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Austrian Journal of Humanities and Social Sciences 3-4(2017)^^^ Economics and management
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- ISSN 2310-5593 (Print) / ISSN 2519-1209 (Online) -
Виктория Александровна Анищенко, кандидат технических наук, доцент, начальник научно-исследовательского центра, доцент кафедры административного, гражданского и хозяйственного права и процесса, Академия Государственной пенитенциарной службы
Адрес: 14005, Украина, г. Чернигов , улица В. Черновола д.4, кв. 101. Тел.: 050 448 07 37
ОЯСШ: orcid.org/0000-0002-5062-3789
UDC 657.6 DOI: http://dx.doi.org/10.20534/AJH-17-3.4-110-116
N. G. Kondrashova 1
1 Kaluga branch of federal state-funded educational institution of higher education "Financial University under the Government of the Russian Federation", Kaluga, Russia
IMPROVEMENT THE SYSTEM OF REGULATION OF AUDIT ACTIVITY IN RUSSIA
Abstract
Objective: research of the development of audit activity in Russia for determination the model of the system of regulation and the directions of its improvement.
Methods: analysis, observation, generalization, abstraction, analogy, comparison.
Results: revealed premises of reforming the system of regulation of the Russian audit services at the present stage of development; defined the new model of regulation, as a mixed model, which was presented elements of state regulation, self-regulation and mixed regulation; revealed deficiencies of functioning this system and proposed of directions further its improvement.
Scientific novelty: on the basis of analysis of formation and development of audit activity was defined the model of system of regulation, revealed its components, gave recommendations on its improvement.
Practical significance: main provisions and inferences of the article can be used in research and pedagogical activity at the consideration questions of audit activity regulation.
Keywords: the system of audit activity regulation; mixed model regulation; state regulation; self-regulation.
introduction
At the present stage audit is becoming an important institution of a market economy in the Russian Federation. With the adoption of the new edition of the Federal Law of 30.12.2008 No. 307-FZ "About audit activity" begins a new stage of development of audit in Russia. 2009 year is becoming transitional from the previously effective state regulation to a new system of regulation of audit activity.
The problem of improvement and development of the system of regulation audit activity in Russia is connected with the objective necessity of increase the audit quality for satisfaction the requirements of society in authentic information on the financial condition of organizations.
The basic part
The issues of regulation ofaudit activity in Russia have recently become increasingly important. Specialists are discussing ways and methods of improvement the regulation system. [1, P. 293-294; 2, P. 9-11; 3, P. 32; 4, P. 40-42; 5, P. 11-15; 6, P. 35-37; 7, P. 31-34; 8, P. 92-93].
Audit activities in our country appeared recently in connection with economic reforms. The first impetus to the establishment of audit firms has given education in the USSR joint ventures, for which the audit was made mandatory for confirmation of the annual reporting. The first self-supporting company — Stock Company "Inaudit" was founded in 1987 on the basis Ruling of Council of Ministers. It had performed a wide range of services for enterprises, institutions and organizations. It is analy-
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sis and audit of the companies with proposals to improve their work, consultation on accounting, internal financial controls, regulations of foreign trade, foreign exchange transactions.
Other firms began to emerge in 1989-1991. This is Joint Stock Companies "Contact", "Rufaudit", "Lenau-dit", "Mosaudit", "Baltic audit". Conducting verifications of financial and business enterprises of any organizational-legal form and types of property in order to confirm the reliability of their financial reporting, consultation on various issues of financial, legal, economic and commercial activities was envisaged in the founding documents of those firms.
Despite the lack of legislative base, in the country rapidly had been developing audit. By 1992 already, there were 800 audit firms. Actively preparations were underway for the auditors. Largest institutions of higher education of the country (Moscow State University, Academy of National Economy and other institutions) participated in it.
Federal Law of07.08.2001 No. 119-FZ "About audit activity" has given a legislative basis profession of auditor [9, P. 3]. There were formed systems of attestation and licensing and were carried works on the preparation of auditing standards [10; 11].
Authorized federal agency for regulation of audit activities, the Russian government, Russian President have exercised the legal regulation of audit in the Russian Federation. The functions of the Authorized federal agency for regulation of audit activities assigned to the Ministry of Finance [12, P. 76]. The main functions of Ministry of Finance were:
- adoption ofregulations governing the audit activities;
- development of federal rules (standards) of audit activities;
- organization of a system of attestation, education and training of auditors;
- supervision of compliance with federal audit rules (standards) of audit activities;
- monitoring compliance with federal rules (standards) of audit activities;
- conducting public registers of attestation auditors, audit organizations, professional associations and educational centers;
- accreditation of professional auditing associations.
