State Duma adopts bill on control over audit organizations
MOSCOW, April 20 (RAPSI) – The State Duma has adopted a bill on external control of audit organizations’ quality of work in the third reading, the database for the lower house of parliament reads on Thursday.
Under the bill, auditors in self-regulating organizations (SROs) must rotate every three years. Current legislation, on the other hand, reads that they must rotate every year. Head of the State Duma Committee on financial market Anatoly Aksakov called current provision “not quite rational”.
The draft law also lifts contradiction over standards of auditor activity and its terms, present in current legislation. The document reads that terms of scheduled and unscheduled inspection of audit organizations’ quality of work must not exceed forty days for regular ones and must not exceed twenty days for small businesses.
The bill establishes grounds for extension of such inspections for no more than 20 working days. These include, firstly, the need for complex or lengthy studies, special examinations and investigations, and secondly, reception of required information from government agencies in proper amount of time.