Mandatory annual audit. Statutory audit - grounds for conducting an audit. Other mandatory audit criteria

Which organizations undergo mandatory audit under Law No. 307-FZ

According to Federal Law No. 307-FZ of December 30, 2008. The following companies carry out mandatory audits:

• Joint-stock companies - JSC (OJSC, CJSC, PJSC);
• Credit organizations;
• Insurance companies;
• NPF funds (Non-state pension funds);
• Companies with revenue for the previous year exceeding 400 million rubles;
• The amount of assets on the balance sheet (balance sheet currency) for the previous year is more than 60 million rubles;
• Companies whose securities are admitted to organized trading.

Reporting forms according to RAS

Russian accounting standards include the following reporting forms:

• balance sheet;
• financial results report with attachments;
• statement of changes in equity;
• cash flow statement;
• various explanations to the financial statements.

Information obtained from reporting generated in accordance with RAS is required by management, shareholders, and business owners in order to have the basis for making effective management decisions. In addition, the final data is needed by potential investors, creditors to assess the prospects for cooperation, as well as government agencies to control the economic activities of the organization.

Mandatory audit for companies under other Federal laws

• State corporations (No. 7-FZ of January 12, 1996, Article 7.1, clause 2 and Article 7.2, clause 8);
• Microfinance organizations (No. 151-FZ dated July 2, 2010, Article 15, paragraph 4);
• Lottery operators (No. 138-FZ dated November 11, 2003, Article 23)
• Organizers of gambling (No. 244-FZ of December 29, 2006, Art. 6, Clause 12);
• Management companies and specialized depositories (No. 117-FZ dated August 20, 2014, Article 29, paragraphs 1-2);
• Credit cooperatives with over 2,000 employees (No. 190-FZ dated July 18, 2009, Article 31, clause 1);
• Housing savings cooperatives (No. 215-FZ dated December 30, 2004, Article 54, paragraph 1);
• Organizations that develop apartment buildings, attracting funds from participants in shared construction (No. 214-FZ of December 30, 2004, Article 3, Clause 5);
• Tour operators selling tours in the field of outbound tourism, if the amount from the sale of such tours over the previous year amounted to more than 400 million rubles. (No. 132-FZ dated November 24, 1996, Article 17.7);
• Other other organizations in cases established by Federal legislation.

Related article: Responsibility of the director for company debts

For a complete list of cases for conducting a mandatory audit, see here.

Criteria for mandatory audit for LLCs in 2019

The main criteria and subjects of mandatory audit are provided for by Federal Law No. 307-FZ dated December 30, 2008. At the same time, there have been no changes in the 2021 criteria for conducting a mandatory audit. In general, an organization is obliged to conduct an annual audit of its financial statements for 2021 if it satisfies any of the conditions given in Part 1 of Art. 5 of the Federal Law of December 30, 2008 No. 307-FZ.

Thus, the criteria for mandatory audit are:

• the organization has the legal form of joint-stock company;
• the organization’s securities are admitted to organized trading;
• the organization is a credit organization, a credit history bureau, an organization that is a professional participant in the securities market, an insurance organization, a clearing organization, a mutual insurance company, a trade organizer, a non-state pension or other fund, a joint-stock investment fund, a management company of a joint-stock investment fund, a mutual investment fund or a non-state pension fund (except for state off-budget funds);
• the volume of revenue from the sale of products (sale of goods, performance of work, provision of services) of the organization for 2021 exceeded 400 million rubles;
• the amount of assets on the balance sheet as of December 31, 2017 exceeds 60 million rubles;
• the organization presents or discloses annual summary (consolidated) accounting (financial) statements.

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Thus, for example, the organizational and legal form of a JSC obliges the organization to conduct a mandatory audit regardless of compliance with other criteria, and for a mandatory audit of an LLC, the criterion may be, for example, the volume of revenue or the amount of assets.

In accordance with the current legislation of the Russian Federation, in 2021 a number of companies are subject to mandatory audits. The criteria for mandatory audit in 2021 have not undergone significant changes, but the form of the auditor's report has changed significantly. These innovations will bring additional costs both for accountants and general directors of companies, and for the auditors themselves.

