Development of Verification of non-financial reporting in Russia

Abstract

The article is devoted to the audit of non-financial statements of commercial organizations. Currently, the significant increasing number of commercial organizations are forming and posting non-financial reports on their official websites, as well as on the websites of public organizations. Since there is no unified methodology for the formation of non-financial reporting in Russia, the problem of its audit arises in this regard. Audit of non-financial statements in the literature is called as verification, assurance (confirmation). The purpose of the article is to investigate the correlation between these concepts. The methodological basis of the study includes the Russian and foreign regulatory framework in the field of formation and verification of non-financial reporting of commercial organizations. The article provides an overview of the system of normative regulation of verification of non-financial reporting. The classification of types of verification of non-financial statements is also presented in the article. Based on the data of the Russian Union of Industrialists and Entrepreneurs (RSPP), a study was conducted on the number of Russian companies that passed public certification and verification from 2010 to 2020. The classification of types of conclusions and forms of conclusions based on the results of verification of non-financial statements of commercial organizations is proposed in the article. The theoretical and practical significance of the study lies in the justification and substantiation of the verification procedure of non-financial reporting and the choice of the optimal method or combination of its assurance (confirmation).

Keywords

• non-financial reporting
• verification
• confirmation (assurance)
• international standards
• audit
• public organizations
• internal control system