Financial supervision and public audit are new standards for the digital era (VIDEO)

On January 17, within the framework of the Gaidar Forum, an expert discussion devoted to new standards of public financial supervision as well to interaction modes between the public supervision institutions and companies was held. Alexandr Bistryakov, Deputy Director of the Institute of Public Administration and Civil Service, RANEPA, moderator, started the discussion and noted, that the financial supervision system is currently in a transition stage and becomes increasingly transparent. “All participants of the system have to be ready for changes, for this new form of transparence”, the moderator concluded.

Valery Goreglyad, Chief Auditor of the Central Bank of Russia, designated in his presentation the problems and challenges for the supervision of public finances field as well for the external and internal auditing. “Public audit have to evolve quickly in order to address challenges properly”, the expert pointed out. He stated, that only the dynamic application of IT allows successful solution of set tasks. Besides that, he expressed the opinion of the importance of the transition from the post-evaluation to the analysis, continuous monitoring, and development of analytical competencies of auditing officers.

Anna Arkhangelskaya, Director of EY and Chairperson of the Group for the Consulting Service Providing in the Field of Regulatory Compliance, endorsed the idea of the necessity of the routine task automatization and development of new skills for the officers. She emphasized also the importance for the digital era of such audit function as risk-oriented approach application for financial business transformation as well of the considerable contribution of the internal auditing to financial sector growth.

Evgeniy Danchikov, Head of the Main Supervision Administration of Moscow City, expressed the opinion, that public audit assumes more and more responsibilities in recent times. “The technologies of public supervision are now out-of-date: we supervise the same way like ten and fifteen years ago”, the expert pointed out. He noted also, that the audit should be “invisible, intangible for the object under supervision” in order not to be a brake for economy, but to be its assistant.

Tatyana Blinova, Auditor of the Accounts Chamber of the Russian Federation, shades hes views on the new standards of public auditing. “If we talk about digitalization, the resources should favor consolidation of all auditing levels for the effectiveness achievement. In fact, it will demand changes of requirements to staff. And we must not forget the possibility to improve the quality of human capital. Thereby, we will achieve the intended effect sooner”, the expert concluded.

Arina Kargina

All records of live broadcasts from the Gaidar Forum 2019

10th Gaidar Forum Organizers:

The Russian Presidential Academy of National Economy and Public Administration (RANEPA);
The Gaidar Institute for Economic Policy (Gaidar Institute);
The Association of Innovative Regions of Russia (AIRR).

The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Prosveshcheniye publishing house, Coca-Cola, Pharmstandard group, ACIG Group of Companies, the Russian Textbook Corporation, SANOFI, Novartis, Johnson & Johnson, Russian Railways, MSD, and Mastercard; EY, Cisco and Russian Direct Investment Fund are partners. This discussion’s partners are Philips, Cherkizovo and RVC.

The general information partners of the Gaidar Forum include the Rossiya 24 TV channel, Forbes global media company, RBC and TASS news agencies. The official information agency is Rossiya Segodnya. The general radio partner is Business FM. The strategic information partners are Kommersant Publishers, the RT TV channel, Interfax and Gazeta.RU. The main information partners are Profil weekly, FederalPress news agency, and Invest Foresight online magazine. The international information partners are Sputnik and Cision. Other media partners include PRIME news agency, Rossiyskaya Gazeta, RNS news agency, Radio Ekho Moskvy, News.Ru,, Parlamentskaya Gazeta, the PRO BUSINESS TV channel, Strategia magazine, AK&M, BRICS, Ekonomika i Zhizn weekly, National Banking Journal, Expert Tatarstan magazine, the Smart Country information platform, Financial One, Naans Media, and the Public Administration scientific political journal.

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