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Russia to ban compulsory audits for SMEs

The Russian Duma has passed a federal law abolishing compulsory audits for SMEs with total assets of RUB60 million ($1.9million), up from RUB20million.

The law will come into force on the 1 January 2011.

In the latest International Accounting Bulletin Russia survey firms said they are already struggling with fierce competition, cases of pour audit quality and a slowly recovering market. Reduced number of mandatory audits is expected to hit firms hard as audit fees have been in sharp decline in the past 18 months.

Unfair competition has also been affecting Russia’s audit market as the country - regardless of its international investment appeal – is feeling the pinch of the economic downturn.

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