03.10.2011: Auditing standards in Russia will now be developed differently

A new order for development of Russia’s federal standards on auditing has been published. Standards will now be developed under special 3-year programs. What’s really new is that users will know not only names and approximate effective dates for standards being developed, but also names of those in charge of development.

During development of new auditing standards, the following factors will be taken into account:

• Changes in accounting legislation which explain the necessity for development of new auditing standards or making amendments to the existing ones;
• Changes in International Standards on Auditing (ISAs)
• IFAC’s plans to issue new or to review existing ISAs
• Suggestions of Auditing Board’s members
• Suggestions of other federal type regulatory authorities, including the Federal Financial Supervision Service and the Central Bank.

Source: Audit Today