Russia pointed the door to the world's largest audit firms

43

The actions of the West are forcing Moscow to use protective mechanisms against "partner" influence. On April 19, 2021, the Russian government adopted Resolution No. 622, which restricted the provision of information to audit organizations controlled by foreign citizens and companies, individual auditors. The document is posted on the Internet portal of legal information.

These organizations should not be provided with information determined by the relevant laws if the audited are issuers of securities and provide consolidated financial statements. The new rules also apply to entities that are in the same group as those subject to audit. The amount of information and documents provided by the audited entity included in the list of Russian defense industry companies was also limited.



In addition, foreign auditors can no longer access the reports of Russian banks and credit institutions, depositories and insurers, non-state pension funds or managers of investments and pension savings of the company. Foreigners were also denied the opportunity to conduct audits in microfinance companies, clearing firms, as well as in retail chains.

Thus, the Russian Federation pointed to the door to the largest audit corporations on the planet, blocking their "oxygen" This, no doubt, will not remain without the attention of the West, since it is its structures that have been actively working on the Russian market for many years. The Big Four of the world's auditors include: Deloitte (London, UK), KPMG (Amsterdam, Netherlands), PricewaterhouseCoopers - PwC (London, UK), Ernst & Young - EY (London, UK). This is not counting many smaller firms.

The collective West will no longer be able to receive detailed information about economic the situation in our country. This can be called Moscow's targeted strike at the sensitive place of the “partners”. We remind you that on April 16, Russian Foreign Minister Sergei Lavrov сказалthat Russia has reserved "very sensitive" countermeasures against the United States for anti-Russian sanctions... At the same time, one should not forget that Washington drew the necessary information of an economic nature about Russia from any Western firms. How the “partners” will answer this is not yet clear.
43 comments
Information
Dear reader, to leave comments on the publication, you must sign in.
  1. +14
    April 25 2021 11: 55
    It's high time, damn it !!!
  2. -14
    April 25 2021 12: 00
    If Russian business is ready to trust domestic audit ...
    1. -4
      April 25 2021 13: 21
      not ready, essessno!
  3. 0
    April 25 2021 12: 30
    Quote: AlexZN
    If Russian business is ready to trust domestic audit ...

    And what will happen to the Russian auditor who has transferred information about the Russian company to the West?
  4. -4
    April 25 2021 12: 57
    Quote: ALSur
    Quote: AlexZN
    If Russian business is ready to trust domestic audit ...

    And what will happen to the Russian auditor who has transferred information about the Russian company to the West?

    Western audit appeared in the country due to distrust of the domestic one. If the Russian audit has become professional and is trusted, then the restrictions on foreign audit are justified.
    1. +14
      April 25 2021 13: 37
      Quote: AlexZN
      Western audit appeared in the country due to distrust of the domestic one.

      For such a statement, you need to know the history of the emergence of audit in Russia.
      Under Tsar Alexei Mikhailovich was created special order of counting cases, whose employees systematically audited the accounts of various departments, checked the implementation of the appropriations allocated for the report to ambassadors, voivods and other officials. The history of Russian state financial control bodies dates back to 1654. - since the creation of the said Order, which can be considered a prototype of the Accounts Chamber of the Russian Federation.
      Under Peter 1, a reform of public administration was carried out: the Senate was put at the head of the financial administration, the Chamber Collegium was established to manage state revenues, the State Office Collegium (or State Office) was established to manage expenses, and the Audit Office was established to check accounts and reports. ... Peter 1 paid great attention to improving public administration, as well as controlling government revenues and expenditures, which had much to do with auditing.
      Audit came to our country in the era of perestroika, i.e. after 1985, and earlier than the tax authorities began to form. If we trace the history of the development of audit in our country, then we can distinguish several main stages.
      The first stage was marked by the emergence in 1987 of the company "Inaudit". This company was formed in accordance with a special resolution of the Council of Ministers of the USSR. The importance of its creation for the further development of audit in our country can hardly be overestimated.
      The second stage The formation of audit in our country fell on 19891993, when an attempt was made to adopt a legislative act on auditing in the USSR.
      Further, in January 1990 On the USSR market, the Ernest & Young Joint Venture with Vneshaudit appeared, which conducted audits at joint ventures, regardless of their location or affiliation. Moreover, the charter of the joint venture provided for consultations, training of personnel, etc. It was the largest intercontinental audit firm, part of the so-called "Big Six" ("Big Six" is the common collective name for Arthur Andersen, KRMG, Ernst & Yong, Coopers & Lybrand, Deloitte & Touche, Price Waterhouse; since 1998 - " big five ").
      The third stage from 1993 to 2001 The beginning of this period can be considered December 22, 1993, when the President of the Russian Federation signs the Decree, which approved the "Provisional Rules for Auditing in the Russian Federation", which entered into force since the publication of the Decree on December 29, 1993.
      The fourth stage audit activity in Russia began after the adoption of the Federal Law dated 07.08.2001 No. 119-FZ "On Auditing Activities". The adoption of the law finally confirmed the establishment of audit in Russia.

