Dear Colleagues!

In connection with numerous requests from members of the SRO AAS on the issue of performing audit assignments related to conducting audits of accounting (financial) statements for 2016, in accordance with international auditing standards (hereinafter referred to as ISA) or in accordance with federal rules(standards) of auditing activities approved by the Government of the Russian Federation, and federal standards auditing activities, approved by the Ministry of Finance Russia, the SRO AAS Committee on International Auditing Standards further clarifies the following.

By Order of the Ministry of Finance of the Russian Federation dated October 24, 2016 No. 192n (as amended by Order No. 220n dated November 30, 2016), by Order of the Ministry of Finance of the Russian Federation dated November 9, 2016 No. 207n, 48 documents containing international auditing standards were put into effect on the territory of the Russian Federation.

According to the Federal Law “On Auditing”, ISAs are mandatory for audit organizations and auditors (Part 1 of Article 7), as well as audited entities and other persons who have entered into an agreement for the provision of audit services (Part 2 of Article 14). Auditing activities are carried out in accordance with ISAs, starting from the year following the year in which ISAs are recognized for application on the territory of the Russian Federation.

Since documents containing international auditing standards are recognized for use on the territory of the Russian Federation, then, following Article 23 of the Federal Law “On Auditing” (Parts 9.1, 9.2 of Article 23), audit activities must be carried out on their basis, starting from 01.01. 2017, and the federal rules (standards) of auditing, federal auditing standards, cease to apply.

At the same time, taking into account the provisions of paragraphs 3 of these orders of the Ministry of Finance of the Russian Federation, if the agreement to conduct an audit of the accounting (financial) statements of an organization was concluded before January 1, 2017, the audit organization or individual auditor has the right to conduct an audit of the accounting (financial) statements, including compiling audit report, under such agreement in accordance with auditing standards in effect prior to entry into force international standards audit specified in paragraph 1 of the orders.

The Ministry of Finance of Russia in its information message No. IS-audit-11 dated December 21, 2016 explains: “At the same time, audit organizations and individual auditors in 2017 have the right to conduct (complete) an audit financial statements for 2016 under an agreement concluded before January 1, 2017 in accordance with the federal rules (standards) of auditing activities approved by the Government of the Russian Federation and the federal standards of auditing activities approved by the Ministry of Finance of Russia.”

Thus, based on the above:

1. if the agreement to conduct an audit was concluded before 01/01/2017, then following the provisions of the Federal Law “On Auditing Activities” (Part 1 of Article 7, Part 2 of Article 14, Part 9.1, 9.2 of Article 23), taking into account the provisions of paragraphs 3 of the orders of the Ministry of Finance of Russia dated October 24, 2016 N 192n, dated November 9, 2016 No. 207n, an audit organization has the right to conduct an audit of accounting (financial) statements, including drawing up an audit report, under such an agreement in accordance with the auditing standards in force before the entry into force international auditing standards (that is, in accordance with the federal rules (standards) of auditing, approved by the Government of the Russian Federation, and the federal standards of auditing, approved by the Ministry of Finance of Russia).
2. if the agreement to conduct an audit was concluded after 01/01/2017, then following the provisions of the Federal Law “On Auditing Activities” (Part 1 of Article 7, Part 2 of Article 14, Part 9.1, 9.2 of Article 23), taking into account the provisions of paragraphs 3 of the orders of the Ministry of Finance of Russia dated October 24, 2016 No. 192n, dated November 9, 2016 No. 207n, the audit organization is obliged to conduct an audit of accounting (financial) statements, including drawing up an audit report, under such an agreement in accordance with international auditing standards. At the same time, we draw attention to the fact that the agreement to conduct an audit of accounting (financial) statements cannot contradict the requirements of the Federal Law “On Auditing”, the applicable auditing standards, the Rules for the independence of auditors and audit organizations, and the Code of Professional Ethics for Auditors. When carrying out auditing activities, in addition to ISAs, it is necessary to apply a number of IFAC documents related to ISAs, but which are not them, these include:

• Audit quality concept: key elements that form the audit quality environment;
• International Concept of Assurance Engagements;
• Glossary of terms;
• Structure of the collection of standards issued by the International Standards Board on Auditing and Assurance Engagements;
• Preface to the collection of international standards for quality control, auditing and review, other assurance and related services engagements.

