IFRS Audit

IFRS (International Financial Reporting Standards) by IFRS-Audit
Nowadays more and more Russian companies switch to production of financial statements in accordance with IFRS. Those are primarily the companies focused on public financing markets or attraction of investments from international financial agencies. In addition, the popularity of international corporate management standards in Russia and generally growing FDI and foreign capital inflow in the developing Russian economy contribute to the IFRS expansion. Some of the Russian companies also use IFRS for improving financial decision-making and management accounting. In challenging financial crises time IFRS helps to improve effectiveness and efficiency of companies’ activity bringing cost reduction.

IFRS-Audit has an extensive track record of audits of financial statements prepared in accordance with IFRS. Furthermore we are solving complex problems of our clients pertaining to transition to IFRS. The Group’s professionals ensure collection of the required financial and economic information and data, implement report production techniques and develop accounting policies which are in line with the international standards. As result, our client is able to develop an optimized financial reporting and statement production process in full compliance with generally accepted international practices and to react promptly to both the current changes in IFRS application and its business development patterns.

Our core IFRS-related services:

  • — Audit of financial statements produced in accordance with IFRS;
  • — Preparing IFRS Statements;
  • — Restatement of financial statements;
  • — Consulting and methodology support;
  • — Staff training on IFRS application theory and practice;
  • — Introduction of IT-supported IFRS.

IFRS-Audit has extensive experience in providing services in accordance with international standards, which has being accumulated almost from the date of its incorporation. As early as in 2003, trainers of the Company started to share IFRS knowledge by means of providing trainings on different tailored IFRS educational programs.
A growing interest of foreign investors to the Russian economy lead to increased demand for IFRS-Audit services. Compliance with international audit standards, application of methods and instructions approved by ACCA and based on international standards yielded highly reliable results of our work.
Today, IFRS-Audit is a leading Russian company providing services in accordance with international standards. We offer our clients:

  • — Audit of financial statements of enterprises and credit organizations, prepared in line with International Financial Reporting Standards and US and European standards requirements.
  • — Issuing of consolidated financial statements of a Group in accordance with IFRS
  • — Transformation of financial statements in accordance with International Financial Reporting
    Standards, national US and European standards.
  • — Development of financial reporting transformation methods.
  • — Advisory services as to application of international standards and improvement of accounting policies to comply with IFRS.
  • — Training panels focusing on IFRS application.
  • — Organization of dual computer-aided accounting in accordance with IFRS and Russian accounting standards.

IFRS-Audit professionals will account for all details and specifics related to the purposes of application of international standards: public offering the company’s shares on the international market, loans and investments obtained, issuing of European and Russian bonds, etc.

Audit Services by IFRS-Audit
A robust audit process is vital in order to demonstrate the integrity and accuracy of reported financial information.

What do we offer?

IFRS-Audit can perform both statutory and non-statutory audits.

Statutory audit is designed to provide a reasonable level of assurance to users of accounts. Most organizations are required to prepare at least annual financial statements to record their activities. Often other reporting is also required; for example, on the spend relating to individual grants, or to satisfy the needs of a regulator or other interested party. Our audit and supplementary audit services will help you meet regulatory requirements, as well as the particular needs of your organisation.

Organisations for which an audit is not a legal requirement may still decide to have an audit for a number of reasons.

How do you benefit?

Meeting regulatory requirements is, of course, paramount, and this is why a robust statutory audit is essential. However, even where audit is not a formal requirement, it is very valuable. It can help you meet your stakeholders’ expectations, help you identify and address financial and system issues, facilitate effective governance, give you reliable information on which to base critical decisions.

Why choose IFRS-Audit?

IFRS-Audit is committed to delivering an audit that adds value – our partner-led service gives you much more than just regular Russian statutory audit. It may bring some valuable advice taken from a wide practice of IFRS-Audit. We work to understand your business, its goals and its issues, bringing extensive sector knowledge and experience to the task. We work with you, offering continual attention – not just at the year-end. We adopt a risk-based approach, carrying out an up-front risk assessment that focuses on your business’s key concerns and identifies potential threats. We can flag up other potential issues, mainly financial, that may affect you. Subject to independent constraints, we can also offer pro-active advice on the risks you face, including practical solutions to accounting and systems weaknesses.

Our reporting is clear and accessible. Even IFRS financial statements are issued in a way that a person with insignificant finance knowledge will understand the concept and will be able to make economical financial decisions.

For smaller organisations, we also offer a basic audit that delivers the compliance and peace of mind you need at a reasonable cost.

With IFRS-Audit, you can have greater confidence in your business’s financial information, while making your financial reporting process easier, more effective and more in line with your business goals.

Find out more

To talk to us about any of these services please complete the contact Sergey Moderov, FCCA, Director of IFRS-Audit, who is in charge of international audits and consulting projects. Contact details are phone +7 921 9450055 e-mail smoderov@mail.ru; www.ifrs-audit.ru mail@ifrs-audit.ru

IFRS-Audit is one of the leading federal consulting companies in Audit, and IFRS. We work with major federal and regional companies both state-owned and private, mainly in the Moscow and St-Petersburg regions. Inetrests of our firm is to provide audit services in the North-West (St-Petsrburg), Central (Moscow), South (Krasnodar), Siberia (Novosibirsk, Chita), Far east (Krasnoyarsk, Vladivostok) of Russia, as well as in Kazakstan (Almati, Ayrau), Belorussia (Minsk), Latvia (Riga) and Lietuva (Vilnius).
We offer the following services:

  • - Russian statutory audit;
  • - Preparation (restatement) of financial statements of Russian enterprises in compliance with IFRS;
  • - Advisory and educational services to the clients staff on preparation, application and interpretation of IFRS;
  • - Special purpose audit

Corporate Finance Advisory

  • - M&A advisory (preparation of documents to sell a business);
  • - Business plan preparation;
  • - Financial business proposals preparations to raise finance

IFRS financial reporting and accounting

Our consultants specialize in IFRS, accounting and auditing will find the most appropriate way of financial control over your investments into any project connected with outsourced bookkeeping, creation of IFRS financial statements and statutory and international audit of financial reports.

Please contact Mr. Sergey Moderov, FCCA, PhD, if you have any queries
Ph +7 921 9450055
Fax +7 812 7033008
e-mail smoderov@mail.ru
e-mail mail@ifrs-audit.ru