On October 12th, 2016 in Moscow in Hotel National NOFA Foundation ran a conference “Transition to International Standards on Auditing in Russia”.

More than 120 people participated in the conference, including the spokesmen of Russian government agencies such as Ministry of Economic Development, Federal Treasury, Central Bank, self-regulating auditing organizations, large business auditing firms and also auditors, analysts, scientists and specialists, IFAC and other international organizations.

The conference summed up the results of a great almost three year work on translation by NOFA Foundation of Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements in accordance with the agreement concluded with IFAC. NOFA’s work on implementation of this project was financially supported by such large companies as Deloitte, EY, KPMG, PwC, Rosneft and Gazprom.

Igor Kozyrev, the Head of NOFA Presidium welcomed the members with opening speech. He emphasized the great amount of work carried out by NOFA, which will finally result in official recognition in Russia of ISAs translated into the Russian language.

He expressed gratitude to all who made a contribution to translation of the Handbook into Russian: the organizers, translators, experts and all the auditing community.

Rassel Guthrie, the Executive Director of Professional Relations and CFO of IFAC addressed to the audience, emphasizing the importance to develop a common set of tools, principles and methods that can be legitimized by other countries and markets. He expressed confidence that International professional standards had managed to fulfill this idea and featured a single most effective tool which is daily used by auditors for support and development of the global economy.

The speakers covered a wide range of issues, including the role and significance of the auditor in present-day world, organization of ISAs translation process in the Russian Federation, peculiarities and limitations of translation and others.

The participants of the conference received information about recognition and implementation of ISAs in the Russian Federation, recent changes in standards and strategy of ISA development.