The texts of these documents are published on the official website of the Ministry of Finance of Russia www.minfin.ru, and are also posted on the website of the SRO AAS in the section:.
Please note that this clarification is for informational purposes only and has been prepared only for the purpose of assisting members of the SRO AAS in applying the provisions of the legislation governing auditing activities in the Russian Federation.
The position of the ISA Committee cannot be considered as an official interpretation of the requirements of regulatory legal acts, replacing the auditor’s own professional judgment on the issues stated.

Chairman of the SRO AAS Committee
according to international auditing standards
Mikhailovich Tatyana Nikolaevna

An audit is a review of accounting (financial) statements conducted by an independent auditor, the purpose of which is to determine how reliable these statements are. In some cases auditing should be carried out in mandatory, and not just at the request of the organizations themselves. In this article we will look at in what case an audit is mandatory, what are its criteria in 2017, and what sanctions may follow if an organization ignores mandatory audit.

Statutory audit 2017

Mandatory audits are carried out annually. Its results are reflected in the auditor's report - an official document intended for users of the audited accounting (financial) statements. Deadlines mandatory audits are not established by law and are determined by the organization itself. It should be taken into account that the audit report must be submitted to Rosstat along with the annual accounting reports, or no later than 10 working days after the date of the audit report, but no later than December 31 of the year following the reporting year (Article 18 of the Law of December 6, 2011 No. 402 -FZ).

The auditor expresses in the conclusion his opinion on the reliability of the audited statements and indicates the circumstances that may significantly affect this reliability. Having completed the statutory audit, the individual auditor or audit firm conveys his conclusion to the person being inspected.

Having received the audit report in hand, the organization, through a special operator, places the results, which received a mandatory audit, in the “Unified Federal Register of Information on the Facts of the Activities of Legal Entities.”

Statutory audit: criteria 2017

The criteria that determine the need for a statutory audit are certain conditions that an organization must meet. Let's list what these criteria are:

1. organizational- legal form legal entity (for example, all joint stock companies are subject to mandatory audit);
2. carrying out a certain type of activity (insurance, banking activity etc.);
3. certain financial indicators(the income or value of the legal entity’s assets exceeds a certain limit);
4. the legal entity is a specific state corporation or organization (Central Bank, Russian Railways, etc.);
5. the need to present consolidated reporting.

Organizations subject to mandatory audit

The Law “On Auditing Activities” dated December 30, 2008 No. 307-FZ contains a list of cases of mandatory audit, but it is not exhaustive. The subjects of mandatory audit are most fully listed in the “Information of the Ministry of Finance of the Russian Federation” dated January 11, 2017.

The cases of mandatory audit indicated in the “Information” are a table of 69 points, grouped by main criteria, indicating the norms of legislation, reporting that must be checked, as well as requirements for auditors entitled to conduct such audits.

So, based on the criteria, mandatory audits are carried out by the following organizations:

1. joint-stock companies, funds, federal state unitary enterprises, state corporations, state companies, public law companies (clauses 1-9 of the Information);
2. companies whose securities admitted to trading, credit organizations, the Bureau credit histories, insurance companies, mutual insurance companies, trade unions of insurers, professional participants in the securities market, clearing organizations, trade organizers, depositories, and mandatory audits are also carried out by joint-stock investment funds, non-state pension funds, microfinance organizations, organizers of lotteries and gambling, credit and housing savings cooperatives, self-regulatory organizations, political parties, developers, etc. (paragraphs 10-50 of the Information);
3. conduct a mandatory audit of an organization whose revenue for last year more than 400 million rubles, or the amount of assets on the balance sheet exceeds 60 million rubles (clause 68 of the Information);
4. mandatory reporting audits are carried out by the Central Bank of the Russian Federation, the Deposit Insurance Agency, Vnesheconombank, the Housing and Utilities Reform Fund, the Roscosmos State Corporation, Russian Railways JSC, the Credit Assistance Fund and others (clause 11-67 of the Information);
5. Mandatory audit is carried out by all organizations that present and/or publish summary (consolidated) accounting (financial) statements (clause 69 of the Information).

