The Central Bank intends to significantly tighten the requirements for employees of audit firms. Commentary from Natalia Borzova in "Vedomosti"

The Central Bank intends to reduce the number of companies that may audit financial statements. Now all those with revenues exceeding 400 million rubles and assets - 60 million rubles may conduct it. If an auditing company intends to work with banks, then according to the proposals of the Central Bank, it must have at least 12 persons with qualification certificates in its staff, as well as at least three auditors qualified as the head of audit engagements or partner. Heads of audits should have at least five year experience in work with socially important organizations (not necessarily as a partner) and constantly improve their qualifications.

Natalia Borzova

Deputy General Director of FinExpertiza

- For someone this figure [12 auditors] is redundant. This restriction eliminates most of the audit firms from the market, but restrictions on work as a second job and conducting mandatory audit in the market are needed.