IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Audit Chamber of Russia

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Russia

2. Name of member body:

Audit Chamber of Russia

Or please specify name:

3. Individual responsible for preparation:

Alexander Chmel

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

11 / 2010

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

N/A

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Federal Law On Joint Stock Companies
b). the Enacting body:		The State Duma
c). date the Act or Code came into force:		11 / 1997

25. How can IFAC obtain a copy of the Act or Code?

from the web-site of The State Duma

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			annual and quarterly Financila Statements to be prepared in accordance with Russian Accounting Rules
Private companies			annual and quarterly Financila Statements to be prepared in accordance with Russian Accounting Rules
Governmental
Not-for-profit
Other (please describe)
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Annual Financial Statements shall be audited in accordance with the Federal Law On Audit Activities and Russian Standards on Audit Activities
Private companies			Once revenue or total assets are above established limits, Annual Financial Statements shall be audited in accordance with the Federal Law On Audit Activities and Russian Standards on Audit Activities
Governmental
Not-for-profit
Other (please describe)
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify):
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

(1) Federal Law On Joint Stock Companies No. 208-FZ of 26 Dec 1995;
(2) Federal Law On Accounting No. 129-FZ of 21 Nov 1996;
(3) Federal Law On Audit Activities No. 307-FZ of 30 Dec 2008.
the Enacting body(ies)

(1) The State Duma;
(2) The State Duma and The Federation Council;
(3) The State Duma and The Federation Council.
the latest amendment date?

(1) 19 July 2009;
(2) 03 November 2006;
(3) 30 December 2008.

35. How can IFAC obtain a copy of the Legal authority?

from the web-site of the State Duma

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify):
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Government of the Russian Federation	19 November 2008	Ministry of Finance of the Government of the Russian Federation
Other (please describe)
Other (please describe)
Other (please describe)

from the web-site of the Government of the Russian Federation

Yes

Section 5B -- Standard-Setting (Ministry of Finance of the Government of the Russian Federation)

44. For Ministry of Finance of the Government of the Russian Federation, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a Ministry of the Government of the Russian Federation

Federal Rules (Standards)on Audit Activities

45. How many voting members does the standard-setting body have?

n/a

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

n/a

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

n/a

49. What is the term of appointment for members?

1 Year(s)

50. For how many years has the standard-setting body been in existence?

23 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

29.9292

52. To what entity is the standard-setting body accountable?

to the Prime Minister

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

published on the web-site of the Ministry of Finance once approved by the Government
accessibility of meetings (i.e., public or private)

private
approval process for final standards (i.e., majority required to approve final standards)

approval by the Resolution/Decision of the Government of the Russian Federation
other relevant due process activities

n/a

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

7 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Code of Ethics for Auditors of Russia	05/2007	Council on Audit Activities of the Russian Ministry of Finance
Professional Accountants in Business
Professional Accountants in the Public Sector
Other (please describe)

from the web-site of the Ministry of Finance of Russia

Yes

Section 6B -- Standard-Setting (Council on Audit Activities of the Russian Ministry of Finance)

56. For Council on Audit Activities of the Russian Ministry of Finance, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a body approved by the Ministry of Finance of Russian Federation

Federal Rules (Standards)on Audit Activities

57. How many voting members does the standard-setting body have?

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

supposed to be best people in the profession

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Ministry of Finance of Russia

61. What is the term of appointment for members?

3 Year(s)

62. For how many years has the standard-setting body been in existence?

20 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

29.9292

64. To what entity is the standard-setting body accountable?

Ministry of Finance of Russia

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

published on the web-site of the Ministry of Finance once approved by the Government
accessibility of meetings (i.e., public or private)

private
approval process for final standards (i.e., majority required to approve final standards)

approved by the Government of the Russian Federation
other relevant due process activities

n/a

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

(1) kindergarten;
(2) primary school;
(3) secondary school;
(4) university/academy/institue;
(5) post-graduate educaton, incl PhD

