A number of leading global companies, including Pricewaterhouse Coopers and KPMG have their Russian operations. The reason for the popularity of such companies’ decision to expand their activities into Russia is the country’s highly conducive environment for foreign companies, both large and small. The country’s lack of political and legal formalities, its highly efficient internal execution system, and its pro-business stance all contribute to make it a favored destination for business ventures. Moreover, Russia’s decision to become a member of the World Trade Organization (WTO) has also helped the country’s image in the eyes of international investors. In addition, Russian President Dmitry Medvedev has also shown an interest in furthering economic cooperation with all western countries, which are now majority-owned by the former Soviet Union. All these factors have made Russian accounting and auditing services a preferred choice of global companies. Looking more visit https://www.naka.ru/.
Russia’s comprehensive range of financial services is ranked among the best in the world, according to international rating systems. The country’s unique ability to implement regulations in a well-organized manner, its supreme expertise in performing internal controls, and its dedication to the principles of property and contract law continue to attract huge numbers of global investors. As a result, the growth of the Russian economy has been exceptional over the last few years. These same factors that have made the country attractive to global business ventures have led to an increase in the demand for competent Russian accounting professionals.
According to general accounts, the number of audits carried out on the Russian financial sector has increased dramatically over the last couple of years. This may be due to the fact that more organizations are choosing to carry out their auditing activities in Russia, rather than those of the United States or Western European countries. The large-scale reorganization of the tax system, adoption of a uniform legal system, introduction of a new tax code, and the introduction of a unified currency have also facilitated the increased efficiency of the Russian tax administration. All these factors have led to the emergence of numerous accounting and auditing service providers in Russia.
In general, the scope of auditing and accounting activities carried out by such firms is quite broad, depending on the nature of the business of that particular organization. For instance, there are specialized firms that concentrate exclusively on conducting internal controls assessments. The main objectives of such assessments are to detect fraud and other forms of fraudulent transactions, protect the assets of the organization against theft and damage, as well as protect the interests of the shareholders of the company. A number of auditing companies also provide services such as reviewing the procedures and methods used by the management in carrying out their business tasks.
The scope of auditing and accounting activities performed by such firms is also quite broad, in view of the fact that the Russian economy is very dependent on the activities of its internal controls. It is not uncommon for the head of a large Russian company to resign his position due to financial reasons, or for the controller of a major international company to step down due to the need to focus on the effective management of the operations of its subsidiary offices all over the world. With that being said, the scope of auditing and accounting activities performed by such companies is rather diversified. They can perform internal control as well as accounting roles, depending on the specific needs of the client organization.
Auditing and accounting service companies are generally specialized in a number of areas, depending on their area of specialization. For instance, there are specialized firms that concentrate on providing audits and inspections services to financial institutions, corporations, hospitals, governments and other organizations. On the other hand, there are companies that provide audits and inspections services to businesses and individuals, focusing on sectors such as the finance industry, insurance industry, banking, software and telecommunication industries. Some of the well-known Russian auditing and inspection companies include Sberbank, KPMG, IFRS GTCA, Maxim Group and Pimco.
Scope of Auditing and Accounting Services 