Classification and Standardization of Financial Control and Audit in the Russian Federation

• Published in: Učët. Analiz. Audit (Online) no. 6; pp. 6 - 19
• Main Author: Roman Petrovich Bulyga
• Format: Journal Article
• Language: Russian
• Published: Government of Russian Federation, Financial University 01.01.2019
• Subjects: code of professional ethics for auditors; corporate internal audit standards; external audit; financial control; internal audit; internal corporate financial control; international standards on auditing; managerial financial control; public financial control and supervision; standards of financial control; standards of internal corporate financial control; standards of public financial control; standards on auditing; внешний аудит; внутренний аудит; внутрикорпоративный финансовый контроль; внутрифирменные аудиторские стандарты; государственный финансовый контроль и надзор; кодекс профессиональной этики аудиторов; международные стандарты аудита; стандарты аудиторской деятельности; стандарты внутрикорпоративного финансового контроля; стандарты государственного финансового контроля; стандарты финансового контроля; управленческий финансовый контроль; финансовый контроль
• ISSN: 2408-9303; 2619-130X
• DOI: 10.26794/2408-9303-2017--6-6-19

The article is divided into two parts “Classification of Financial Control and Audit in the Russian Federation” and “Standardization of Financial Control and Audit in the Russian Federation”. The first part of the article proposes a classification of financial control types in the Russian Federation by sectors of economy (public and corporate). The analysis of the laws and regulations of the Russian Federation permits the author to single out objects, subjects and elements of all financial control types in the commercial sector. The article reviews different viewpoints on interpreting such notions as “corporate financial internal control”, “internal management control”, “internal audit” and substantiates the special position and features of external audit in the national system of financial control. The second part of the article provides a classification of standards of public financial control developed by International Organization of Supreme Audit Institutions (INTOSAI) by how detailed they are. It analyses to what extent these standards are implemented in Russia and reviews the key international standards on the models of internal control in a company (COSO, COBIT, ITIL, etc.). In addition the author offers a classification of standards of auditing, provides a review of international audit standards and the evolution of national audit standards in the Russian Federation and finally describes the standards on the activity of self regulatory organizations of auditors and corporate internal audit standards.