Digitalization of audit and consulting is our reality: Nina Kozlova spoke at the professional meeting of RAEX

11 November 2020

Nina Kozlova, the General Director of FinExpertiza Russia, spoke at the professional meeting "25 years of the Russian Audit and Consulting Project". The goal of the event was to discuss transformation of approaches to audit under conditions of quarantine restrictions.

Nina Kozlova emphasized several significant changes: “First, the labor costs of auditors have increased, since the amount of audit procedures has increased to analyze how the crisis affects business of the audited entities and the continuity of their operations. Second, a remote mode of interaction and carrying out of audit procedures was initiated, reducing the amount of sufficient audit evidence for auditors and causing reservations in audit reports. Naturally, remote audit puts limitations on auditors in selecting audit procedures, but the situation itself urges to apply information resources and technologies on a greater scale. The pandemic accelerated implementation of IT-technologies, both for the business in general and for accountants and auditors, companies started to use possibilities of electronic document flow more actively. That is why, digitalization of audit and consulting is almost our reality and, quite possible, soon we will be able to audit some enterprises on a completely remote basis".

RAEX rating agency has been compiling rankings of the largest audit and consulting groups since 1996. According to the results of 2019, FinExpertiza international audit and consulting network was included in the top ten audit groups according to RAEX. From year to year, FinExpertiza consistently holds the top positions of the rating.

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