The Council by audit activities was created under the
Ministry of Finance of the Russian Federation and must had to reflect the opinions of professional participants
of the auditing market. The Council has facilitated the formation of an effective system of regulation of audit activities and has influenced the formation and development of the market of audit services. The Council was formed from representatives of accredited associations of auditors, officials of the Department of State Control and Audit of Finance Ministry and assistants of scientific and educational institutions. The main directions activities of this public collegial body:
- preparation and preliminary consideration of draft normative documents on audit activities;
- development of draft federal auditing rules;
- generalization of auditing practices and preparation of proposals on improvement of legal regulation of audit activities.
All actual issues of audit activities considered with the participation of professional audit associations: audit chambers, associations, institutions. They have implemented advanced domestic and foreign experience of audit activities, have helped its members to decide audit problems, have protected theirs interests. They have established compulsory rules of professional activities and ethics, have controlled maintenance these rules. Professional associations must was pass accreditation in order to receive right to exercise training of auditors and participate in theirs attestation.
Quality of audit had remained low, in spite of presence legislative base. At that time Russia was at the stage of formation market of audit services and there was lack of understanding by external users aims and purposes of the audit. Many audit firms are checking the rightness of composition of financial and tax reporting in lieu of the carrying audit procedures. Audit was substituted by tax consulting.
The current stage of development of auditing in Russia began with the adoption of the Federal Law of 30.12.2008 No. 307-FZ "About audit activity". This was the beginning of reforming the system of regulation of auditing services.
Premises of the reforming is to increase the accuracy and reliability of financial information on the activities of businesses and increase user confidence to this information.
New edition of the Federal Law "About audit activity" No. 307-FZ came into force on 01 January 2009. The main idea of this law is the development of self-regulation of audit profession and the ensure public supervision of its development. Terminology of the basic concepts of
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audit, audit activity, related services have been clarified. If the previously existing Federal Law from 07.08.2001 No. 119-FZ equated two different concepts of "Audit" and "Audit activities", then the Federal Law No. 307-FZ has distinguished between these concepts. This law defined the audit as one of their kinds of services, making up the concepts of audit activity, along with other audit services.
Audit activity - an activity for the holding audit and the provision of audit-related services, conducted by audit firms and individual auditors.
The new law defined the composition of services, which are permitted to provide by the auditors [13]:
1. Audit - an independent test of the accounting (financial) reporting person of audit in order to express an opinion about trustworthiness on such reporting.
2. Audit-related services:
- review inspection of the accounting (financial) reporting;
- agreed-upon procedures regarding financial information;
- compilation of financial information.
3. Other services, associated with audit activities:
• organization, recovery and maintenance of accounting records, drafting of accounting (financial) reporting, accounting consulting;
• tax consulting, organization, recovery and maintenance of tax accounting, preparation of tax computations and declarations;
• analysis of financial and business activity organizations and individual entrepreneurs, economic and financial consulting;
• management consulting;
• legal assistance, legal advice, representation interests in the organs of state power;
• automation of accounting and introduction of information technology;
• development and analysis of investment projects, preparation of business plans;
• conducting scientific and experimental work in areas, related to audit activities;
• training in areas, related to audit activities.
In Russia, at this stage, the audit activity is regulated the system of normative documents:
1. Federal laws:
- Federal Law of30.12.2008 No. 307-FZ "About audit activity" [13];
- Federal Law of01.12.2007 No. 315-FZ "About the self-regulatory organizations" [14];
- Other federal laws and normative acts.
2. Federal audit standards, approved by Decree of the Government of the Russian Federation. Since 2017 year was realized the transition to international standards of audit activity [15, P. 59];
3. Orders ofthe Finance Ministry Russian Federation;
4. Code of Professional Ethics for Auditors of Russia (report of Finance Ministry on 31.05.2007 No. 56);
5. Normative acts of self-regulatory organizations of auditors:
- Internal standards, acting in self-regulatory organizations of auditors;
- Codes of professional ethics of auditors, acting in self-regulatory organizations of auditors;
- Methods, rules of external quality control audit of members of self-regulatory organizations of auditors.
6. Internal documents of audit activity, acting in the audit organization.
The reforming of system audit activity regulation takes place on several fronts:
• the creation of the system of public oversight of the auditing profession;
• the transition from licensing to self-regulation;
• the transition to a new system of attestation, education and training of auditors.
