Higher thresholds for mandatory audits in Russia

New legislation came into effect in 2021, according to which a company is obliged to undergo an audit if for the year preceding the reporting year it suits the following criteria:

• the revenues exceed 800 million rubles (previously - 400 million rubles)
• the amount of assets on the balance sheet is more than 400 million rubles (previously - 60 million rubles)

In practice, the increase in limits is aimed at exempting small and medium-sized businesses from the audit procedure. The new rules already apply to reporting for 2020 if the auditor has not yet started the audit.

In addition, funds are also freed of mandatory audits if the receipts of assets, including monetary ones, amounted to less than 3 million rubles for the year (with the exception of state non-budgetary and international funds).

Bellerage Alina is a certified Auditor, providing international companies active in Russia with audits according to IFRS, US GAAP and RAS standards.