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

The Federal Law On Audit Activities No. 307-FZ of 30 December 2008

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements Diploma in Economics, Accounting, Finance, Management
	Professional examinations Examinations set by the Central Attestation Commission of the Ministry of Finance of Russia
	Practical experience 3 years
	Final qualifying examination Examinations set by the Central Attestation Commission of the Ministry of Finance of Russia
	Other (please describe)

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
operates under guidelines from the Ministry of Finance of Russia
How many voting members does the relevant body(ies) have
n/a
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

15 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

from the web-site of the Ministry of Finance of Russia

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

the Central Attestation Commission of the Ministry of Finance of Russia

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe)

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify):

80. What entity grants the license?

the Central Attestation Commission of the Ministry of Finance of Russia

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

n/a

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	Ministry of Finance of Russia	Nov 2005	Ministry of Finance of Russia
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

from the web-site of the Ministry of Finance of Russia

Yes

Section 8B -- Standard-Setting (Ministry of Finance of Russia)

83. For Ministry of Finance of Russia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a government ministry

Rules on Accounting

84. How many voting members does the standard-setting body have?

n/a

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

n/a

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

government

88. What is the term of appointment for members?

1 Year(s)

89. For how many years has the standard-setting body been in existence?

30 Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

29.9292

91. To what entity is the standard-setting body accountable?

the Prime Minister

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

published once approved by the Order of the Minister of Finance
accessibility of meetings (i.e., public or private)

private
approval process for final standards (i.e., majority required to approve final standards)

approved by the Order of the Minister of Finance
other relevant due process activities

n/a

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	Ministry of Finance of Russia	10/2008	Ministry of Finance of Russia
Other (please describe)
Other (please describe)
Other (please describe)
Other (please describe)

from the web-site of the Ministry of Finance of Russia

Yes

Section 9B -- Standard-Setting (Ministry of Finance of Russia)

95. For Ministry of Finance of Russia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

a government ministry

Rules on Accounting

96. How many voting members does the standard-setting body have?

n/a

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

n/a

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Minister of Finance

100. What is the term of appointment for members?

1 Year(s)

101. For how many years has the standard-setting body been in existence?

30 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

29.9292

103. To what entity is the standard-setting body accountable?

to the Prime Minister

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

published once approved by the Minister of Finance
accessibility of meetings (i.e., public or private)

private
approval process for final standards (i.e., majority required to approve final standards)

n/a
other relevant due process activities

n/a

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

12 Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Federal Service for Financial Markets (FSFM)

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

Resolutions of the Federal Service for Financial Markets

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

n/a
accounting and auditing standard-setting

accounting standard-setting -- n/a;

auditing standard-setting -- FSFM has one representative in the Council for Audit Activities which endorses auditing standards for the approval by the Government
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

no review is being undertaken, only submission of statutory Financial Statements is required

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		RTS -- Russian Trade System
		MICEX -- Moscow International Currency Exchange

Section 10B -- Stock Exchange
RTS -- Russian Trade System Details

110. For RTS -- Russian Trade System, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

when a listed entity undertakes an issuance of securities on a particular stock exchange, they need an approval of their prospectus by this stock exchange, at which point a stock exchange (a) monitors availability of statutory financial statements; and (b) has the right to refuse to register a prospectus so enforcing their availability
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

refusal to register a prospectus
How enforcement actions are administered.

by the a special department whithin the head office

Section 10B -- Stock Exchange
MICEX -- Moscow International Currency Exchange Details

110. For MICEX -- Moscow International Currency Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

when a listed entity undertakes an issuance of securities on a particular stock exchange, they need an approval of their prospectus by this stock exchange, at which point a stock exchange (a) monitors availability of statutory financial statements; and (b) has the right to refuse to register a prospectus so enforcing their availability
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

refusal to register a prospectus
How enforcement actions are administered.