The main work in reforming the system of regulating the auditing activities in Russia is focused on creating a system of public oversight, to replace the system of state regulation. From 01 January 2009, state regulation of audit activity has reduced to the formation of public policy and legal regulation in the auditing sphere, keeping the state register of self-regulatory organizations of auditors, market analysis of audit services. 01 January 2010 happened redistribution of functions of state regulation from the Government of the Russian Federation to the authorized federal body, from the authorized federal body to the Council for audit activities, from the Council for audit activities to the self-regulatory organizations of auditors. To ensure the public interests was created a new Council for audit activities under the Federal Law No. 307-FZ. In the Council were included 10 representatives of users of accounting (financial) reporting, 2 representatives of the Russian Finance Ministry, 1 representative of the Russian Ministry of Economic Development, 1 representative of the Bank of Russia and 2 representatives of the self-regulatory organizations of auditors. Chairman of the Council is representative of the users of accounting (financial) reporting. The Council for audit activities car-
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ries out public oversight of audit activities. Council is not a legal entity and does not perform direct control functions of audit activity. Activity of Council is open. Information about its meetings and decisions is publishing on the official website of the Russian Finance Ministry.
Thus, the transition to a new model of regulation of auditing services in Russia, was ended the creation of a multi-level oversight system behind audit activities.
2009 year is becoming transitional from the previously effective state regulation to a new system of regulation of audit activity [16, P. 140]. During this year was implemented the transition from licensing audit activity to self-regulation [17, P. 18]. Professional auditing associations, accredited by the Ministry of Finance of the Russian Federation, were transformed into self-regulatory organizations of auditors.
Self-regulatory organization of auditors is a nonprofit organization, created on the terms of membership in order that provide conditions of the implementation audit activity. The nonprofit organization becomes self-regulatory organization ofauditors from the date of its incorporation into the state register ofself-regulatory organizations ofauditors.
State register of self-regulatory organizations of auditors was opened 1 October 2009 and posted on the official website of the Russian Finance Ministry on the Internet. Information out ofthe control copy ofthe register ofauditors and audit firms self-regulatory organizations of auditors were first posted on the official website of the Russian Finance Ministry on the Internet 31 December 2009.
Until 2017 year in Russia there was five self-regulatory organizations of auditors: non-profit partnerships "Audit Chamber of Russia" (ACR), "Institute of Professional Auditors" (IPA), "Moscow Audit Chamber" (MAC), "Russian Collegiums of Auditors" (RCA), "Auditing Association Commonwealth" (AAC).
Self-regulatory organizations auditors carry out external quality control of work auditors. Subject of external control is compliance with the auditors of the Federal Law "About audit activity", other legislative acts on audit activity, legal acts, Code ofprofessional ethics ofauditors Russia.
The third area of reform of the regulation of audit activities in Russia is to move to a new system of attestation, education and enhance skills of auditors. Law 307-FZ with 01.01.2011 provides for the transfer functions for the organization of system of attestation, education and enhance skills of auditors from the authorized federal body to self-regulatory organizations (the organization of vocational teaching) and a new body — united attesta-
tion commission (the attestation). Requirements of educational and qualifications of applicants for the qualification certificate are changing. The auditor should have any higher education accredited educational institution and work experience related to audit activities or conducting book-keeping is not less than 3 years. The last two years of work should be in the audit organization. In addition, the new law provides for one kind of the qualification certificate of auditor. Earlier, there were four kinds of auditor's qualification certificate: in field the general audit, in the audit of exchanges, bank audit, audit of insurers.
Thus, the transition to a new system of attestation in Russia is characterized by the formation of a chain of continuous education and training of auditing personnel: basic education — higher educational establishment — probation period at the audit organization (auditor's assistant) — Training Center self-regulatory organization auditor, qualified examination - the work of the audit organization (auditor) - an annual refresher training in the Training Center.
The development of self-regulation auditing profession had occurred during 2009. Professional auditing associations accredited by the Ministry of Finance of the Russian Federation were transformed into self-regulatory organization auditor.
As a result of the reform system of regulatory of audit services in Russia was formed a new mixed model ofregu-lation of audit activities, represented by elements of state regulation [18, P. 4], self-regulation and mixed regulation.
The functions of state regulation of auditing activity realizes by the authorized federal body (AFB) - The Ministry of Finance of the Russian Federation, in which was established a special Department regulation of accounting, financial reporting and audit activity (state financial control, audit activity, accounting and reporting).
