Legal basis of audit under the legislation of the Russian Federation
The work analyses the legal basis for auditing activities in the Russian Federation. The Institute of Auditing is an important element of the infrastructure of the market economic system and a special organizational form of financial control. Audit activity is a type of economic (entrepreneurial) activity, the meaning and content of which are determined by separate special laws within the framework of federal legislation, a system of by-laws, court decisions. By-laws of the Government of the Russian Federation and the Ministry of Finance of the Russian Federation introduce standards, mandatory norms on the order, form of provision of various kinds of reporting by economic entities. They also establish rules for monitoring the activities of audit organizations and individual auditors. Issues of legal regulation of auditing activities, their public importance, responsibility of auditors in the context of convergence with international practice are only part of the problems requiring rethinking and revision of current federal legislation.