“Audit Denunciation” — Valery Slugin comments to the Agency of Legal Information

Auditors will be obliged to reveal at check of companies the so-called questionable transactions and report them to the Federal financial monitoring service. In the future lawyers will have to write "denunciations". These requirements fully meet international standards, but can undermine the confidence of clients to consultants.

As noted by Valery Slugin, head of international reporting in Prime advice, "in this case, the state imposes the duty to "above standard". Though in a sense, the proposed project is rather vague concerning the responsibilities of auditors to report on the violations identified. Today it is "corruption, bribery and other offenses" that are reported in an unspecified "competent authorities", and after the initial discussion with the client."

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