by the a special department whithin the head office

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

the Ministry of Finance of Russian Federation. It has the following duties stipulated in the Law On Audit Activities:
) the elaboration of state policy in the area of auditing activity;
2) normative legal regulation in the area of auditing activity, for instance, the confirmation of federal audit standards, rules of auditors' and audit organisations' independence, and also the adoption within the scope of one's powers of other normative legal acts regulating auditing activity and/or envisaged by the present Federal Law;
3) the keeping of a state register of self-regulating organisations of auditors and also a reference copy of the register of auditors and audit organisations;
4) an analysis of the state of the audit services market in the Russian Federation;
5) other functions envisaged by the present Federal Law.
The number of members on the oversight body

50+ people in the Directorate responsible for oversight of the profession
Its powers

-- accredit self-regulated oranisations of auditors; -- have one representative in the Council for Audit Activities which endorses audit standards; -- approves the syllabus of professional examinations
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

it has the right to assess the degree of compliance of an audit firm with applicable audit standards and regulations in cases when a firm is auditing state-owned entities
The sanctions the oversight body may impose in the event of non-compliance

The Law On Audit Activities stipulates that the following disciplinary actions may be committed by the empowered federal body in respect of an audit organisation that has violated the provisions of the present Federal Law, federal auditing activity standards, auditors' and auditor organisations' independence rules and a code of auditors' professional ethics:
1) issuing an order whereby the audit organisation is obligated to eliminate the irregularities discovered according to the results of an external inspection of the quality of its operation and a term for elimination of such irregularities is set;
2) issuing a warning in writing that states the inadmissibility of violation of the provisions of the present Federal Law, federal auditing activity standards, auditors' and audit organisations' independence rules and the code of auditors' professional ethics;
3) sending a binding order to the self-regulating organisation of auditors in which the audit organisation is member for suspension of the audit organisation's membership in the self-regulating organisation of auditors;
4) sending a binding order to the self-regulating organisation of auditors in which the audit organisation is member for expulsion of the audit organisation from the self-regulating organisation of auditors.
How the oversight body is accountable to any public institution or body

it is a Ministry of Finance which is accountable to the Prime Minister

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

Central Bank of Russia (CBR)

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

accounting standard-setting -- CBR issues instructions for bank re statutory accounting and reporting; auditing standard-setting -- CBR has one representative in the Council for Audit Activities which endorses auditing standards for the approval by the Government

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

through participation in auditing standard-setting process -- CBR has one representative in the Council for Audit Activities which endorses auditing standards for the approval by the Government
accounting and auditing standard-setting

through participation in auditing standard-setting process -- CBR has one representative in the Council for Audit Activities which endorses auditing standards for the approval by the Government
review of financial statements prepared by listed entities

n/a
enforcement of accounting, reporting and auditing requirements

CBR has the right to withraw a banking licence from a banking institution which breaches the CBR instructions for accounting and reporting

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

n/a

116. What is the source of Legal authority of the regulatory authority(ies)?

n/a

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

n/a
accounting and auditing standard-setting

n/a
review of financial statements prepared by listed entities

n/a
enforcement of accounting, reporting and auditing requirements

n/a

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

n/a

119. What is the source of Legal authority of the regulatory authority(ies)?

n/a

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

n/a
accounting and auditing standard-setting

n/a
review of financial statements prepared by listed listed entities

n/a
enforcement of accounting, reporting and auditing requirements

n/a

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

n/a

122. What is the source of Legal authority of each regulatory authority?

n/a

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

n/a
accounting and auditing standard-setting

n/a
review of financial statements prepared by listed listed entities

n/a
enforcement of accounting, reporting and auditing requirements

n/a

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

125. Under what authority does the organization conduct the program of quality assurance review?

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

134. What is the term of appointment for members?

Year(s)

135. For how many years has the body been in existence?

Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

(specify currency)

137. To what entity is the body accountable?

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

Day(s)

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