In addition, independent of the audit profession quality control activity of audit firms realizes by the authorized federal body for control and supervision (Federal service of financial supervision, Federal exchequer).
The functions of the business community — self-regulation realizes by self-regulatory organizations of auditors. Functions of mixed regulation of audit activity realizes by the Board ofthe audit activity at the authorized federal body.
State control (supervision) over the activities of self-regulating organizations of auditors in 2014-2015 allowed reveal violations and shortcomings in the implementation requirements of the Federal Law "On audit activity", in particular, the organization of activities of
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self-regulating organizations of auditors and internal control over it. Namely: a formal approach in conducting self-regulating organizations of auditors external inspections of quality work of members, the low responsibility of quality controllers, a possibility to avoid inspections by crossing to another self-regulatory organization of auditors, the low efficiency of the control of self-regulating organizations of auditors, a formal approach to the reception in the members and the examination of complaints on the action of members, insufficient application of measures of influence to the heads of audit organizations
and auditors, who have committed violations of the established requirements.
The large number of self-regulating organizations of auditors (SROA) with a limited quantity of subjects of audit activity (Table 1) gives rise to competition between self-regulating organizations of auditors for the members, causing them to unreasonably reduce the amount of membership fees and requirements to control the quality of work of the members.
The number of auditors in the self-regulating organizations in the 2012-2015 years is shown in Table 1 [19].
Table 1. - The number of audit organizations and auditors in Russian Federation
Indices 2012 2013 2014 2015
Audit organizations, thousands 4,8 4,7 4,5 4,4
Individual auditors, thousands 0,9 0,8 0,8 0,7
Auditors - total, thousands 24,1 23,0 22,2 21,5
Source: Report of the Ministry of Finance Russian Federation "Main audit market indicators in the Russian Federation in 2015"
A formal approach to the admission to membership in a self-regulating organization of auditors is creating the risks of falling in the audit profession of persons with a dubious reputation.
During state control revealed the weakness, the insufficiency of financial base of self-regulating organizations of auditors, because the main source of income of these organizations are the entrance and membership fees. The expenses of self-regulating organizations of auditors on the maintenance of management personnel amounted to 65 per cent in 2015, therefore SROA do not suffice the resources to implement education, research, methodical activity, to render support its members [20].
Therefore, with the 1-th January 2017 year the minimum requirements for the quantity of members of the SROA has increased up to 2 thousand companies, or not less than 10 thousand auditors in each SROA. In the market for audit services remained two self-regulatory organizations — non-profit partnerships: Association "Russian Union of auditors" and the Association "Sodruzhestvo".
In addition, the Russian Ministry of Finance in 2015 elaborated and posted the standard inspection program on the official Russian website in the "Internet" to provide methodical assistance to the self-regulating organizations of auditors, as well as to prevent possible infringements and deficiencies.
Further improvement the new model of regulation should be in the direction of improvement of self-regulation and reorganization SROA:
- the creation of budget committees;
- the organization of the system of internal control;
- obligatory rotation of leading staff, including the executive bodies;
- the introduction of reporting to members;
- holding of general meetings and others.
This allow to increase the effectiveness and transparency of self-regulating organizations of auditors, reduce the number of infringements and deficiencies at the realization of their functions.
conclusion
In this study was considered the development regulation of audit activities in Russia. Audit activities include carrying audits of financial statements and the provision of related services with audit.
The current stage of development of auditing in Russia began with the adoption of the Federal Law of 30.12.2008 No. 307-FZ "About audit activity". This was the beginning of reforming the system of regulation of auditing services. The aim of the reform is to increase the accuracy and reliability of financial information on the activities of businesses and increase user confidence in the information.
The main work in reforming the system of regulating the auditing activities in Russia is focused on creating a system of public oversight, to replace the system of state regulation. To ensure the public interests was created a new Council for audit activities. This Council for audit activities carries out public oversight of audit activity.
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The transition to a new model of regulation of auditing services in Russia, was ended the creation of a multi-level supervision system for audit activities. 2009 year is becoming transitional from the previously effective state regulation to a new system of regulation of audit activity. During this year was implemented the transition from licensing audit activity to self-regulation. Professional auditing associations, accredited by the Ministry of Finance of the Russian Federation,
were transformed into self-regulatory organizations of auditors.
