Auditors suggested revising restrictions on work in friendly countries

The Commonwealth organization proposed that the Bank of Russia and the government be allowed to open subsidiaries of Russian auditors in friendly countries. About this with reference to the letter reported “Kommersant”.

Now among domestic companies there is a growing demand for the provision of audit and consulting services abroad, the authors of the letter write. Sodrugestvo notes that working abroad would allow auditors to expand their presence in friendly countries and create international groups controlled by Russian audit organizations.

In 2021, the government introduced limitation for foreign auditors and their Russian subsidiaries to information from domestic companies. The auditors were prohibited from working with defense industry enterprises, financial and credit organizations serving such enterprises, as well as Russian companies that are under Western sanctions or may be subject to them in the future.

On September 21, Prime Minister Mikhail Mishustin signed a decree on the admission of foreign banks and brokers from 30 friendly and neutral countries to trading on the Russian foreign exchange and derivatives market. The list includes Azerbaijan, Armenia, Iran, South Africa, UAE, Saudi Arabia, etc.

Before the adoption of these norms, only Russian residents could take part in foreign exchange trading, most of whom did not have the opportunity to supply liquidity in national currencies in the required volumes.