      Quote: AlexZN
      If the Russian audit has become professional and is trusted, then the restrictions on foreign audit are justified.

      Back in 2017, the main audit department of Russia, the Accounts Chamber, decided to find out who actually checks government departments. The envoys of this Chamber were then hardly allowed on the threshold - they were allowed to evaluate economic activities and not a step further (later, with the arrival of Alexei Kudrin, the powers of the Chamber magically expanded). But the Russian representative offices of foreign consulting, rating and auditing agencies received and are receiving full access to all the secrets of the department.
      Central Bank - PricewaterhouseCoopers Audit (headquarters in the UK, main business in the US, additional - around the world), Oliver Wyman (USA);

      The Ministry of Finance is an international company KPMG headquartered in the Netherlands, as well as the equally global Deloitte, which is based in London;

      Ministry of Construction and Housing and Utilities - all the same Deloitte, PricewaterhouseCoopers, KPMG;

      Ministry of Economic Development - Deloitte, KPMG;

      Federal Property Management Agency, Ministry of Transport, Ministry of Education - PricewaterhouseCoopers;

      FAS, Rosfinnadzor - Deloitte;

      Ministry of Sports - KPMG, PricewaterhouseCoopers;

      Ministry of Natural Resources - EY, formerly known as Ernst & Young (again, the whole world with its epicenter in London);

      Ministry of Communications - EY;

      Sberbank, VTB, VEB - EY;

      Rosselkhozbank - EY;

      Gazprombank - KPMG;

      United Aircraft Corporation, Uralvagonzavod - KPMG;

      Gazpromneft - PricewaterhouseCoopers;

      Transneft - KPMG.
      Something like this. The restrictions were entered correctly! hi
      1. +14
        April 25 2021 17: 58
        Good comment good almost more informative than the article itself ...
        1. +5
          April 25 2021 20: 44
          Quote: Pyshenkov
          Good comment good almost more informative than the article itself ...

          The comment is just like a sentence good why waited so long? With their filthy broom. I am sure that there will be businessmen willing to invest in their own, Russian, audit offices.
  5. +5
    April 25 2021 13: 26
    It is not a question of business confidence or the professionalism of auditors. Already a long time ago, the audit staff of the branches of Western audit companies is 100% our auditors. It's just that Western banks will not give a loan without the conclusion of an auditing company known to them, or will give it at a higher interest rate. Without a conclusion, such companies will not be released on international exchanges, etc. It is not because of the good life that our companies use the services of the Big Four.
    1. +7
      April 25 2021 15: 13
      It's just that Western banks will not give a loan without the conclusion of an auditing company known to them, or will give it at a higher interest rate.

      Everything is true, but if we rely on this argument, then it is rapidly losing its relevance, since Western banks, in an attempt to hedge their risks, increasingly demand from Russian borrowers to prescribe in contracts an immediate loan repayment in the event of sanctions. In the context of today's sanctions realities, borrowing money on such conditions is suicide.

      I think that the refusal of the services of the "Big Four" (as well as those of their ilk) is caused (and what is more, reasonably!) More by the fact that these, so to speak, "auditors" have long ceased to be them, and in fact are consulting structures providing audit services. The goal of the auditor is to root out financial irregularities and, through consultation, to ensure the safety of capital.
      But the goal of a consultant (consulting) is to make money.
      In an environment where priorities are reversed, the consulting firm conducting the audit has a huge space for corruption maneuver.
      So, for example, the Head of the aforementioned EY, Mark Weinberger, is "in conjunction"
      - Co-chairman of the Russian Investment Committee with Russian Prime Minister Dmitry Medvedev.
      - he performs a similar role in Shanghai.
      - sat at the Donald Trump strategic forum (before its disbandment in 2017).
      - has the status of "Trustee of the Global Agenda" at the World Economic Forum in Davos.

