FBK Among First Firms in Register of Audit Firms that Provide Services to PIEs in Financial Markets

FBK has become one of the first to be included by the Bank of Russia in the register of audit firms that provide services to public interest entities in financial markets. In September 2022, the firm was also included by the Federal Treasury in the register of audit firms that provide audit services to public interest entities.

These two registers are based on amendments to the Federal Law on Auditing Activities (Law No. 307) that became effective on 1 January 2022. They provide for a list of public interest entities that may be audited only by the firms included in special registers. For public interest entities in financial markets, these requirements will be effective starting from financial statements for 2024 and from 1 January 2024 with respect to audit-related services. The powers to regulate, control and supervise audit activities in financial markets and maintain the register of audit firms that provide services to public interest entities in financial markets are vested by the new revision of the law in the Bank of Russia.

Public interest entities in financial markets:

·        listed entities and entities whose financial statements include a securities prospectus;

·        credit institutions, parent credit institutions of banking groups and holdings;

·        insurance companies, mutual insurance companies;

·        entities of the securities market, credit history bureaus, clearing agencies, listing authorities, non-government pension funds, management companies of investment funds, mutual funds and non-government pension funds.

FBK is one of the oldest audit and consulting groups in Russia. The firm provides a wide range of professional services to leading Russian public and private companies operating in strategic sectors of the Russian economy, a range of systemically important Russian banks, big insurance and leasing companies, and non-government pension funds. FBK ranks sixth among the largest audit organisations in Russia according to RAEX. In addition, the firm is traditionally recognised the best in audit of banks and audit of leasing companies, and included in the top three firms in financial consulting, tax consulting and legal consulting. FBK is also named one of the best ten firms in valuation and IT consulting, and one of the best twenty firms in outsourcing.