An audit is mandatory or initiative. Mandatory audits in accordance with the Federal Law "On Auditing ', N 119-FZ of 07.08.2001. Under mandatory audit verification means an obligatory annual audit of accounting and financial (accounting) reporting of the organization or individual entrepreneur. Mandatory audit regulated, as well as federal rules (standards) of auditing and is conducted in the following cases: the organization has the organizational and legal form of open joint stock company, organization is a credit, insurance companies, investment trust or other organization referred to in paras. Clause 1, Article 2. 7 of the Act, the total revenue of the organization from the sale of products (works, services) for the year more than 500 000 times by Russian law minimum wage or the amount of assets exceeds the balance of the organization at the end of the year to 200 000 times the established minimum wage legislation of the Russian Federation, the organization is public or municipal unitary enterprise based on the right of business if the financial performance of its activities satisfy the conditions set forth in the preceding paragraph. According to the results of mandatory audit issued a formal opinion in accordance with federal rules (standards) for audit activities of N 6 The auditor's report on the financial (accounting).
Action audit initiative audit is conducted in the organization of any form of ownership by the decision of the founders. Regardless of whether the initiative is carried out an audit or statutory audit, the audit shall apply all the necessary procedures to validate financial (accounting) in full. Conducting an audit of the initiative can not only timely identify and correct errors, but also increases confidence in the client's business that promotes goodwill. As a result of increased investment attractiveness of the company, facilitated the process of obtaining bank loans and contracts. In addition, the management entity will be able to objectively evaluate the level of qualification of employees of accounting and to assess the effectiveness of the executive bodies of the company.
By the results of the initiative of the audit shall be granted auditor's report detailing all identified during the inspection and evaluation of abnormalities of the internal control. Regular interaction accounting client with the specialists of the audit firm provides an opportunity to receive free consultation and clarification, which reduces the risks of keeping and increasing its level of competence. Reporting on the audit consists of: formal audit opinion on the financial (accounting); confidential audit report addressed to the leadership of the client who ordered audited. Form and content of the auditor's report from the relevant federal rules (standards) of auditing activities. Written information (report) auditor – a document addressed exclusively to owners or management of the client. Written information (report) the auditor has complete information about the course of the audit, marked deviations from the established order bookkeeping, substantial violations of applicable laws. In addition, in the auditor's report assesses the internal control system client, disclosed significant financial, legal and other risks and also provides constructive suggestions and recommendations on elimination of detected violations and distortions, to improve the accounting and internal controls, as well as other information obtained during the audit testing and provided by an audit contract.