Audit market reform will be implemented under strict scenario. Natalya Borzova’s comment in Kommersant

The current and the future regulators of the sector – the Ministry of Finance and the Central Bank – have approved the adult draft reform in Russia. The Ministry of Finance insisted on mitigation of some provisions, whereas the Central Bank of Russia imposed stricter requirements for the issues that had not been previously discussed. The situation will be most complicated for auditors of banks – it was their work that evoked serious claims of the Central Bank recently.

Natalia Borzova

Deputy General Director of FinExpertiza

- I am somewhat puzzled by certain “rights” stipulated by the reform. For example, our right to request the Central Bank on compliance with regulatory standards and the Central Bank’s right to give no reply. Besides, the purpose of request for information on regulatory standards or overstatement of assets is unclear. If the audit is not completed, the auditor cannot express an opinion – since the entire picture is not complete. And when the audit is completed, everything can be found in the report.