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Transition to the ISA will become mandatory in 2017
Jun. 01, 2017

In accordance with the specialists of the RAEX rating agency (RA Expert), major changes will affect audit companies this year in connection with the mandatory transition to audit in accordance with the International Standards on Auditing (ISA)1. The present innovation will less affect large and medium-sized audit firms - members of international audit networks and foreign associations that have been provided audit services in accordance with the IFRS long ago.

"There have been small changes for members of international networks, since they have initially carried out audit in accordance with the ISA", told Svetlana Nikolaenko, Head for Training, Methodology and Quality Control Service, Baker Tilly Russaudit, to RAEX rating agency. "Methodologists of large firms have reframed general principles of audit in accordance with international standards to specific methodological guidelines on audit procedures for employees of their companies and developed long-time practice for their implementation. Nevertheless, at present, in connection with adoption of the ISA, internal working procedures will be further developed in all audit firms. Despite regularity of such improvements, the improvements are likely to be more significant this year".

This transition will become mandatory for an audit firm in the event that an ordering company and an audit firm have made an audit contract beginning with 2017. In accordance with experts, preparation of reports in accordance with the International Standards on Auditing may increase fee of services in the audit market.

 


 

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1Official website of RA Expert: https://raexpert.ru/rankingtable/auditors/2016/main/