Experience with no intermediary agents
There is a bank and a factoring company within the IAS group. A compulsive criterion while selecting leading auditors in the company is their work experience in the real sector. Thereby, we understand manufacturing processes and can speak the language of our clients’ businesses.
Detailed audit recommendations
Audit is not a formal procedure for us, it is a possibility to help clients improve their business-processes. As a result, our recommendations are real-life and most detailed.
Territorial coverage -
26 regions
The IAS group has offices in 5 cities in Russia. Moreover, due to the partner program, we can provide professional services in 26 regions of the RF.
25 years in audit
We have been providing auditing services since 1992. We have accumulated a unique business-solutions library.
Certified specialists and regular trainings
We apply the Big 4 approaches to holding professional trainings and quality control. Our employees improve their qualification and skills, communications skills and organizational skills on a regular basis.
Corporate cashback
There is a system of corporate services within our group.

Tax audit

Is your accounting and tax reporting ready for a tax inspection?

During an express audit the IAS banking and consulting group will examine whether your accounting and tax reporting comply with the legislation requirements and is our company ready for a tax inspection.

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Why is it useful to analyze tax risks?

Tax inspection results may sometimes appear unexpected and not too pleasant. These are penalties, prescriptive orders, the necessity to perform examination procedures again and again. In this respect, it seems more reasonable to know about possible risks and friction point beforehand in order to have enough time to eliminate them before a tax inspection. Quite often it bears rechecking your external auditor or accountant.

Cost of services

The minimum service fee is RUB 40,000 (exclusive of VAT).

This amount covers works related to auditing and putting together a report in Russian with regard to one legal entity with one year audit extent and a sampling percentage determined by the auditor.

However, each client needs individual approach and thus the cost of services will be calculated individually depending on client’s requests and demands.

Time frame

The audit time frame starts with two working days (including one day of on-site consultations in the client’s office)*.

* if required source documents have been presented under the consultant’s request.

The result of a tax express audit

Within the framework of the service you will receive:

  • individual confidential consultations on tax issue from a senior IAS consultant (we are TOP-5 in audit);
  • description of tax risks, assessment of the internal control system over taxation in your company;
  • well founded answers to our questions about taxation in your company in the real time mode;
  • recommendations regarding risks elimination.

Additionally, you can make use of the following services:

  • independent assessment of your staff knowledge in the sphere of accounting and tax reporting;
  • workshop on pressing taxation issues for your relevant staff.

Clients in numbers

  • Banks: over 20 clients
  • Insurance companies: 53 clients
  • Mutual funds: 10
  • Financial institutions: over 30 clients
  • Other non-bank financial institutions: 253
  • Production and trading companies: over 300
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Statutory audit

Bank audit

Bank audit is an inspection of the financial and operational activities status of a bank whose aim is to assess the bank’s financial position, its profitability, liquidity, and bank transactions’ risks profile. One of auditor’s tasks is to make sure that financial statements are filed correctly and in accordance with national legislation, and that they reflect the current and as-is business situation in a bank and results of its transactions. During a bank audit, the bank credit policy, settlement transactions and accounting records are also being inspected.

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Risk-oriented approach

When performing an audit, we give special attention to those areas on which the regulator is expected to focus. First of all, these are the credit portfolio and likely risks related to inefficient control in the sphere of AML/CFT (anti-money laundering and combating the financing of terrorism). Also important are the issues regarding complying with banking regulations and the efficiency of the internal control and risk management system based on the respective Bank of Russia documents.*

*Bank of Russia Regulation No. 242-P, dated 16 December 2003 “On internal control in credit institutions and banking groups”), Bank of Russia Ordinance No. 2005-U, dated 30 April 2008 “On estimating banks' economic position”, and Bank of Russia Ordinance No. 3624-U, dated 15 April 2015 “On the requirements to the risk and capital management system of credit institution and banking group”.

Two-stage audit

Usually, our audits are held in two stages so that all possible risks are identified during an interim audit and a bank could use the opportunity to eliminate them before the issuance of the annual audit report.

Before the actual audit, we send a request to a bank which contains detailed instructions regarding the information required for an effectively planned checkup. Certain banks — which are our clients — prefer to have simultaneous revisions under Russian Auditing Standards (RAS) and IFRS. Such an approach helps to substantially reduce the auditor’s labor input as the major part of audit evidence necessary for IFRS audits, is collected during a RAS audit.

All our specialists are experts in Excel, and thus we do not insist on using our transformation models and will gladly get acquainted with the bank’s practice of IFRS statements transformation and consolidation.

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Audit of insurance companies

Insurance audit is a complete inspection of insurance company’s reporting statements in order to identify mistakes made while filing such statements and assess the authenticity of data reflected in the statements.

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Risk-oriented approach

When performing an audit, we give special attention to those areas on which the regulator is expected to focus. First of all, these are insurance company’s assets and its solvency margin, and likely risks related to inefficient control in the sphere of AML/CFT. Also important are such internal processes — characteristic of banks but new to insurance companies — as internal control efficiency, risk management policy and investment policy.

