External audit legal regulation is performed on the basis of following these normative documents:
1. The order of the president №54-RP from 2/4/1994 «About the organization of work of the commission on auditor activity at the President».
2. The governmental order №482 from 5/6/1994 «About the statement of normative documents on auditing regulation».Also the legal bases of bank audit can be possible by the given resolution have been accepted legal bases:

  • umbrella company hmrc guidance
  • An order of issue of licenses for realization of auditor activity (this document acts only regarding the rates, a concerning order of issue of licenses for bank audit realization).

3. The governmental order of the Russian Federation №472 from 4/27/1999 «About licensing of separate kinds of auditor activity in the Russian Federation» (doesn’t extend on licensing of activity in the field of bank audit).
4. Rules (standards) of auditor activity.
5. Position of CBRF «About an order of drawing up and representation in the Central Bank of the Russian Federation of audit opinion based on the results of testing activity of the credit organization for a year».
6. Rules (standards) of auditor activity in the field of the bank audit, approved by expert committee at CBRF on bank audit.
Now the first standard on bank audit «the Rule №1» – the Order of drawing up of audit opinion about reliability of accounting records of the credit organization, prepared is developed and affirms following the results of activity for a year and approved 9/8/1998, report №4.
Direct auditing regulation in bank sphere of the Russian Federation is assigned on CBRF which will organize certification carrying out on the right of carrying out and realization of banking audit and other credit organizations, gives out and withdraws licenses for the right of realization of bank audit, accepts normative documents, regulates auditor activity in bank sphere of the Russian Federation and provides the regular control of the bank audit organization.
At base level of state regulation of audit for improvement of quality of its carrying out and introduction in advanced experience practice, standardization of auditor activity will be conducted, audit standards, and also positions to which firms should follow all auditor will be developed and confirmed.
Standards of auditor activity can be presented in 4 interconnected parts:
1. The basic postulates are a conformity to standards, their availability and coordination, impartiality of judgements, responsibility of a management, means of the internal control, availability to the information, activity monitoring, improvement of technics of check etc.
2. General rules – the code of professional requirements on qualification of the auditor, independence of its point of view and due attention to all questions, concerning to work performance.
3. Working rules – standard carrying out of audit inspections. In them positions about necessities of carrying out of check, studying and an estimation of systems of the business accounting and the internal control, reception of proofs of quality control of audit etc. reveal
4. Rules of drawing up of reports – provide requirements both to the form of the reporting of the auditor, and to its maintenance.
For the purpose of provision of unity of interpretation of standards of auditor activity the list of terms and determinations on the given problem is used also as legal bases.
On the basis of the confirmed standards of auditor activity, auditing firms should develop internal standards of audit which have auxiliary character and urged to provide the uniform approach to audit inspection in the given firm.

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