The main changes relate to both the form of the auditor's report and its content. Mandatory auditing has become more strict since January 1, 2017, but at the same time more open. Changing the form of the audit report has led to it becoming more transparent, but on the other hand more labor-intensive, which cannot but affect the cost of the audit.

The audit must be based on reliable accounting and tax reporting, as well as confirm the transparency of accounting and tax accounting, meet the criteria set by the legislation of the Russian Federation, and be issued in a form approved by law.

Let's look at which companies are subject to mandatory audit in 2017 and the criteria by which these companies are selected.

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Therefore, the 2021 criteria for statutory audit are no different from the 2021 criteria.

- revenue more than 400 million rubles. or balance sheet assets exceed 60 million rubles. based on the results of 2015; - organizational - legal form is a joint stock company, - an organization (with the exception of a state authority, local government, state extra-budgetary fund, as well as state and municipal institutions) presents and (or) publishes a consolidated accounting (financial) ) reporting; - organizations whose securities are admitted to organized trading, credit and insurance organizations, non-state pension funds.

Mandatory audit of organizations in the authorized capitals of which the share of state ownership is at least 25 percent, state corporations, state-owned companies, as well as accounting (financial) statements included in the securities prospectus, and consolidated financial statements is carried out only by audit organizations. (Part 3 as amended by Federal Law dated December 1, 2014 N 403-FZ).

An agreement to conduct a mandatory audit of the accounting (financial) statements of an organization in the authorized (share) capital of which the share of state ownership is at least 25 percent, as well as to conduct an audit of the accounting (financial) statements of a state corporation, state company, state unitary enterprise or municipal unitary enterprise enterprise is concluded with an audit organization or an individual auditor, determined by holding an open competition at least once every five years in the manner established by the legislation of the Russian Federation on the contract system in the field of procurement, goods, works, services to meet state and municipal needs, while establishing requirements for securing applications for participation in the competition and (or) for securing the execution of a contract is not mandatory. (as amended by Federal Laws dated December 28, 2013 N 396-FZ, dated December 1, 2014 N 403-FZ)

On a note. In an open competition for concluding a contract to conduct an audit of the accounting (financial) statements of an organization, the volume of proceeds from the sale of products (sale of goods, performance of work, provision of services) for the previous reporting year does not exceed 1 billion rubles, the participation of audit organizations that are subjects of small and medium enterprises. (Part 5 introduced by Federal Law dated December 1, 2014 N 403-FZ)

The criteria that determine the need for a statutory audit are certain conditions that an organization must meet. Let's list what these criteria are:

1. organizational and legal form of the legal entity (for example, all joint stock companies are subject to mandatory audit);
2. carrying out a certain type of activity (insurance, banking, etc.);
3. certain financial indicators (income or value of assets of a legal entity exceed a certain limit);
4. the legal entity is a specific state corporation or organization (Central Bank, Russian Railways, etc.);
5. the need to present consolidated reporting.

The law does not provide for specific requirements specifically for the audit of an LLC. It is necessary to take into account the general criteria (clause 1 of Article 5 No. 307-FZ).

If an organization in the LLC form meets at least one of these criteria, an audit is necessary.

When deciding to conduct an audit of financial statements, the company must not only take into account the requirements listed above, but also the laws governing the field of activity. Despite the fact that the criteria for mandatory audit are set out in a separate article of the law (we listed them above), the last subparagraph of paragraph 1 of Art. 5 of Law No. 307-FZ indicates the presence of additional criteria established by individual laws (see table).

Which LLCs are required to conduct audits?

Please also note that Federal Law No. 14-FZ of 02/08/98 on LLCs does not contain criteria for when a mandatory audit is required. It states that the general meeting of company participants can decide on an audit, as well as stipulate the obligation to conduct an audit in the charter. This is already an LLC initiative.

See also How to calculate a company's return on equity

Who conducts the statutory audit and when?

According to Federal Law No. 307-FZ of December 30, 2018. “On Auditing Activities”, a mandatory audit can be carried out by:

1. Audit companies;
2. Individual auditors.

Mandatory audit is carried out annually. The auditor's report must be ready by the time the financial statements are submitted by March 31 of the year following the audit.

When choosing an audit company (individual auditor), you need to:

• Make sure of its independence (No. 307-FZ dated December 30, 2008, Article 8, Part 1)
• Make sure that she is a member of a self-regulatory organization of auditors . Auditors must have a document indicating membership in an SRO. The state register of self-regulatory organizations can be found on the website of the Ministry of Finance of the Russian Federation.