      Well, what kind of audit can we talk about here?)

      Accounting is too important a contraption to be left at the mercy of such “auditors”.
      1. 0
        April 25 2021 23: 49
        In fact, the law on auditing prohibits one customer to simultaneously conduct an audit and provide related (consulting) audit services.
        1. +2
          April 26 2021 00: 19
          In fact, the law on auditing prohibits one customer to simultaneously conduct an audit and provide related (consulting) audit services.

          To begin with, specify whose legislation do you mean now?
          If it is Russian, then the law of the Russian Federation "on auditing", in clause 7, (with subparagraphs from 1 to 10) of the 1st article of auditing, as it were spelled out:

          7. Auditing organizations, individual auditors, along with audit services, may provide other services related to audit activities, in particular:

          1) setting up, restoration and maintenance of accounting records, preparation of accounting (financial) statements, accounting consulting;

          2) tax consulting, staging, restoration and maintenance of tax accounting, preparation of tax calculations and declarations;

          3) the clause has become invalid since December 2, 2014 - Federal Law of December 1, 2014 N 403-FZ - see the previous edition;

          4) management consulting related to financial and economic activities, including on issues of reorganization of organizations or their privatization;
          (Clause as amended by Federal Law of December 2, 2014 N 1-FZ. - See previous edition)

          5) legal assistance in areas related to audit activities, including advice on legal issues, representing the interests of the client in civil and administrative proceedings, in tax and customs legal relations, in public authorities and local governments;

          6) automation of accounting and implementation of information technologies;

          7) appraisal activity;

          8) development and analysis of investment projects, drawing up business plans;

          9) carrying out research and experimental work in areas related to audit activities, and disseminating their results, including on paper and electronic media;

          10) training in areas related to auditing.

          If you meant international law, please give a specific example.
          1. 0
            April 27 2021 09: 58
            The laws need to be read in full, and not to rip out individual clauses. Subparagraph 4 of paragraph 1 of Art. 8 of the law states:

            An audit cannot be carried out by: audit organizations, individual auditors who have provided services for the restoration and maintenance of accounting records, as well as for the preparation of accounting (financial) statements to individuals and legal entities, in relation to these persons during the three years immediately preceding the audit.

            The greatest cost of work for auditors is the restoration of accounting and tax disputes. The mandatory audit itself, like any obligation unnecessary to the customer, costs so much that a regional audit organization cannot live on this money, especially since the circle of organizations in which a mandatory audit is carried out has recently narrowed. But if a legal entity cannot simultaneously conduct an audit and restore accounting, then there are no such restrictions with respect to an individual. This is how "Daisy" and "Daisy-Audit" appear, in which the auditor is listed. The first office has a contract for the restoration of accounting. and the second - for audit, and the work is performed by the same person, only the head of the work changes. And since the customer needs as few outsiders as possible to know about the state of his real accounting, it suits him. And then follows "Chamomile-legal services", "Chamomile-information technologies", etc. etc.
            1. +2
              April 27 2021 10: 26
              And then follows "Chamomile-legal services",

              As you can see for yourself, the dispute is about nothing.

              If you noticed, then all these subtleties lose their meaning, in the context of my main statement:

              I think that the refusal of the services of the "Big Four" (as well as those of their ilk) is caused (and what is more, reasonably!) More by the fact that these, so to speak, "auditors" have long ceased to be them, and in fact are consulting structures providing audit services ...

              You, your "daisies", only confirm this.

              If you have a desire, here is an article. Everything is simple and intelligible there.

              https://fin-accounting.ru/financial-news/2018/financial-scandal-calm-down
  6. -14
    April 25 2021 14: 26
    Yes. It remains only to appoint pocket companies of auditors, only of whom are required to be checked, and the loot will flow like a river into someone's pockets.

    Here the Accounts Chamber reveals violations for milliards here and there, once - and no one is to blame ...
    1. +8
      April 25 2021 18: 13
      loot will flow like a river into someone's pockets.

