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Leading audit experts discuss prospects and problems of the industry

One of the events of the first day of the Gaidar Forum 2017 was a round table on Audit and Control in Russia and the World: Expectations and Realities. The keynote report was made by Chief Auditor of the Central Bank of Russia Valery Goreglyad. In addition to the Central Bank representative, the discussion was attended by Igor Bartsits, director of RANEPA Institute of Public Administration and Civil Service; Auditor of the Accounts Chamber of the Russian Federation Tatyana Blinova; Chairman of the Moscow Chamber of Control and Accounts Viktor Dvurechenskikh and other well-known experts.

The key issues discussed included operational effectiveness of external audit; the conflict of expectations in the interaction of an internal audit service and management team; the problem of positioning of internal auditors; increasing requirements for their professionalism and competence; and staffing the audit services.

Valery Goreglyad said this year’s forum is being held in anticipation of positive changes. “We can expect that in 2017, we will see encouraging trends in economic development that would entail a revival of investment, while positive inflation expectations would help reduce the main rate,” he said.

The speaker noted, among other things, that there are audit-related problems in the private sector, in particular, a high level of economic uncertainty and a low level of confidence in the banking system, according to recent polls. “We, as a major consumer of audit information, believe that part of these supervisory and regulatory functions should be transferred to the Central Bank, which should increase investor confidence in information,” he said.

Accounts Chamber Auditor Tatyana Blinova stated that the supervisory authority is central to the audit system and contributes to its development. She noted the need to identify priority areas for the development of legislation and regulations and mentioned public procurement as a good example. “This must affect the quality of planning and spending of financial resources,” the auditor said.

Ms. Blinova also mentioned some of the current problems: “Violations worth up to 100 billion rubles could be prevented through quality audit. It is necessary to improve the legislation and organization in this sphere,” she said.

The priority is to improve the quality of administration, she added.