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Own business: how to open an audit company

The auditing business is considered to be in demand and has a low entry threshold, but its specificity is a delicate matter, so success is far from being for everyone. Consider what you need to open an audit company.
Auditing companies are involved in the work of almost any business. Along with the compulsory audit, which must be carried out by some companies, firms that also need assistance in their accounting, tax, legal or operational activities resort to the services of audit firms. You can create an effective audit business if you have experience in this area, since this business requires special education and a deep understanding of the subject. This business is in demand and has a small entry threshold. Consider how to open an audit company, what investments are needed and what the profitability of the project can be.

Market audit services
First of all, it should be noted that at the end of 2017, 4.8 thousand audit companies were registered in Russia. Over the past three years, the number of audit companies has decreased by 500, which is connected, in our opinion, with a decrease in business activity in the Russian Federation. Almost half of all audit firms are registered in the Central Federal District. Almost 35% of the total number of audit companies throughout Russia are registered in Moscow. Probably, in small and medium-sized cities there is a shortage of these services associated with a shortage of qualified personnel, since the ratio of wages in Moscow and regions of the Russian Federation makes it advantageous to relocate qualified specialists to Moscow.

In general, the situation on the audit market is fairly stable – 79% of all audit organizations have been operating in the market for more than five years. That is, companies that are qualified and have good feedback feel quite confident.

Revenues of audit companies are quite large – in 2017 they earned more than 55 billion rubles. Of these, only about 50% is accounted for directly by the audit, the rest – by related services.

The largest part, that is, 27% of audit companies earn a year from 3 to 9 million rubles. The average audit company employs 5 people, that is, the audit company provides a fairly good income.

Most, namely, 18% of clients of audit firms work in the wholesale and retail trade.

Briefly analyzing the market of audit services, we conclude that the market situation is quite stable, but the market growth is practically not observed.

What services does the audit company provide?
Currently, the two main areas form the basis of the audit company: financial and economic consulting and accounting services. Let us examine in detail what services are offered by audit companies.

The main services of auditing companies:
Setting, monitoring or maintaining accounting records.
Mandatory or initiative audit.
Personnel audit.
Financial and economic consulting.

In essence, the auditors provide consulting services or an independent assessment of individual financial and economic aspects of the activities of companies.

Most, that is, more than 90% of the companies that conducted the audit, conducted it at the request of the law. Since this is a significant part of the market of an auditing company, let us examine which companies are obliged to conduct an audit and with what frequency. Here is the main list of clients of audit companies who are obliged to conduct an annual audit:
joint stock companies;
credit institutions;
insurance companies;
APF;
investment funds;
companies whose securities are traded on the stock exchange;
companies whose revenues are more than 400 million rubles, excluding VAT;
companies where the company’s assets at the end of the year exceed 60 million rubles.

If the company does not conduct a mandatory audit, a fine is imposed on it.

Own business: how to open an audit company
Regulatory acts regulating the activities of the audit company
Audit activities are carried out in accordance with the Federal Law of 30.12.2008 N 307-FZ “On Auditing” and other federal laws. This is the main regulation that defines the standards of auditing activities. International auditing standards are applied on the territory of the Russian Federation from January 1, 2017, which was approved by the Government of the Russian Federation of June 11, 2015 N 576, and by orders of the Ministry of Finance of Russia of October 24, 2016 N 192n and of 09.11.2016 N 207n. international auditing standards in the Russian Federation. ”

Since 2010, auditing is not subject to licensing. Currently, all companies or individual entrepreneurs engaged in auditing activities must be members of self-regulating associations. At the moment, there are only two left: the Association of Auditors “Commonwealth” and “Self-Regulatory Organization of Auditors” Russian Union of Auditors “(Association)”.

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