Ministry Of Finance Continues To Register Self-Regulating Auditing Companies

According to their website, Russia’s Ministry of Finance passed a decision on November 26 to require that the Moscow Auditing Chamber add all non-commercial auditing organizations to the State Register of Self-Regulating Auditing Organizations.

According to the Federal Law “On Auditing Activities,” all auditing organizations and auditors are required to become members of the State Register of Self-Regulating Auditing Organizations by January 1, 2010.

Those auditing companies and individual auditors who are not in compliance with the regulations by January 1, 2010 will no longer have the right to carry out audits or any auditing-related services (their licenses for conducting auditing services will become invalid) and auditors will not have the right to participate in or perform any kind of auditing activities.