Sales Revenue As a Key Audit Issue in Russia (Part 2)

Lyudmila Sotnikova

doi:doi:10.12737/1998-0701-2021-7-3-53-60

UDC 65

Sales Revenue As a Key Audit Issue in Russia (Part 2)

Published в Auditor · Volume 7, Issue 3, 2021 · Pages 53–60 · Rubrics: THEORY AND PRACTICE OF AUDIT

DOI 10.12737/1998-0701-2021-7-3-53-60

Received: 05.04.2021 Accepted: 08.04.2021 Published: 08.04.2021

Authors

Lyudmila Sotnikova ¹

1 Financial University under the Government of the Russian Federation (Department of Audit and Corporate Reporting, Professor)
Russian Federation

ABSTRACT

Organizations whose securities are traded with the organizers of trading in the securities market, which include public joint stock companies, are subject to mandatory audit. Th e auditor’s reports, in accordance with the requirements of International Standard on Auditing 701, issued to such organizations, must disclose key audit matters. Very oft en, auditors opt for such a key issue as “revenue recognition”. Th e article discusses situations when the choice of the topic of the key question on revenue seems insuffi ciently justifi ed, and the wording of the key questions is as identical as if their text was standardized, while the adoption of standard 701 had the opposite goal — information transparency, specifi city and reflection of the characteristics of the activities of each audited entity.

KEYWORDS

key audit issues auditor’s report sales proceeds materiality of error international auditing standards

Information References

Authors:

1. Financial University under the Government of the Russian Federation (Department of Audit and Corporate Reporting, Professor)

Russian Federation

Type:

Article

Pages:

from 53 to 60

Status:

Published

Subject area:

UDC 65

Language:

Russian

Keywords:

key audit issues, auditor’s report, sales proceeds, materiality of error, international auditing standards

References

1. Postanovlenie Pravitel'stva RF ot 4 aprelya 2019 g. N 400 «Ob osobennostyah raskrytiya i predostavleniya informacii, podlezhaschey raskrytiyu i predostavleniyu v sootvetstvii s trebovaniyami Federal'nogo zakona «Ob akcionernyh obschestvah» i Federal'nogo zakona «O rynke cennyh bumag»;

2. Polozhenie po buhgalterskomu uchetu «Dohody organizacii» (PBU 9/99). Utv. Prikazom Minfina RF ot 6 maya 1999 g. N 32n.

3. Mezhdunarodnyy standart audita 240 "Obyazannosti auditora v otnoshenii nedobrosovestnyh deystviy pri provedenii audita finansovoy otchetnosti" (vveden v deystvie na territorii Rossiyskoy Federacii Prikazom Minfina Rossii ot 24.10.2016 N 192n);

4. Mezhdunarodnyy standart audita 701 «Informirovanie o klyuchevyh voprosah audita v auditorskom zaklyuchenii». Prilozhenie N 31 k prikazu Ministerstva finansov Rossiyskoy Federacii ot 09.01.2019 N 2n;

5. Senatorov Yu., Dyatel T. Milliardera zapodozrili v milliardnyh hischeniyah. Arestovan byvshiy glava i sovladelec «TNS energo» Dmitriy Arzhanov. - //Gazeta «Kommersant'», № 202 ot 3 noyabrya 2020 g., str. 4.

6. Sotnikova L.V. Klyuchevye voprosy v auditorskom zaklyuchenii: sostav, klassifikaciya, prioritety. - // «Auditor», 11, 2020.

7. Reyting krupneyshih rossiyskih auditorskih organizaciy (sub'ektov auditorskoy deyatel'nosti) po itogam 2019 goda https://raex-rr.com/business/audit/rating_of_audit_companies#table

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