Memo from auditors about the preparation of financial statements-Publication
Tatyana Piskareva

Head of the Accounting Practice Team in UniconOutsourcing

When it may be needed: When preparing annual accounting statements.

The memo states the main milestones that Tatyana Piskareva, the auditor and head of the Accounting Practice Team in UniconOutsourcing, recommends paying attention to when preparing for drawing up accounting statements.






Preliminary actions and checks



Take inventory of fixed assets, stocks, WIP, financial liabilities, check assets for impairment


Order No. 49 of the Ministry of Finance dated 13.06.1995


Take inventory of receivables and payables. Create necessary provisions in accounting


Clause 70 Accounting and Reporting Regulation approved by Order No. 34n of the Ministry of Finance dated 29.07.1998


Check with the Federal Tax Service and the Federal Customs Service (relevant for importing companies). If there are overpaid taxes and charges, it is necessary to document a credit/refund in a timely manner


Article 78 Tax Code


Check assets for impairment


RAS 8/2010


Reconcile accounting statements with accounting data (including input data as at the beginning of year)



Review the audit report to examine the results of the previous audit, verify that all necessary adjustments have been made



Check the compliance of indicators of the accounting statements forms, compare the results of the income tax calculation in the statement of financial results and the tax return


RAS 18/02


Required procedures



Calculate the net assets (NA) of the organization. Check if the ratio of the authorized capital and NA are observed

Clause 4Article 90, Civil Code


Check the compliance of accounting statements with regulatory and legal requirements as to disclosures in explanations to the statements. For example, whether the list of minimum disclosures prescribed at the end of each RAS and FAS is taken into account


Law No. 402-FZ dated 06.12.2011

RAS 4/99


Review management's assessment of the organization's ability to continue as a going concern for at least 12 months after the reporting period


RAS 16/02


Request information about events that occurred after the reporting date and could affect the accounting (financial) statements, from the management and those individuals charged with corporate governance


RAS 7/98


Request information about related parties and related-party transactions from the management. Disclose necessary information in the Explanations


RAS 11/2008


Final stage



Check the correctness of accounting entries and other adjustments made directly during the preparation of accounting (financial) statements, including those made on the basis of accounting estimate statements


RAS 22/2010


Check for availability of accounting statements and/or a document recording the accountant's opinion (professional judgment) on non-standard transactions and/or adjustments


Accounting and Reporting Regulation approved by Order No. 34n of the Ministry of Finance dated 29.07.1998


Check for signed up-to-date Accounting Policies for the reporting year


RAS 1/2008, Article 11, Tax Code


If the company has made any transactions that are outside its standard activities, evaluate the business purpose of the transactions. Make sure that these transactions were not made to prepare fraudulent accounting (financial) statements or to conceal misappropriation of assets.

If any risks are identified, notify the management of the company. In some cases, it is advisable to obtain a written order from the head to register data in accounting registers.


Article 7 Law No. 402-FZ dated 06.12.2011


Compare data of the financial statements for the current period with the criteria established for a statutory audit of financial statements


Article 5 Law No. 307-FZ dated 30.12.2008





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