FBK at RAEX Round Table on Audit Market Reform

FBK President Sergey Shapiguzov has participated in the round table titled “Audit Market Reform” held by the Expert RA ranking agency.

During this event the heads of audit firms, officials from regulatory bodies and self-governing organisations discussed phases of the reform. The main topics of the discussion included Russian audit rehabilitation, changes in the client base as a result of the reform, dumping and the quality of audit services, and new technologies in the industry. 

During the discussion FBK President mentioned that the transfer of the regulatory function to the Central Bank would become an important element of the reform. “There are many reasons for that. In my opinion, the Central Bank is interested in the results of the auditors’ work like nobody else, it is in the position to support the sector and has necessary expertise in this area,” Sergey Shapiguzov said and added that the changes would help to overcome existing internal contradictions and the successful completion of the reform would provide for the development of the audit market, as well as the economy on the whole.

After the discussion companies that were recognised as leaders in various categories in the new RAEX ranking received their awards. FBK was recognized to be the largest Russian company in the bank audit category in 2017.

RAEX (Expert RA) is a leader in ranking and research activities. RAEX rankings are included in the list of official requirements to banks, insurers, pension funds and issuers.