Audit cannot be carried out

The article on the independence of audit organizations and auditors in Law No. 307-FZ of December 30, 2008, Article 8 states that an audit cannot be carried out in some cases when

Auditing organizations whose heads are:

1. The founders of the audited entity;
2. Close relatives;
3. When the audit service carried out the restoration of the accounting of this company;
4. When the auditors themselves conduct the accounting of this organization through outsourcing.

Responsibility

There are no direct penalties for failure to conduct a mandatory audit. But if the conclusion is not provided to Rosstat within the agreed time frame, then you will have to pay a fine in accordance with Article 19.8 of the Code of Administrative Offenses of the Russian Federation. Its amount will be as follows:

• for the organization itself - from 3 to 5 thousand rubles;
• for an official (usually an accountant) - from 300 to 500 rubles.

Companies that are required to conduct annual accounting may be brought to administrative liability under Part 1 of Article 15.11 of the Code of Administrative Offenses of the Russian Federation if a violation is revealed during a tax on-site audit. Then the amount of the fine increases to 5–10 thousand rubles.

A separate type of fine is provided for joint stock companies that have not published an audit report. A fine of 30-50 thousand rubles is imposed on officials, and on JSCs themselves - from 700 thousand to 1 million rubles.

Similar articles

• Main tasks and goals of auditing cash transactions
• Statutory audit: criteria and changes in 2021
• Criteria and subjects of mandatory audit
• Audit of enterprise financial statements
• Composition of financial statements 2021 for small businesses

Answers to frequently asked questions

How to calculate the amount of assets on the balance sheet for a statutory audit?

The amount of assets on the balance sheet for statutory audit is the balance sheet currency (the amount of assets), which is indicated in line 1600 of the balance sheet.

Is it possible to use a collapsed balance of active-liable accounts to avoid a mandatory audit?

No, you can't do that. For example, you cannot subtract accounts payable from accounts receivable even for one counterparty (if you do not have a debt offset act). All indicators in the Debit and Credit balance sheet are reflected in detail. This is directly stated in PBU 4/99 “Accounting statements of organizations”, paragraph 34:

In the financial statements, offsets between items of assets and liabilities, items of profit and loss are not allowed, except in cases where such offset is provided for by the relevant accounting provisions.

For what year should a mandatory audit of a company be carried out if the amount of revenue or assets exceeds the limits?

According to Federal Law No. 307-FZ, the criterion for conducting a mandatory audit is the excess of revenue by 400 million rubles. or balance sheet currency (assets) of 60 million rubles. for the previous year.

Related article: How to make an impression at a business meeting

For example, at the end of 2021 there was an excess. This means that the organization will need to conduct an audit for 2021, that is, at the beginning of 2021, and receive an audit report for 2020.

Mandatory audit for LLCs in 2021: changes

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The list of cases of mandatory audit of financial statements is annually updated and published by the Russian Ministry of Finance. In 2021, the list is given in the department’s information dated January 16, 2019 No. IS-audit-27.

According to the changes in the list, the total number of cases of mandatory audit of accounting (financial) statements for 2018 was 73 (in 2017-2018 - 71). The current list includes the following new cases of mandatory audit:

• association of tour operators in the field of outbound tourism;
• JSC Russian Post.

The Ministry of Finance, by letter dated January 19, 2018 No. 07-04-09/2694, published Recommendations to auditors. From Section II of the document it follows that auditors will not make comments if the company did not rewrite the accounting policies due to amendments to PBU 1/2008.

From 6 August 2021, companies must make new accounting choices. The rules have changed for cases where there are no methods in the standard. Then you need to develop them yourself. In this case, you need to take into account sequentially:

• IFRS;
• federal and (or) industry standards on similar issues;
• accounting recommendations.

First of all, you should adhere to international rules if there are no methods in domestic standards. For example, in a leasing situation, you need to take as a basis the rules that are prescribed in IFRS (Appendix 1 to Order of the Ministry of Finance dated June 11, 2016 No. 111n).

According to the department, companies should have previously developed their methods taking into account international standards. Therefore, the updated PBU 1/2008 did not add the obligation to read international standards. She was there before.

