FinExpertiza makes report on state of Russian audit market at meeting of Forum of Firms members in New York

A new meeting of Forum of Firms (FoF) members was held in New York on October 19 and 20. The FoF is an independent association of international networks of firms that perform transnational audits. At present, the Forum of Firms comprises 27 international networks, FinExpertiza being the only Russian member represented by Ilgiz Baymuratov – Partner and Deputy CEO, and Larisa Kosholkina – Partner, Quality and Professional Standards Director.

Ilgiz Baymuratov gave a comprehensive report on the state of the audit market in the Russian Federation. He touched upon issues of audit regulation, professional certification of auditors, quality control of audit firms and auditors. The report ended with discussion of current trends in development of the audit profession in Russia, similar to the international ones in many respects.

«This is a very important event; I would say that it is #1 for the international audit community. Our reports were followed by numerous questions from our colleagues involved in development of the code of ethics and accounting standards for both commercial and government sectors. We were also addressed by CEOs of the largest international networks, including the Big Four representatives. We were quite surprised to know that their understanding of the state of affairs on the territory of the former USSR is still rather narrow and I did not expect such a great response. Upon my return to Russia I received several proposals for cooperation and requests for certain services. This testifies to the significant goodwill gained through FinExpertiza's cooperation in the Forum of Firms. We are going to continue our work in the Forum of Firms as members of committees. I hope to talk about it in greater detail next spring»

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Ilgiz Baymuratov

Partner and Deputy CEO