Mandatory Audit Of Financial Accounts To Be Carried Out In Two Instances

The Russian Finance Ministry posted an informational report on its website covering general questions it has been receiving regarding Federal Law #307-FZ from 12-30-2008, “On Auditing Activities.”

In particular, it is explained that in conjunction with this law, a mandatory audit on an organization’s accounting (financial) statements is performed if their sales volume (work performed, rendering of services) for the previous reporting year exceeds 50 million rubles or the total assets of the accounting balance at the end of the previous reporting year exceeds 20 million rubles.