Changes to the accounting policy rules came into force on August 6, 2021. At the same time, no special deadlines were prescribed for the application of the new edition of PBU 1/2008. In this case, the accounting policy must be adjusted. And changes in accounting methods should be reflected retrospectively (clauses 14, 15 of PBU 1/2008).

Many companies still use methods from old instructions from industry departments and ministries. There is a risk that checking using the new algorithm will show that the methods cannot be used. Then you need to choose correctly and recalculate the whole year.

The Ministry of Finance recommended that auditors not consider it a violation if the company did not change the accounting methods that it had adopted before Order No. 69n dated April 28, 2017 came into force. Those methods that companies developed according to the rules before the adjustments to PBU 1/2008 do not need to be canceled.

The Ministry of Finance considers it a rare situation when domestic methods contradict international ones. Auditors should not consider it a violation that the company had its own methods adopted before August 2021.

It is possible that auditors will decide that there is no need to check accounting methods in the policy at all if they are not written down in federal standards.

Features of the mandatory audit for LLCs in 2019

From January 1, 2021, mandatory parameters of 30 international auditing standards (ISAs) were introduced in Russia, according to the order of the Ministry of Finance of the Russian Federation dated October 24, 2016 No. 192n. Additionally, by Order of the Ministry of Finance dated November 9, 2016 No. 207n, 18 new auditing standards were approved. Overall, auditing has become more transparent and in line with international standards, but is more cumbersome and therefore more expensive.

We will tell you what a mandatory audit for an LLC is in 2019.

So, if the company meets the criteria listed above, then auditing the accounting or financial statements by auditors is mandatory in 2021. The compliance of all documentation with current standards and rules is subject to verification. During the audit process, you can identify errors and put your accounting in order.

Any independent auditing company that has the appropriate license has the right to involve any independent audit company that has the appropriate license in conducting an LLC audit.

If the LLC was created recently, for example, it has been operating for the first year, then there is no need to conduct an audit, since the necessary indicators are not yet available. If revenue or assets exceed the amount limits at the end of the year, then the date of creation of the organization no longer matters - an audit is required.

LLC audit stages:

1. Organization of audit. Inspectors study the financial and economic activities of the LLC. A general plan and inspection program are drawn up and agreed upon. A letter regarding the audit is being prepared. An agreement to conduct an inspection is concluded.
2. Data collection. Controls are tested. Substantive checks are being carried out.
3. Completing the check. The data collected during the inspection is analyzed and summarized. An audit report is drawn up

Upon completion of the inspection, a copy of the report and conclusion must be submitted to Rosstat. If there has not yet been a mandatory audit, then the report must be submitted within 10 working days after the date on the document, but no later than December 31, 2021 (see Reporting deadlines in 2021).

Companies will submit financial statements to Rosstat according to new rules. The Ministry of Economic Development has prepared a draft procedure for submitting financial statements. There are few changes in the new order. For example, now companies submit reports to the Rosstat division at the actual address, if it differs from the legal one (clause 3 of the Procedure, approved by Rosstat order No. 220 dated March 31, 2014). In the new procedure there is no such rule, because the address from the Unified State Register of Legal Entities must match the actual one.

Officials have added an algorithm of actions if a company revises its financial statements. In this case, revised reporting must be submitted to the statistics department within three working days after it has been approved. If a company is subject to a mandatory audit, then a new or amended audit report must also be submitted to the statistics. Submit the document along with the revised financial statements or within 10 business days after the conclusion date.

An auditor is not an investigator. He will look for evidence of the company's integrity, not crime. Read the article in detail

: what company secrets auditors will tell you about, how and what you can negotiate with them, how inspections and their costs have changed, how to prepare for a meeting with an auditor.

Opportunity to reduce costs for statutory audits in 2021

The introduction of a new form of auditor's report and new auditing standards will seriously affect the company's costs for mandatory audit, because will require a significant increase in the workload both on the accountant and financial management of the company, and on the auditors, which will certainly lead to an increase in audit costs.

However, for a number of companies, the government has left a legal way not to apply the auditing standards that have come into force. Thus, if the audit agreement was concluded before January 1, 2021, then the audit can be carried out according to 2016 standards, thereby allowing companies to defer the increase in costs for mandatory audits in 2021 for at least one year.