Transformation of approaches to audit in Russia

Abstract

Analysis of audit evolution in the period from 2001 to date is performed; stages of audit development associated with changes in the concept of its advance are highlighted. Key revisions of the Law on Audit Activities and changes in the main issues of auditing are analyzed. As the key periods the following ones are allocated: validity period of Federal Law 119-FZ, term of validity of Federal Law 307-FZ, period of changes made by Federal Law 403-FZ, interval of modifications resulting from Federal Law 359-FZ. Analysis of transformation of approaches to audit is considered in the context of six parameters: subject of audit, requirements for audit organizations, mandatory audit criteria, tendering procedures, audit standards and control of audit organizations. Particular attention is paid to the changes in audit activities envisaged in the new concept of its development and in the current version of the Law on Audit Activities.

Keywords

• audit activity
• normative and legal regulation
• the concept of development of audit activity
• analysis of legislation