Small enterprises may be relieved from conducting mandatory audit

Aug, 11 2020

А draft law according to which it is proposed to amend rules of conducting mandatory audit of small businesses’ accounting statements is introduced to the Parliament.

Amendments concern financial criteria indicating on necessity of conducting mandatory audit in a company. Draft law implies increasing the minimum amount of revenue and assets of the balance sheet, which require a mandatory audit. Therefore, revenue shall not exceed 800 million rubles and amount of assets in the balance sheet shall not exceed 400 million.

Notable, that nowadays conducting audit is not necessary only for companies whose revenue for the year before audit do not exceed 400 million rubles and amount of assets in the balance sheet do not exceed 60 million.

Such legislative amendments will positively affect the financial state of small businesses because no need to conduct audit will reduce companies’ financial and administrative burden.

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