Mandatory audit for LLC

The law does not require an LLC to present an audit report as part of its reporting. However, for such legal entities, a mandatory accounting audit is possible based on the financial criterion, if the permissible amount of revenue/assets is exceeded. This is not possible only in the first year of activity, since they do not yet have indicators for periods preceding the reporting one. If other criteria are met, the LLC is subject to mandatory audit.

A mandatory audit of a small enterprise will be carried out similarly, if the legal entity meets the above criteria. Having the status of a small business entity does not matter.

Statutory audit: responsibility

If an organization that requires a mandatory audit fails to submit or violates the deadline for submitting an audit report to Rosstat, fines may amount to (Article 19.7 of the Code of Administrative Offenses of the Russian Federation):

• from 3000 to 5000 rub. for the organization
• from 300 to 500 rub. on officials.

For failure to conduct a mandatory audit, the fines are already more significant (Article 15.11 of the Code of Administrative Offenses of the Russian Federation):

• from 5,000 to 10,000 rubles. to the management of the organization;
• in case of repeated violation - up to 20,000 rubles, or disqualification of the official for 1-2 years.

If a JSC does not have a mandatory audit of financial statements, then the amount of fines increases many times (Article 2, Article 15.19 of the Code of Administrative Offenses of the Russian Federation):

• from 30,000 to 50,000 rub. – to the management of the joint-stock company;
• from 700,000 to 1,000,000 rubles. - for the organization.

Look at the new rules under which a mandatory audit for LLCs is carried out in 2017, the new criteria for 2017, in what cases it is carried out, as well as new fines for companies. Check whether your company falls under them, and if so, what is the deadline for reporting the audit.

We have prepared simple and clear answers to these questions for you, collecting all last news regarding the mandatory audit of companies, and also identified what opportunities exist to help companies save on audits in 2017.

What new will happen in 2017 with auditing, have the criteria for mandatory audit of companies changed?

In accordance with current legislation In the Russian Federation in 2017, a number of companies are subject to mandatory audits. Criteria for mandatory audit in 2017 have not undergone significant changes, but the form of the auditor's report has changed significantly. These innovations will bring additional costs for both accountants and general directors companies and for the auditors themselves.

The main changes relate to both the form of the auditor's report and its content. Mandatory auditing has become more strict since January 1, 2017, but at the same time more open. Changing the form of the audit report has led to it becoming more transparent, but on the other hand more labor-intensive, which cannot but affect the cost of the audit.

The audit must be based on reliable accounting and tax reporting, as well as confirm the transparency of accounting and tax accounting, meet the criteria set by law Russian Federation, and is issued in a form approved by law.

Let's look at which companies fall under mandatory audit in 2017 and criteria, by which these companies are selected.

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Criteria for mandatory audit in 2017

There are a number of criteria for conducting a mandatory audit in 2017. An audit must be carried out if at least one of these criteria is met. Mandatory audit is carried out in the following cases:

No.	Criteria for conducting a mandatory audit in 2017
	The company's revenue is more than 400 million rubles or the amount of its balance sheet assets is more than 60 million rubles
	If the legal form of the organization is JSC (Joint Stock Company), CJSC (Closed Joint Stock Company), PJSC (Public Joint Stock Company)
	The company publishes consolidated financial statements and is an insurance or clearing company
	The securities issued by the company are admitted to organized trading on the market
	The company is a mutual insurance company, non-state pension fund or is a control of credit histories (the full list is contained in Law No. 307-FZ “On Auditing Activities”, and Law No. 208-FZ “On Consolidated financial statements»

Thus, 2017 criteria for mandatory audit do not differ from the 2016 criteria.

