Encyclopedia

Audit


3. Audit - an independent examination of the financial statements of the audited entity with a view to expressing an opinion on their reliability. For the purposes of this Federal Law, the financial statements of the audited entity are understood to mean the statements provided for by the Federal Law of November 21, 1996, No. 129-FZ "On Accounting" or normative legal acts issued in accordance therewith, as well as similar composition statements provided for by other federal laws or normative legal acts issued in accordance therewith

Source: Federal Law of December 30, 2008 No. 307-FZ (as amended on July 11, 2011) "On Audit Activities" (with amendments and additions coming into force on November 3, 2011)

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