      In order for the loot to flow somewhere, it should, for a start, at least be.
      Otherwise, it can and how Lehman Brothers (in 2008) will succeed.
      Something that did not help this bank very much audits from the above-mentioned Ernst & Young article.
  7. -5
    April 25 2021 14: 26
    Quote: swan49
    It is not a question of business confidence or the professionalism of auditors. Already a long time ago, the audit staff of the branches of Western audit companies is 100% our auditors. It's just that Western banks will not give a loan without the conclusion of an auditing company known to them, or will give it at a higher interest rate. Without a conclusion, such companies will not be released on international exchanges, etc. It is not because of the good life that our companies use the services of the Big Four.

    I agree. One of the main reasons. If the audit from Russian companies meets the requirements of the market (including external).
    1. 123
      +3
      April 25 2021 16: 01
      I agree. One of the main reasons. If the audit from Russian companies meets the requirements of the market (including external).

      You've come to the core good Try to think about what will happen if the Russian audit does not meet the requirements of the "external market", and most likely it will. What progress can you imagine?
      There is a second scenario, a fantastic one, that is, the audit from Russian companies will meet the market requirements, which means that our auditors are "accepted into the guild", that is, they are allowed to audit their companies smile
      1. -3
        April 26 2021 10: 19
        Exactly. Screamers of the type: "Well done! It should have been done for a long time! And so on" do not even understand why and who needs an audit, and moreover, an audit is not just "anyhow", but from "recognized on the market" companies. They have no idea how large international projects of companies and states are being prepared, how companies and financial organizations come out with investments in the markets of other countries, etc. To explain to them that these restrictions are another Voronezh is useless - this is a closed world of "jingoism. "living with emotions and slogans, far from analytics and understanding of processes in politics and economics. This is on the one hand. On the other hand, this action on the part of Russia once again shows that, due to the sanctions, Russia has completely lost its attractiveness for Western investments, Western entrepreneurship and banking, and was thrown out (deprived of the opportunity to participate) from tenders for projects under the patronage of the EU, the USA and countries. British Commonwealth (she no longer needs an international audit). So we will win! Enemies all around! Let's rally! love
        1. 123
          +2
          April 26 2021 15: 03
          Exactly. Screamers of the type: "Well done! It should have been done for a long time! And so on" do not even understand why and who needs an audit, and moreover, an audit is not just "anyhow", but from "recognized on the market" companies. They have no idea how large international projects of companies and states are being prepared, how companies and financial organizations are entering the markets of other countries with investments, etc.

          Monsters have begun to understand the economy? belay

          It is useless to explain to them that these restrictions are the next "Voronezh", it is a closed world of "jingoists", living with emotions and slogans, far from analytics and understanding of processes in politics and economics.

          Voronezh is fine, look at your Zhitomir.

          This action on the part of Russia once again shows that, due to the sanctions, Russia has completely lost its attractiveness for Western investments, Western entrepreneurship and banking, and was thrown out (deprived of the opportunity to participate) from tenders for projects under the patronage of the EU, the United States and the countries of the British Commonwealth ( she no longer needs an international audit).

          Are you under anesthesia or what? This is a magic pendel given to Western auditors by giving acceleration towards the exit. Russian companies will leave the American stock market. And this is only the beginning, soon they will trade with themselves there, transfer candy wrappers on the tables.
          The end of projects under the patronage of the EU, the United States can see the examples of "prosperous" Ukraine. British Commonwealth? Ragged British cat and patronage sounds ridiculous laughing
          Do you even understand what you're talking about?
          The countries of the British Commonwealth: Brunei, Barbados, Botswana, Bangladesh, Barbados, Antigua and Barbuda, Belize, Vanauta, Guyana, Gambia, Mozambique, Nauru, Tanzania, Papua New Guinea and many more wonderful states. The complete list is at the link.
          http://files.school-collection.edu.ru/dlrstore/00000c51-1000-4ddd-517d-3600483aebf5/@001029.htm

          Is it under their patronage that you are going to flourish? lol

          So we will win! Enemies all around! Let's rally!

          Why don't you write about heroes and bacon? Are you shy?
          By the way, you draw interesting emoticons. Is that your thermometer?
          Do you want to remind you of an anecdote?