When and where to submit a mandatory audit report in 2017

If a company falls under criteria for mandatory audit in 2017, then it is obliged to provide Rosstat with a conclusion on this inspection. As a rule, the conclusion is submitted along with the package of financial statements, but this can be done separately within ten working days, starting from the next day of the date specified in the conclusion, but no later than December 31 of the year following the reporting year.

Features of mandatory audit in 2017

From January 1, 2017, mandatory parameters of 30 international auditing standards (ISAs) were introduced in Russia, according to the order of the Ministry of Finance of the Russian Federation dated October 24, 2016 No. 192n. Additionally, by Order of the Ministry of Finance dated November 9, 2016 No. 207n, 18 new auditing standards were approved. Overall, auditing has become more transparent and in line with international standards, but is more cumbersome and therefore more expensive. Mandatory audit for LLC in 2017 in accordance with the requirements of the ISA, it will require an increased volume of data provided by the company’s accounting department, but at the same time, the transparency and publicity of the audit results will increase.

Opportunity to reduce costs for statutory audits in 2017

Introduction new form auditor's report and new auditing standards will seriously affect the company's costs for statutory audit, because will require a significant increase in the workload both on the accountant and financial management of the company, and on the auditors, which will certainly lead to an increase in audit costs. However, for a number of companies the government left legal way do not apply the auditing standards that have come into force. Thus, if the audit agreement was concluded before January 1, 2017, then the audit can be carried out according to 2016 standards, thereby allowing companies to defer cost increases for mandatory audit in 2017 for at least one year.

Fines for failure to submit an audit report on time or for failure to conduct a mandatory audit in 2017

If a company did not take care of conducting a mandatory audit in 2017 on time, or did not submit the conclusion of this audit on time, it may be fined. The fines in force in 2017 are very significant. So the manager (official) will be punished in the amount of 10,000 to 20,000 rubles, and the organization itself - from 20,000 to 700,000 rubles.

Review of the latest changes in taxes, contributions and wages

You have to restructure your work due to numerous amendments to tax code. They affected all major taxes, including income tax, VAT and personal income tax.

Law No. 307-FZ dated December 30, 2008 defines audit as independent verification accounting records of an organization, when the auditor expresses an opinion on its reliability in his conclusion (clause 3 of Article 1 of Law No. 307-FZ). Such an audit can be carried out at the request of the organization, that is, voluntarily, but for some legal entities the audit is required by law. We will consider the criteria for mandatory audit in this article.

What are mandatory audit criteria?

There is no unambiguous closed list of criteria in the audit legislation. All cases where a mandatory audit of financial statements for 2016 should be carried out were collected in the information of the Ministry of Finance of the Russian Federation. This list includes the following main criteria for mandatory audit in 2017:

• conducting a certain type of activity,
• excess established limits income or assets
• a certain organizational and legal form,
• belonging to a specific organization,
• presentation of consolidated statements.

Companies should conduct a mandatory audit, the criteria for which are given above, annually. The results of the audit are formalized in an audit report and are subject to entry into the Unified Federal Register of information on the facts of the activities of legal entities.

Statutory audit for 2017 - criteria

We list for which organizations, based on the results of 2017, it will be mandatory to have an audit report, based on the main criteria for a mandatory audit:

• for credit organizations, credit history bureaus, organizations that are professional participants in the securities market, insurance companies, mutual insurance companies, clearing organizations, trade organizers, gambling organizers, lottery operators, special depositories, non-state pension, joint-stock investment and other funds managing mutual fund or non-state pension fund companies, as well as organizations that have securities and others admitted to trading;
• for organizations whose revenue for 2016 exceeded 400 million rubles, or whose balance sheet assets as of December 31, 2016 amounted to more than 60 million rubles; these criteria for conducting a mandatory audit in 2017 do not apply to state unitary enterprises, municipal unitary enterprises, agricultural cooperatives and government agencies;
• absolutely for everyone joint stock companies, as well as funds, state corporations, state-owned companies, federal state unitary enterprises, public law companies;
• for the Central Bank of the Russian Federation, the Deposit Insurance Agency, state corporations Rostec, Rosatom, JSC Russian Railways, the Credit Assistance Fund, etc., in in this case the criterion for mandatory audit is belonging to a specific organization;
• for organizations presenting or disclosing annual consolidated financial statements.

