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FEDERAL LAW OF THE RUSSIAN FEDERATION

of December 30, 2008 No. 307-FZ

About auditor activities

(as amended on 02-07-2021)

Accepted by the State Duma on December 24, 2008

Approved by the Federation Council on December 29, 2008

Article 1. Auditor activities

1. This Federal Law determines the legal basis of auditing regulation, feature of self-regulation in the sphere of auditor activities in the Russian Federation.

2. Auditor activities (auditor services) - the activities for carrying out audit and rendering the services accompanying audit performed by auditing organizations, individual auditors. Auditor activities are performed according to standards of auditor activities, and also other requirements established by the Bank of Russia, self-regulatory organization of auditors according to this Federal Law. Standards of auditor activities for the purpose of this Federal Law are understood as the international standards of audit accepted by the International federation of accountants and recognized according to the procedure, established by the Government of the Russian Federation. The checks performed according to requirements and according to the procedure, other than the requirements and procedure established by standards of auditor activities do not belong to auditor activities.

3. Audit - independent verification of accounting (financial) records of the audited face for the purpose of expression of opinion on reliability of such reporting. For the purposes of this Federal Law the accounting (financial) records of the audited face are understood as the reporting (or its part) provided by the Federal Law of December 6, 2011 No. 402-FZ "About financial accounting", other regulatory legal acts published according to it, regulations of the Bank of Russia, the Federal Law of July 27, 2010 No. 208-FZ "About consolidated financial statements" or other regulatory legal acts published according to it, the similar reporting on structure (or its part) provided by other Federal Laws or other regulatory legal acts published according to them and also other financial information.

4. Types of auditor services, including the list of the services accompanying audit, are established by the federal executive body performing functions on development of state policy and normative legal regulation in the sphere of auditor activities (further - authorized federal body).

5. Auditor activities do not substitute the control of reliability of accounting (financial) records exercised in accordance with the legislation of the Russian Federation by authorized state bodies and local government bodies.

6. Auditing organizations, individual auditors (the individual entrepreneurs performing auditor activities) have no right to be engaged in any other business activity, except carrying out audit and rendering the services provided by this Article.

7. Auditing organizations, individual auditors along with auditor services can render the other services connected with auditor activities, in particular:

1) statement, recovery and financial accounting, creation of accounting (financial) records, accounting consultation;

2) tax consultation, statement, recovery and conducting tax accounting, creation of tax calculations and declarations;

3) ceased to be valid according to the Federal Law of the Russian Federation of 01.12.2014 No. 403-FZ

4) the managerial consultation connected with financial and economic activities including concerning reorganization of the organizations or their privatization;

5) legal aid in the areas connected with auditor activities including consultations according to legal issues, representation of interests of the principal in civil and administrative legal proceedings, in tax and customs legal relationship, in public authorities and local government bodies;

6) automation of financial accounting and implementation of information technologies;

7) estimative activities;

8) development and analysis of investment projects, creation of business plans;

9) carrying out research and experimental works in the areas connected with auditor activities and distribution of their results, including on paper and electronic media;

10) training in the areas connected with auditor activities.

8. Audit of accounting (financial) records of the audited face which accounting and financial documentation contains the data which are the state secret is performed in accordance with the legislation of the Russian Federation.

Article 2. Legal regulation of auditor activities in the Russian Federation

Legal regulation of auditor activities in the Russian Federation is performed by this Federal Law, other Federal Laws and other regulatory legal acts and regulations of the Bank of Russia accepted according to them.

Article 3. Auditing organization

1. Auditing organization - the commercial organization which is the member of self-regulatory organization of auditors.

2. The commercial organization acquires the right to perform auditor activities from the date of entering of information about her into the register of auditors and auditing organizations of self-regulatory organization of auditors (further - the register of auditors and auditing organizations).

3. The commercial organization, data on which are not entered in the register of auditors and auditing organizations within three months from the date of entering of record about it into the Unified State Register of Legal Entities having no right to use in the name the word "auditor", and also derivative words from the word "audit".

Article 4. Auditor. Head of audit

1. The auditor - the physical person who received the competence certificate of the auditor and being the member of self-regulatory organization of auditors.

2. The physical person is recognized the auditor from the date of entering of information about him into the register of auditors and auditing organizations.

3. The auditor who is the employee of auditing organization based on the employment contract between it and the auditing organization having the right to participate in implementation of auditor activities by auditing organization, and also in rendering other services, the stipulated in Article 1 present of the Federal Law.

3.1. The auditor having the valid competence certificate of the auditor issued according to the Federal Law of August 7, 2001 to No. 119-FZ "About auditor activities", having the right to participate in auditor activities (to perform auditor activities) according to type of the competence certificate of the auditor which is available for it, except for participations in carrying out statutory audit of accounting (financial) records of the socially significant organizations.

4. The individual auditor has the right to perform auditor activities, and also to render other services according to article 1 of this Federal Law if other is not provided by this Federal Law.