          One general ended up in a military hospital and was supposed to stay there for about
          weeks. From the very first day, literally everything there began to irritate him:
          the fact that he was not put in a separate ward, but in a common room for 6 beds, the fact that
          he was served food, either cold, or such that there is generally
          impossible, the fact that other patients did not observe silence at night
          etc. In short, I got everyone specifically.
          On the third day of his stay, a nurse enters the ward and tells him:
          “You need to measure your rectal temperature, General.
          Grumbling, the general still gets on all fours upside down like this
          so that the nurse can enter the thermometer. She introduces and
          says:
          - Please don't move, I'll be back in 5 minutes.
          And leaves. An hour later, another nurse enters the room and sees
          general in such a spicy pose. She asks in surprise:
          - What's going on here?
          The general grumbles:
          - Have you never seen how the temperature is measured?
          - Of course, I saw, Mr. General, but only this is done rectally
          thermometer, not chamomile.
    2. +2
      April 25 2021 23: 51
      Our audit has been satisfying all market requirements for a long time. But he, like the vaccine, will not be allowed anywhere. This is too much money.
  8. 123
    +8
    April 25 2021 15: 52
    Grossly underrated news.
    It would seem that what is so special here, Mishustin signed another boring document on 6 pages. But no, the consequences are enormous. the point is not even that they lose access to information, any intelligence service in any country will get it, and so, it is important that they lose official access, and intelligence data in the financial sector will not work.
    Present the report, according to the NSA, the Russian company is financially stable, based on their (secret) data, it is assigned an investment rating of BB +, with a negative outlook and a possible downgrade to BB-. The forecast is based on data provided by the CIA.
    This means the withdrawal of Russian companies from the American stock market. Our audit will categorically not suit them, so they will be placed on our exchanges. Well, or there is an option that they recognize our audit, but then the question will arise about the admission of our auditors to the audit of foreign companies. Why not? Naturally, they will not agree to this, because this means giving an official admission to the "appraisal commission". The Punchinelle's secret about the underestimation of Russian assets and the overestimation of assets of Western companies, especially American ones, will suddenly be revealed.
    I believe the situation will repeat itself in the state debt. Others will follow Russia to the exit. I hope everyone understands how this will affect the US economy.
    By the way, the "revaluation" of the Russian stock market and an increase in trading volume mean shifts in the ranking of countries in terms of GDP, I don't know how it is at par, but it's time to look towards Japan in terms of GDP (PPP), Germany is left somewhere behind.
    The development and strengthening of the Russian stock market will lead to an increase in the "habitat" of the ruble, accelerate the creation of the ruble zone and many other interesting changes.
    I don't know how fast everything will happen, but the world is becoming more dynamic, events are developing at an incredible speed.
    Probably it is worth seeing the state of the Livadia Palace, and in general how Yalta looks like. Who knows, it might come in handy soon.
    1. +2
      April 25 2021 16: 19
      I agree. I did not want to write in detail about the riskiness of the step so as not to run into the thoughtless - the doctor himself. Therefore, I stopped at IF. Intelligence in the matter of audit is the tenth thing, it is control over access to the international market, ratings, capitalization estimates, trust, etc.
      1. 123
        +2
        April 25 2021 19: 21
        these are control over access to the international market, ratings, capitalization estimates, trust, etc.

        Aha Yes And in my opinion, this is another step towards the segmentation of the world economy into separate zones. Surely the most interesting will happen in Europe.
  9. -10
    April 25 2021 17: 26
    Russia pointed the door to the world's largest audit firms

    - Yes, complete bullshit ...
    - And to whom, then, are all the "supervising powers" transferred ??? - China ??? - China can be congratulated on the next "sphere of influence" ...

    On April 19, 2021, the Russian government adopted Resolution No. 622, which restricted the provision of information to audit organizations controlled by foreign citizens and companies, individual auditors.