Such criteria for conducting a mandatory audit are provided for in Art. 5 of Law No. 307-FZ and other laws of the Russian Federation. For example, the law of December 1, 2007 No. 315-FZ obliges to conduct an audit in self-regulatory organizations(Clause 4 of Article 12 of Law No. 315-FZ), and according to the law of December 30, 2004 No. 214-FZ, the developer’s reporting is subject to mandatory audit, Clause 9 of Clause 4 of Art. 18 of Law No. 315-FZ). Housing savings cooperatives, government, microfinance and other organizations are also subject to audit.

Mandatory audit - 2017 criteria for LLC

Availability of an audit report in the composition annual reports, especially for companies with limited liability, is not stipulated by Law No. 315-FZ, but if an LLC falls under any of the criteria listed above, then an audit is mandatory for it.

Thus, in 2017, a mandatory audit is required for LLCs, the criteria of which are as follows:

• revenue in 2016 excluding VAT exceeds RUB 400 million, or
• balance sheet assets as of December 31, 2016 exceed 60 million rubles.

If such an LLC belongs to small businesses, from mandatory audit this status does not free him.

The LLC Law of 02/08/1998 No. 14-FZ provides for an audit by decision general meeting members of the company, and a mandatory audit is required if this is established by other laws and regulations(Article 48 of Law No. 14-FZ).

If there is no mandatory audit (2017 criteria): fines

The audit report is not included in the annual financial statements submitted to the Federal Tax Service, but it must be included in the set of accounting reports submitted to the statistical authorities.

Failure to submit an audit report as part of the reporting to Rosstat, or violation of the deadline for submission for an organization will result in a fine of 3 to 5 thousand rubles, for officials - 300-500 rubles. (Article 19.7 of the Code of Administrative Offenses of the Russian Federation).

If an audit was not carried out at all, and the organization does not have a mandatory audit report, this is a gross administrative violation, for which a fine of 5 to 10 thousand rubles is imposed on the company’s management. In case of repeated violation, the fine will increase to 20 thousand rubles. or the official will be disqualified for 1-2 years (Article 15.11 of the Administrative Code of the Russian Federation).

If there is no mandatory audit according to the 2017 criteria for an LLC, the penalties will be similar.

For JSC, the fines are much more significant - disclosure of information is not in full, including accounting without an audit report, faces an administrative fine in the amount established by clause 2 of Art. 15.19 Code of Administrative Offenses of the Russian Federation:

• 30-50 thousand rubles. for officials (or their disqualification from 1 to 2 years),
• 700 thousand – 1 million rubles. for the organization.

IN last years The state has taken a course towards maximum openness and transparency of information about economic entities. Changes are being made in all areas. The auditing industry has not been left behind. The main goal of the amendments is to increase business transparency, reduce pressure on honest companies, and bring tax offenders out of the shadows to eliminate unfair competition.

Changes since 2017 in the field of mandatory audit of financial statements

1. Requirement for the preparation of audit reports in accordance with ISAs since 2017. What should we expect?

Our state strives for European indicators in terms of financial reporting. Therefore, another step towards increasing its publicity and transparency was the introduction of international auditing standards (ISAs) in the Russian Federation on January 1, 2017 (Orders of the Ministry of Finance of Russia dated October 24, 2016 N 192n, dated November 9, 2016 No. 207n).

For audit companies this means the following changes:

increase in the number of audit procedures

increase in the volume of data required to analyze the activities of audited companies

new quality standards for mandatory audits

new standards of information in the auditor's report

introduction of a modified opinion in the conclusion

For audited companies this means:

PROS: improving the quality of business risk assessment; a conclusion that will contain not only an assessment of the company’s financial statements, but also pay attention to significant risks for the business, etc.; expanded report information for accounting and for external and internal interested users: shareholders, board of directors, etc.