As a result of the reform system of regulation audit services in Russia was formed a new mixed model of regulation of audit activities, represented by elements of state regulation, self-regulation and mixed regulation. Further improvement the new model of regulation should be in the direction of improvement of self-regulation and reorganization self-regulatory organizations of auditors.
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Bulyga R. P. Audit biznesa. Praktika i problemy razvitij a (Business audit. Practice and problems of development: Monograph / R. P. Bulyga, M. V. Mel'nik; Ed. R. P. Bulyga. - M.: UNITY-DANA, - 2013, - 263 p. (in Russ.). Kondrashova N. G. Institucional'naja koncepcija v praktike formirovanija sistemy kontrolja kachestva v malyh auditorskih organizacijah (Institutional concept in practice of the formation of the system quality control in small audit organizations): monograph/N. G. Kondrashova. - Moscow: RUSAJNS, - 2017, - 110 p. (in Russ.). Mel'nik M. V., Panteleev A. S., Zvezdin A. L. Reviziya i kontrol' (Revision and control): Textbook / Ed. prof. M. V. Mel'nik. - M.: KNORUS, - 2009, - 640 p. (in Russ.).
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8. Seleznev A. Z. Kontrol' finansovyh potokov (The control of financial torrents): textbook. / Ed. prof. VJu. Kata-sonova. - M.: INFRA-M, - 2010, - 304 p. (in Russ.).
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10. Collings S. Interpretation and Application of International Standards on Auditing. New Jersey: John Wiley & Sons, - 2011, - 648 p.
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12. Nechuhaeva O. V. Istochniki pravovogo regulirovanija auditorskoj dejatel'nosti v Rossijskoj Federacii (Sources of legal regulation of audit activity in the Russian Federation), Herald of Moscow University Russian Interior Ministry, - 2015, - No. 2, - P. 75-80 (in Russ.).
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Austrian Journal of Humanities and Social Sciences 3-4(2017)"^^« Economics and management
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- ISSN 2310-5593 (Print) / ISSN 2519-1209 (Online) -
18. Loseva N. A., Prohorov I. V. Regulirovanie auditorskoj dej atel'nosti v Rossii (The regulation of auditor activity in Russia), Audit statements, - 2013, - No. 10, - P. 3-11 (in Russ.).
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Information about the authors
Kondrashova Natalia G. , candidate of economic sciences, docent department of "Accounting, analysis and audit"
of the Kaluga branch of federal state-funded educational institution of higher education "Financial University under
the Government of the Russian Federation".
Address: 248016, Russian Federation, Kaluga Oblast, the city of Kaluga, ul. Lenina, 59, apt. 90,
Tel.: +7 (953) 314-79-55
E-mail: nataljakond1771@mail.ru.
ORCID: http://orcid.org/0000-0003-3548-0182
UDC 339.187.62 DOI: http://dx.doi.org/10.20534/AJH-17-3.4-116-122
V. s. Lukashov 1 L. K. Ulybina 1
1 I. T. Trubilin Kuban State Agrarian University, Krasnodar, Russia
LEASING AS AN INVESTMENT INSTRUMENT FOR MODERNIZATION OF THE RUSSIAN ECONOMY AT THE PRESENT STAGE
Abstract
Objective: to determine the main trends in the development of the leasing market in Russia and its current state.
Methods: theoretical analysis of literature sources and periodical Russian and foreign publications, normative legal documents Internet materials, roundtable discussions and conferences analyzed and generalization of the leasing market in tabular format. Methods of statistical data processing, expert evaluation and visualization of data were used in the article.
Results: the development of leasing market is associated with the intensive development of production activity of enterprises of all forms of ownership. Growth and expansion of the leasing market is an appropriate fact of the processes of globalization and integration, both production and financial sphere.
Scientific novelty: the Russian leasing market develops simultaneously with the world market. Leasing remains one of the fastest growing instruments for investing in the financial services market and one of the priority financing mechanisms for most enterprises in the country.
Practical significance: the using of data to understand the current situation in the leasing market and the possibility of planning and forecasting in the sector of the real economy of Russia.
Keywords: leasing, lessor, lessee, diversification, securitization, bonds, bills, risk management.
References:
1. Obzor lizinga v Rossii. Rossiyskaya assotsiatsiya lizingovyih kompaniy, - 2015. URL: http://www.assocleasing.ru/ V. S. Lukashov Ulybina L. K. LEASING AS AN INVESTMENT INSTRUMENT FOR MODERNIZATION OF THE RUSSIAN ECONOMY AT THE PRESENT STAGE