Two-stage audit

Usually, our audits are held in two stages so that all possible risks are identified during an interim audit and a company could use the opportunity to eliminate them before the issuance of the annual audit report.

Before the actual audit, we send a request to an insurance company which contains detailed instructions regarding the information required for an effectively planned checkup. Certain insurance companies and brokers — which are our clients  prefer to have both RAS and IFRS revisions simultaneously. Such an approach helps to substantially reduce the auditor’s labor input as the major part of audit evidence necessary for IFRS audits, is collected during a RAS audit.

All our specialists are experts in Excel, and thus we do not insist on using our transformation models and will gladly get acquainted with the bank’s practice of IFRS statements transformation and consolidation.

Audit report

Audit reports consist of auditor’s opinion about the authenticity of accounting (financial) statements of an insurance company, and an opinion about the internal control efficiency and compliance with insurance legislation.

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Audit of non-bank financial institutions (NBFIs)

NBFI audit is a complete inspection of NBFIs’ reporting statements in order to identify mistakes made while filing such statements and assess the authenticity of data reflected in the statements.

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We audit the following NBFIs:

  • Investment and management companies
  • Mutual funds
  • Non-statutory pension funds
  • Microfinance institutions
  • Credit consumer cooperatives
  • Lombard
  • Other NBFIs

Risk-oriented approach

When performing an audit, we give special attention to those areas on which the regulator is expected to focus. These areas are different for different NBFIs: assets and capital are the main issue for some NBFIs, likely risks related to inefficient AML/CFT control  for others. Also important are such internal processes as internal control, risk management and investment policy.

Two-stage audit

Usually, our audits are held in two stages so that all possible risks are identified during an interim audit and a company could use the opportunity to eliminate them before the issuance of the annual audit report.

Before the actual audit, we send a request to a company which contains detailed instructions regarding the information required for an effectively planned checkup. Some of our clients prefer to have both RAS and IFRS revisions simultaneously. Such an approach helps to substantially reduce the auditor’s labor input as the major part of audit evidence necessary for IFRS audits, is collected during a RAS audit.

All our specialists are experts in Excel, and thus we do not insist on using our transformation models and will gladly get acquainted with the bank’s practice of IFRS statements transformation and consolidation.

Time frame

The average time frame for an annual statutory audit of NBFIs is 10 days and depends on the company’s size, assessment of the accounting misstatements risk and the planned labor input.

Audit report

At the end of an audit, we issue an audit report and an information document which contains the description of likely risks.

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Other statutory audits

We perform statutory audits for the following organizations both in accordance with the Russian statutory standards and international standards:

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Our audit clients in different sectors of economy:

  • Banks
  • Insurance companies
  • Financial and investment institutions
  • Production companies
  • Trading companies
  • Servicing companies
  • Public sector enterprises

Time frame

  • Banks — 20 days
  • Insurance companies — 15 days
  • Investment groups — 15 days
  • Production and trading companies — 15 days

Cost of audit

Cost of audit depends on the time spent on a particular project.

Audit report

Following the results of an audit, we issue a report which contains the description of tax and other risks which are to be eliminated.

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Initiative audit

HR audit

Upon completion of such an audit, the client gets a report on the HR documentation status, the list of required alterations, and recommendations on further actions.

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When is it necessary to have an HR audit?

It may be reasonable to have an HR audit if: a company is going to be examined by a labor inspection, before restructuring or change of top management, if there is a necessity to bring the documents into compliance with the changed legislation norms, and if there are any doubts about the quality of keeping HR records in previous periods.

What documents are required for and HR audit?

The main purpose of an HR audit is to identify the existence of HR documentation and to analyze whether it complies with the current RF labor legislation requirements. The following issues are examined during an HR audit:

  • the compliance of HR recordkeeping documents with the unified forms (if these unified forms have been determined);
  • the procedure for taking records of and storing HR documents;
  • the existence of mandatory normative acts, including internal labor regulations and the compensation and benefits policy.

The list of documents which are to be examined in the first place includes:

  • charter documents;
  • payroll register;
  • staffing schedule;
  • copies of employees’ individual documents;
  • staff orders;
  • labor agreements with employees;
  • employees personal record forms (Т-2 Form);
  • timesheets;
  • orders registration book;
  • labor books’ flow and accounting ledger;
  • other normative documents.
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Tax audit

The necessity to perform a tax audit may arise before a tax inspection or a purchase or sale of business, reorganization of a company or if owners or executive management have doubts about the correctness of tax reporting and taxes paid.

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Why do you need tax audit?

In the course of tax audit we perform an independent examination of tax reporting procedures and the procedure of keeping tax records. Having adequate information about tax liabilities at hand, executive management and accounting service can take steps in a timely manner to mitigate risks, minimize additional charges, fines and penalties, and optimize company’s tax burden.

