 400 million rubles) or having assets worth more than 400 million rubles as of the end of the year preceding the reporting year. (previously – 60 million rubles);
- whose securities are admitted to organized trading;
- who are professional participants in the securities market or credit history bureaus;
- being funds with the receipt of property (including cash) for the year preceding the reporting year, more than 3 million rubles. (except for state extra-budgetary funds, specialized endowment management organizations and international funds);
- other organizations in accordance with federal laws (joint stock companies, investment funds, clearing, credit, insurance, microfinance, etc.).
A complete list of cases of mandatory audit of accounting (financial) statements for 2021 (in accordance with the legislation of the Russian Federation) is presented on the website of the Ministry of Finance of Russia.
Thus, joint stock companies are required to undergo an audit of annual accounting (financial) statements by virtue of Part 3 of Art. 88 of the Federal Law of December 26, 1995 No. 208-FZ.
Organizations that, according to the new criteria established by Federal Law No. 476-FZ dated December 29, 2020, are not subject to mandatory audit, do not need to undergo it in relation to the annual accounting (financial) statements for 2021. This is only true if the 2021 audit was not started before January 1, 2021.
If, before January 1, 2021, the execution of the contract for the audit of the financial statements for 2021 of an organization that is not subject to mandatory audit from 2021 has begun, then this audit must be completed. For such organizations, the changes will apply from reporting for 2021.
Source: information system 1C:ITS
Audit stages
A mandatory audit of an organization takes place in several main stages:
- Preparation. Before starting work, the auditor must study the organizational and legal activities of the company.
- Planning. To draw up a statutory audit plan, an analysis of external conditions, internal control, as well as an initial familiarization with economic indicators and accounting documentation is carried out.
- Gathering basic information and detailed study of documentation. The state of the organization's accounting, as well as other financial documentation, is considered.
- Monitoring the reliability of the information received. Errors are identified, the work of responsible specialists is checked, and economic activity is analyzed.
- Drawing up a conclusion. Based on the results of the analysis, an audit report is drawn up, which is transmitted to the heads of the organization.
Other 1C:ITS news
- You can submit a notification about the transition from UTII to the simplified tax system until March 31, 2021. Read more…
- Should a director be liable for the debts of a defunct company? Read more…
- How to make corrections to the act of acceptance and transfer of non-financial assets (form 0504101)? Read more…
- What transactions should be used to reflect the offset of the overpayment of UTII against the payment of penalties for personal income tax? Read more…
- How to take into account the subsidy received when selling utilities? Read more…
- Employees will be able to add data about their length of service to the Pension Fund database. Read more…
- How to prepare information on the income of individuals in form 2-NDFL for 2021 in 1C programs? Read more…
- What reason for dismissal will allow an employee not to reimburse the cost of training? Read more…
- How to calculate the statute of limitations for bad debts during offset? Read more…
- Regional additional payments to medical workers for working with patients with COVID-19 are subject to insurance premiums. Read more…
- With what code are non-working days according to the Decree of the President of the Russian Federation reflected in form 2-NDFL (from March 30 to April 30, from May 6-8, 2021)? Read more…
- Can a small enterprise submit financial statements for 2020 in paper form? Read more…
- What is the date for accounting for materials purchased through an accountable entity? Read more…
- What entries should be made to correct errors from previous years when switching to the GFS “Intangible Assets”? Read more…
- Can income arise when the company's authorized capital is reduced in 2021? Read more…
- The absentee procedure for determining the degree of loss of professional ability to work has been extended again. Read more…
- When can you not write off the cost of shortage of goods? Read more…
- Which licenses and permits will automatically renew in 2021? Read more…
- Establishing the traveling nature of work in an employment contract may serve as a reason for dismissal. Read more…
