Deposit Insurance Agency of Russia is involved in control over auditors’ work. Natalia Borzova’s comment in "Kommersant"

The Treasury of Russia started applying a new scheme in quality control over audit work related to busted banks. Inspectors request documents of banks from Deposit Insurance Agency and compare them with the information received from auditors. Auditors associate the innovation with the upcoming change of the regulator and fear bias.

Natalia Borzova

Deputy General Director of FinExpertiza

“Quality control transitioned from superficial assessment of documentary forms to consideration of obtained audit evidence. Inspectors compared auditors' documents with their own data and, indeed, had additional information about activities of banks that had been audited.”