MINUSES: increase in the cost of mandatory audit since 2017; increasing the deadline for providing an audit report; increase in the cost of bank loans for companies (due to an increase in the level of transparency of the company’s activities and reflection of all identified business risks in the audit report)

2. Information about taxes, fines, income and expenses, and headcount will appear on the Federal Tax Service website

Information about economic entities is becoming more open. From June 1, 2016, tax secrets are no longer (amendments to Article 102 of the Tax Code of the Russian Federation were introduced by Federal Law No. 134-FZ dated May 1, 2016):

• information on the average number of employees of the organization;
• the amount of taxes and fees paid by the organization, with the exception of taxes paid when importing goods into the EAEU and by tax agents;
• amounts of income and expenses according to financial statements.

On July 1, 2017, the start of posting this information in open access on the official website of the Federal Tax Service on the Internet.

In addition, information on the amounts of arrears, arrears of penalties and fines, applied special regimes and the participation of taxpayers in consolidated groups will be published on the Federal Tax Service website.

Thanks to the availability of additional information about legal entities ah in the public domain taxpayers receive additional opportunity assess the risks when choosing a counterparty, and there will also be an additional argument to prove to the Federal Tax Service in the event of claims that due diligence was exercised when concluding the transaction.

3. Information about the mandatory audit is posted on the Federal Resources website

From October 1, 2016 in Russia, the results of the mandatory audit of accounting (financial) statements become public. Corresponding amendments were made to the Federal Law “On Auditing Activities”. Organizations subject to mandatory audit must now enter information about the audit results into the Unified Federal Register of Information on the Facts of Activities of Legal Entities (hereinafter referred to as the EFRS http://www.fedresurs.ru/) within 3 business days after receiving the audit report. Such information includes:

• name, INN, OGRN, SNILS of the audited entity;
• name (full name), INN, OGRN (OGRNIP), SNILS audit organization(individual auditor);
• a list of accounting (financial) statements that were audited;
• the period of preparation of the accounting (financial) statements in respect of which the audit was carried out;
• date of the auditor's report;
• the opinion of the auditing organization (individual auditor) on the reliability of the accounting (financial) statements of the audited entity, indicating the circumstances that have or may have a significant impact on the reliability of such statements.

Violation of the obligation to disclose such information by an official of the audited organization may entail administrative penalty, provided for in parts 6-8 of Article 14.25 of the Code of Administrative Offenses of the Russian Federation, up to 50 thousand rubles or disqualification for a period of one to three years.

4. From 2018, audit confidentiality will likely be abolished

The corresponding Draft Law No. 96436-7 on amendments to Articles 82 and 93.1 of the Tax Code of the Russian Federation has already been submitted to the State Duma.

Let us recall that according to current edition Article 82 of the Tax Code of the Russian Federation when implementing tax control The collection, storage, use and dissemination of information about a taxpayer obtained in violation of the requirement to ensure the confidentiality of information constituting a professional secret of other persons, in particular attorney-client privilege and audit secret, is not permitted.

However, from January 1, 2018, it is proposed to exclude audit secrecy from this article. In addition, it is proposed to establish the right of officials of the Federal Tax Service to request from auditors documents (information) received by them about the taxpayer during audit activities and in the provision of other audit-related services. The requested documents must be related to the calculation and payment (withholding, transfer) of tax (fee) and can be requested from auditors if the taxpayer has not submitted them to the Federal Tax Service on his own.

So the sphere accounting and reporting, as well as tax obligations companies are becoming more transparent.

So that by March 2018 at closing 2017 financial year and the submission of annual financial statements does not end up with an auditor’s report, containing numerous reservations, We advise companies:

Conduct an audit in 2 stages (stage 1 - based on the results of the 9th month of 2017 in October-December 2017, stage 2 - based on the results of 2017 in the first quarter of 2018).

