Starting from January 1, 2021, a Federal law came into force, which establishes new criteria for conducting mandatory audits of companies.
According to the amendments, the following companies are subject to mandatory audit:
According to the definition of Law No. 209-FZ, small business entities include organizations whose income for the previous calendar year does not exceed 800,000,000 rubles. This means that the specified category of companies is exempt from conducting a mandatory audit from the beginning of the current year.
A special clause is made if the organization is not required to conduct a mandatory audit in accordance with the new changes, but in respect of such a company, the accounting reports for 2020 are already being checked. In this situation, the new criteria will be applied starting with the reporting for 2021.
Please be reminded that in accordance with the Law “On mandatory audit”, companies have to submit an auditor’s report on their accounting reports to the tax authorities based on the results of an audit. For the reporting for 2020, it is necessary to submit a report not later than March 31, 2021.
If the opinion is not yet ready for this period, it is possible to submit it within 10 working days from the day following the date of signing, but not later than December 31, 2021.
Failure to submit this document within the prescribed time limit entails the imposition of a fine (article 19.7 of the Administrative Code of the Russian Federation):
Unavailability of auditor’s report for the established period of keeping of documents (5 years) involves the following penalty only for officers (article 15.11 of the Administrative Offences Code of the Russian Federation):
Please note that due to Russian legislation requirements Acsour does not provide audit services. But if you have any questions about whether your company needs to carry out the audit, we will be happy to answer!