Briefly
On 10 December 2021, at the Meeting of the Supreme Eurasian Economic Council, the Presidents of Kazakhstan, Russia, Belarus, Kyrgyzstan and Armenia signed the Agreement on carrying out audit activities w ithin the EAEU (the “Agreement").
The main goal of the Agreement is to form a unified market for audit services in the EAEU, w hich should allow the audit organizations of one state to carry out audit activities in any of the EAEU countries, w ithout having difficulties w ith recognition of issued audit opinions.
In details
In particular, the Agreement contains:
- Unified requirements for establishment and activities of audit organizations and private auditors;
- Unified requirements for professional ethics of auditors;
- Procedure for organizing and conducting external control of the quality of w ork of audit organizations;
- A single procedure for emergence and termination of the right to conduct audit activities.
The Agreement shall enter into force upon expiration of 10 calendar days from the date of receipt by the Eurasian Economic Commission of the last w ritten notification on implementation by the Member States of the necessary domestic procedures. Once the Agreement is enacted, the audit opinions issued by specialists of all five countries w ill be mutually recognized in other countries EAEU.
Are you interested in this topic?
- We w ould be pleased to discuss w ith you the above amendments and how they can impact your business
- We can analyze and implement possible steps to ensure compliance w ith the new requirements
If you are interested in additional information, please contact Pw C specialists w orking as part of a group serving your company, or to any of the persons listed.
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