    -Ha ... - Yes, so many fraudulent home-grown (legal and illegal) information organizations will instantly be sucked into this vacuum that just hold on ... - And ... and ... and you will have to create a new state security service, which will directly deal with the leakage of information .. - That was once the tax police; but when this successful body began to interfere in the "intimate affairs" of our powerful in the world ... - it just (this tax police) ... - was quickly disbanded ...
    - And already today ... - Yes, with our corruption ... - no matter how "inter-departmental shooting" does not start at all (that is, employees of different law enforcement agencies may not divide powers and portfolios) ...
    - Moreover ... - with our corruption and "bribery" .. - it's just a new "gold mine" ... - just a "new Klondike" ... - Hahah ...
    - So Russia will have to once again face the elements of the next "deja vu" ... - Hahah ...
    1. 0
      April 26 2021 14: 09
      How many of you, however, bots, biobots.
      1. -4
        April 26 2021 14: 12
        How many of you, however, bots, biobots

        - Yes, it's you ... - "... us darkness ... and darkness ..." - you are innumerable ...
        - It has already jumped about a dozen ... - You look and there will be a dozen of them ... - Hahah ...
  10. +5
    April 25 2021 17: 38
    Quote: Sergey Latyshev
    Yes. It remains only to appoint pocket companies of auditors, only of whom are required to be checked, and the loot will flow like a river into someone's pockets.

    Here the Accounts Chamber reveals violations for milliards here and there, once - and no one is to blame ...

    After reading the above comment of the same kapitan92 or a sofa expert - yours compares favorably in a professional approach and description! It is immediately evident - the largest businessman !!!
    laughing
  11. +1
    April 25 2021 20: 47
    Great branch! I read with pleasure!
    Perhaps someone even was engaged in business, went to the tax authorities ...
  12. -2
    April 26 2021 04: 50
    The iron curtain is falling, and now at the request of the Kremlin.
    1. -1
      April 26 2021 14: 07
      Haha, dream, all kinds of drugs make those dreams come true.
      1. 0
        April 27 2021 01: 21
        Judging by yourself?
  13. 0
    April 26 2021 06: 02
    This news means that our companies will not be listed on global markets and will lose access to global funding.
    This is a shot in the leg.
    1. -4
      April 26 2021 10: 28
      They are no longer invited to project competitions. Moreover, Chinese companies refuse to cooperate with Russian companies, even if they are not on the sanctions lists, so as not to fall under possible sanctions and excessive tutelage of Western fiscal authorities. Russian foreign entrepreneurship itself has reposed in Bose. All that remains is to impose sanctions on Russian raw materials, leaving free only the export of foodstuffs from the country in order to drive the prices of foodstuffs inside Russia to the "ceiling" and wait for the result. Yes
      1. +1
        April 26 2021 12: 06
        Chinese companies refuse to cooperate with Russian companies, even if they are not on the sanctions lists, so as not to fall under possible sanctions and excessive tutelage of Western fiscal authorities.

        You don't know who to believe more today ... a representative of the Chinese Foreign Ministry, or the "great hamburger eater".)

        Beijing intends to step up support for Russia amid tougher Western sanctions against Moscow, Chinese Foreign Ministry spokesman Wang Wenbin said.

        https://m.vz.ru/news/2021/4/26/1096504.html
      2. 0
        April 26 2021 14: 06
        Continue to live in a world of illusion.
        Good luck to them, say hello to Hitler, he lives there, your companion in phantoms.
  14. +1
    April 26 2021 10: 01
    Well, yes .. with “manipulated” ratings and a bullet in the head, quotes on the world market will certainly be higher.)
  15. 0
    April 26 2021 10: 11
    Well, right!
  16. +1
    April 26 2021 12: 24
    If THIS is not just another deception, then I WELCOME the decision of the Government !!!
  17. 0
    April 26 2021 14: 03
    Okay, neatly shutting off the oxygen to spiteful, malicious actors.
  18. 0
    April 26 2021 14: 12
    A la ger, kam a la ger.
    It is necessary to crush the American colonial marauders, their accomplices, accomplices and others from this organized criminal community, a-la, as he calls himself, "the civilized world."
    You give to crush a gang of American marauders and their organized crime groups.
  19. -3
    April 26 2021 23: 52
    Let's see how this affects the ability to "sell" on foreign trading floors. But with microfinance organizations it is not at all clear from whom these semi-criminal sharashkas need to be protected so much.
  20. SRS
    0
    April 29 2021 20: 26
    I remembered that the father of Navalny's supporter Lyubov Sobol had audited that the companies went bankrupt later, and the budget suffered enormous damage.
    Auditing can be done in different ways.