AUDIT IN THE SYSTEM OF PUBLIC FINANCIAL CONTROL OVER THE FINANCIAL MARKET ENTITIES

Abstract

The main financial and legal significance of the audit is to provide the state authorities with an independent assessment of the reliability of the financial statements of economic entities. The Institute of audit control, whose legal regulation is aimed at the development of this activity as the only independent non-state financial control, often does not perform its functions. Instead of providing the state with an objective opinion on the reliability of the financial statements of audited entities, the audit institution contributes to the concealment of violations of Russian legislation. In the field of financial markets there are so-called socially significant organizations subject to mandatory audit. Lack of professionalism, bias and lack of independence in the conduct of mandatory audit of these entities entails serious property losses for the state and their numerous customers and contractors. In order to exercise proper public financial control in this area, it is necessary to organize joint work of the Central Bank of the Russian Federation, the Deposit insurance Agency, state bodies and self-regulatory organizations.