The need to apply international audit standards in Russia

• Storozhenko A.A.

  Vladivostok State University of Economics and Service
  Vladivostok. Russia

• Vasilenko M.E.

  Vladivostok State University of Economics and Service
  Vladivostok. Russia

At present, the current problem of modern audit in Russia is the application of international audit standards. International Standards on Auditing (ISA) are the single international basic principles and standards that all auditors must follow in the course of their audit activities. The purpose of reforming the accounting system is to bring the national accounting system in line with the requirements of a market economy and international financial reporting standards. International Financial Reporting Standards (IFRS) is a set of international accounting standards that specify how specific types of transactions and other events should be reflected in the financial statements. International financial reporting standards predetermine the need for the use of international audit standards. The application of international audit standards is a prerequisite for Russia, it contributes to improving the quality of audit services and high level of auditors. Strict adherence to audit standards is the responsibility of the auditor, as this affects the quality of the work of all audit work. In order to clearly understand why in Russia it is necessary to apply the ISA and what consequences this entails, it is necessary to analyze a number of key aspects. In this regard, this article discusses the advantages of international audit standards, their comparison with the previous domestic standards, the problems of their application in Russia, the main terminology, as well as the dynamics of the revenues of audit organizations in Russia for the period 2006-2016. In the course of the study, methods were used: analysis, generalization, comparison, and statistical methods of investigation.

Keywords: international audit standards, audit activities, audit system reform.