5. The head of audit - the auditor who is responsible in auditing organization for rendering auditor service to the audited face including the auditor heading auditor group.

Article 5. Statutory audit

1. Statutory audit of accounting (financial) records is booked in the cases established by the Federal Laws and also concerning accounting (financial) records:

1) the organizations which securities are admitted to organized trading, and also issuers of the issued securities obliged to open information according to the Federal Law of April 22, 1996 No. 39-FZ "About the security market";

2) the organizations, being professional participants of the security market, bureau of credit histories;

3) the organizations having form of business of fund (except for state non-budgetary fund, the specialized organization of management of the target capital and the fund having the status of the international fund according to the Federal Law of August 3, 2018 No. 290-FZ "About the international companies and the international funds") if receipt of property, including money, in the year which was directly preceding accounting year exceeds 3 million rubles;

4) the organizations (except for public authorities, local government bodies, the public and local government offices, state and municipal unitary enterprises, agricultural cooperatives, the unions of these cooperatives, the organizations of consumer cooperation, performing the activities according to the Law of the Russian Federation of June 19, 1992 No. 3085-1 "About consumer cooperation (consumer societies, their unions) in the Russian Federation") corresponding at least to one of the following conditions:

a) income gained from implementation of business activity which is determined according to the procedure, established by the legislation of the Russian Federation on taxes and fees in the year which was directly preceding accounting year constitutes more than 800 million rubles;

b) the amount of balance sheet assets as of the end of the year, directly preceding accounting year, constitutes more than 400 million rubles.

2. Statutory audit is booked annually.

3. Statutory audit of accounting (financial) records is booked only by auditing organizations.

4. The contract for carrying out statutory audit of accounting (financial) records of the organization in which authorized (share) capital the share of state-owned property constitutes at least 25 percent and also for carrying out audit of accounting (financial) records of the state corporation, state-owned company, public company, state unitary enterprise or municipal unitary enterprise consists by results of carrying out at least once in five years of electronic tender according to the procedure, established by the legislation of the Russian Federation on contractual system in the sphere of purchases, goods, works, services for ensuring the state and municipal needs, at the same time establishment of the requirement to providing bids and (or) to ensuring execution of the contract is not obligatory.

5. In electronic tender on the conclusion of the auditing contract of accounting (financial) records of the organization, total revenue from sale of products (sales of goods, performance of works, rendering services) which in the year previous reporting does not exceed 1 billion rubles, participation of the auditing organizations which are subjects of small and medium business is obligatory.

6. Voided

Article 5.1. Rendering auditor services to the socially significant organizations

1. For the purposes of this Federal Law the socially significant organizations are recognized:

1) public joint stock companies;

2) the organizations which securities are admitted to organized trading, and also the organizations which accounting (financial) records join in the avenue of securities;

3) credit institutions, parent credit institutions of banking groups, parent organizations of bank holdings;

4) insurance companies, societies of mutual insurance;

5) the organizations, being professional participants of the security market, bureau of credit histories, the clearing organizations, organizers of trade, non-state pension funds, managing companies of investment funds, mutual investment funds and non-state pension funds;

6) state corporations, state-owned companies, public companies;

7) the organizations in which authorized (share) capital the share of state-owned property constitutes at least 25 percent;

8) other organizations which represent and (or) open the reporting according to the Federal Law of July 27, 2010 No. 208-FZ "About consolidated financial statements".

2. To the socially significant organizations, including the socially significant organizations specified in Items 2 - 5 speak rapidly auditor services 1 this Article, are has the right to render only auditing organizations, data on which are entered in the register of the auditing organizations rendering auditor services to the socially significant organizations (further - the auditing organizations rendering auditor services to the socially significant organizations).

3. In the financial market only auditing organizations, data on which are entered by the Bank of Russia in the register of the auditing organizations rendering auditor services to the socially significant organizations in the financial market (further - auditing organizations in the financial market), have the right to render to the socially significant organizations auditor services. For the purposes of this Federal Law the socially significant organizations specified in Items 2 - 5 parts of 1 this Article, hereinafter are referred to as as the socially significant organizations in the financial market.

4. The contract for carrying out statutory audit of accounting (financial) records of the socially significant organization is signed with the auditing organization rendering auditor services to the socially significant organizations, determined by results of carrying out at least once in five years of open tender. The authorized federal body together with the Bank of Russia has the right to establish rules of holding open tender on the conclusion of the contract for carrying out statutory audit of accounting (financial) records of the socially significant organizations if other rules are not established by other Federal Laws.

Article 5.2. Requirements to the head of audit of the socially significant organization

1. The head of audit of the socially significant organization shall conform to the following requirements:

1) to be the employee of the auditing organization rendering auditor services to the socially significant organizations on principle place of employment;

2) to have experience of participation in rendering auditor services to the socially significant organizations within three years which were directly preceding year of the beginning of rendering auditor service.

2. The head of audit of the socially significant organizations specified in Items 3 - 5 parts 1 of article 5.1 of this Federal Law, also shall conform to the following requirements:

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