Auditing in Russia

Conference of The International Academy of Business Disciplines, 2003

16 Pages Posted: 18 Jun 2003

See all articles by Galina Preobragenskaya

Galina Preobragenskaya

Abu Dhabi University - Department of Accounting

Robert W. McGee

Fayetteville State University - Department of Accounting

Abstract

This paper presents an overview of the current state of auditing in Russia. International Standards on Auditing (ISA) are in the process of being adopted and implemented but this task is far from complete. Furthermore, there is resistance to ISA adoption and there is less than a widespread perception that they are needed or desirable. Russia has adopted some auditing rules that are not included in ISA and the focus of audits in many companies is tax compliance or minimization rather than attestation. Lack of full compliance with ISA makes it more difficult to attract investment capital, since foreign investors do not place much confidence in financial statements that do not comply with International Accounting Standards and that were not audited using ISA.

Keywords: auditing, Russia, accounting reform, transition economy, emerging economy, International Accounting Standards, International Standards on Auditing

JEL Classification: D45, F21, G1, G2, G3, I2, J44, K22, L84, M4

Suggested Citation

Preobragenskaya, Galina G. and McGee, Robert W., Auditing in Russia. Conference of The International Academy of Business Disciplines, 2003. Available at SSRN: https://ssrn.com/abstract=410819 or http://dx.doi.org/10.2139/ssrn.410819

Galina G. Preobragenskaya

Abu Dhabi University - Department of Accounting ( email )

PO Box 59911
Abu Dhab
United Arab Emirates

Robert W. McGee (Contact Author)

Fayetteville State University - Department of Accounting ( email )

Fayetteville, NC 28301
United States

HOME PAGE: http://robertwmcgee.com

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