Self-regulation of audit activity: current state and development prospects

Abstract

The proposed article discusses the current state and further development of the institution of audit self-regulation. The features of the system of regulation of audit activity are indicated, which, taking into account world experience, is based on a combination of regulation carried out by the Ministry of Finance of Russia, the Bank of Russia, with a self-regulation mechanism by the professional community of auditors. The features of the legal status of the self-regulatory organization of auditors are determined from the standpoint of its special functions, rights and obligations. In accordance with the legislation on audit activity, the governing bodies and specialized bodies of the self-regulatory organization of auditors, including the Committee of audit organizations in the financial market, are characterized. The provisions on the control powers of the Ministry of Finance of Russia for self-regulatory organizations are outlined. Attention is paid to assessing the real state of audit self-regulation, taking into account the negative trends that can be traced today in the field of audit self-regulation. The prospects for the development of self-regulation as “the main institution of the audit profession”, which will significantly reduce the negative trends of the current period of audit selfregulation, are determined.