In this case, the auditors will complete almost all of the work before the end of the reporting year, which will allow the organization to take into account their findings and recommendations in order to approach annual report without distortions and errors in accounting. In this case, the organization will be able to eliminate haste and errors in reporting, and reduce the burden on accounting at the end of the year.

It's no secret that accounting and compilation tax returns- scope of activity of the chief accountant. However, managers and founders should remember that responsibility for the accountant’s mistakes extends to them too.

As is known, if there are significant accounting misstatements, the auditor’s report may be negative, which will require the organization to additional expenses related to the correction of identified violations. For a re-audit of the revised financial statements, this means an additional payment for the auditors’ time for verification and the time period for issuing an opinion will also increase. For the audit of the revised financial statements, you will need to make an additional payment, since the volume of the auditor’s work increases, and accordingly, the deadlines too.

Carrying out the bulk of the work based on the results of reporting for 9 months will help both the accounting department and the auditors to avoid these troubles. And even after receiving a report with a list of significant errors made when preparing reports for 9 months, the organization will have time to make the necessary corrections in accounting and receive a positive audit report at the end of the year

If auditors first come to the company in February-March, the accounting department has too little time to make changes. At the same time, accountants prepare annual report and at the same time experience a double load, which does not have the best effect on the results.

- Break down the audit by year.

When conducting an audit in two stages, its cost will be evenly distributed over 2017-2018 and will not require a one-time diversion of funds from economic activity companies in 2018.

- Do not treat the audit as a formal procedure only for submitting financial statements. The formal approach and formal attitude towards auditing have sunk into oblivion. Today, this is not acceptable both on the part of the audited entities and on the part of the auditors.

Why deprive yourself of the opportunity to get quality feedback on the state of affairs of the company? The organization's accountants will correct identified inconsistencies in a timely manner, and will not spend a lot of time and effort on this, as they would have spent correcting documents retroactively.

If errors are discovered only at the beginning of the next year, the accounting department spends time clarifying the declarations, and the company spends money on additional payment of arrears and penalties.

Let us remind you that from October 1, 2017, the rules for calculating penalties for organizations will change. The innovations concern the arrears that will arise from October 1, 2017 . If the delay exceeds 30 calendar days, penalties will be calculated as follows:

• based on 1/300 of the refinancing rate of the Central Bank of the Russian Federation, valid in the period from the 1st to the 30th calendar days (inclusive) of such delay;
• based on 1/150 of the refinancing rate of the Central Bank of the Russian Federation, relevant for the period starting from the 31st calendar day of delay, which is proportional to the interest paid on bank loans.

- Take the choice of an audit company seriously.

The market is saturated with many offers, both from individuals and from various companies. Our company “FIN-AUDIT” has been on the audit services market for the 17th year.

Business reputation and work quality standards are impeccable. We are always ready for a constructive dialogue with audited entities on issues that arise during the audit.

Do not forget that for the absence of an audit report or failure to enter the relevant information into the Unified Federal Reserve System, you can receive a large fine.

The audit of financial (accounting) statements for 2017 is required to be carried out by:

• legal entities whose revenue in 2016 exceeded 400 million rubles.
  or balance sheet assets at the end of the year exceed 60 million rubles.
• developers within the framework of Federal Law 214-FZ
• companies preparing consolidated financial statements
• joint stock companies, including non-public ones.
• public offering companies
• banks, Insurance companies and some other categories in cases established by laws No. 307-FZ “On Auditing Activities”, 208 Federal Law “On Consolidated Reporting”.

Let us recall that according to Federal Law No. 402-FZ, the company must provide an audit report to the territorial division of Rosstat either simultaneously with the submission of financial statements, or no later than 10 business days from the day following the date of the audit report, but no later than December 31 of the year following reporting.

A company that falls under the mandatory audit criteria cannot choose whether or not to submit an audit report to the statistical authorities. You will definitely have to give it up.

We wish YOU successful completion of the 2017 audit. Our company “FIN-AUDIT”, in turn, is ready to provide a high-quality approach when carrying out audit procedures and preparing an audit report.