What do we do in the course of tax audit?

Our specialists will perform the following tax audit procedures for you:

  • pre-examination of the tax system, tax policy and the volume of taxes paid;
  • assessment of the likelihood of a tax inspection;
  • simulation of a tax inspection or a rummage by the investigative authorities;
  • help in revealing unfair contractors and decreasing risks of interaction with them;
  • written advice on all actual issues;
  • assessment of correct computation and payment of taxes and levies due to the budget and non-budgetary funds;
  • preparation of a written report which includes the description of all detected risks.

Our specialists

IAS employees specializing on tax audit and tax consulting are highly qualified and have a deep perception of all peculiarities of the tax legislation. They are also experienced in both keeping tax records and examining the correctness of tax records, and in tax accounting optimization and in supporting tax inspections or inspections by the Department for fighting against economic crimes. Moreover, we constantly keep track of all changes in the tax legislation and of recent trends in respective court practice.

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IFRS audit

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When do you need an IFRS audit?

IFRS statements audit may be necessary, in particular in following cases:

  • due to the requirements of Federal Law No. 208-FZ dated 27 July 2010 “On consolidated financial statements”;
  • the RF Central bank requirements regarding the preparation of a report on risks and on consolidated statements of bank holdings and groups under supervision;
  • when cooperating with foreign investors;
  • in order to fulfill treaty engagements with international creditors and contractors.

The following organizations require IFRS audit:

  • credit organizations;
  • insurance organizations (with the exception of health insurance organizations which are engaged in compulsory medical insurance only);
  • non-statutory pension funds;
  • management companies of investment funds, mutual funds and non-statutory pension funds;
  • clearing organizations;
  • federal state unitary enterprises, the list of which is established by the RF Government;
  • publicly traded companies whose shares are federally owned and whose list is established by the RF Government;
  • other organizations whose securities are approved for on-exchange trading via the inclusion into the quotation list;
  • any organizations which report to investors or creditors in accordance with IFRS.

What do we offer?

Within the IFRS audit framework we perform the following works:

  • audit of an IFRS accounting policy and recommendations on its specification and updating;
  • elaboration of the methodological standpoint on how to reflect all material and unrepresentative deals and events, and how to recognize assets and liabilities in accordance with IFRS;
  • validation of adjusting and consolidation corrections calculation;
  • validation of intercompany balances elimination;
  • assessment of completeness of information disclosure in financial statements.

We can either perform IFRS audits based on RAS audit results or offer a complex product, i.e. IFRS and RAS audits including the validation of source documents. We also provide services of transformation of IFRS statements.

We take active part in the transfer of NBFIs (insurance companies and brokers, investment and management companies, depositories, special depositories, registrars, microfinance organizations and other NBFIs) to the new industry specific standards and new chart of accounts which are IFRS-based. We specialize not only in the development of optimal methodological solutions, but also in automation of bookkeeping and operational accounting based on the new chart of accounts with the help of 1C products.

The result

The audit results in the opinion on the reliability of the reporting and its compliance with IFRS. Our specialists will prepare an auditor’s report for you, a set of adjusting and consolidation tables with open formulas which is to provide for a maximum autonomous work and independent accounting preparation.

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Why ordering audit from "Informauditservice"?

Most of our specialists are ACCA, DipIFR or CIMA certified and are leading experts in the sphere of preparation of IFRS statements.

Among our IFRS clients are: Rosneft, MegaFon, Bank of Moscow, the Agency for Housing Mortgage Lending, Sberbank, X5 Retail Group. We have experience in auditing and preparing IFRS statement for small companies as well as for major holdings.

In the course of audit we rely upon clients’ adjusting and consolidation models.
Our job-proved methodology enables us to prepare IFRS statements within a short time.

Membership in a SRO

ACG “Informauditservice” is a member of a self-regulated organization non-profit audit association “Sodruzhestvo”.

Membership in Russell Bedford International

BCG “Informauditservice” is a member of one of the leading global accounting and auditing networks Russell Bedford International which is represented by 290 offices in more than 100 countries around the world. The network employs 600 partners and 5000 consultants.

As a member of the international network Russell Bedford, BCG “Informauditservice” gains access to expertise, knowledge and methodologies of 5000 colleague professionals in 105 countries. The fact that BCG “Informauditservice” applies international project management standards and international audit quality controlling procedures common for all member of the global network can be considered as a great advantage for our clients.

Our certificates

RATINGS

BCG “Informauditservice” holds the following positions in the RAEX rankings:

No. 5
Audit of insurance companies
No. 3
Bookkeeping and tax reporting
No. 12
Bank audit
No. 13
Audit of investment institutions
No. 11
Preparation of IFRS statements
No. 16
Auditing and consulting groups in Russia
BCG “Informauditservice” is a member of Russell Bedford International, a global network of independent accounting and consulting firms, which unifies some 600 partners, 5000 consultants and auditors and 290 cities in more than 100 countries of the world.