The auditing subdivision of Awara is our Awara Audit Alliance. We are among the best auditors in Russia in terms of quality price ratio, and much more affordable than the BIG 4. Here is the full list of our audit services:
- Statutory audit according to Russian accounting standards (RAS)
- Audit in accordance with international standards (IFRS, GAAP)
- Audit of Russian tax accounting
- Review of tax risks (tax audit)
- Express and Spot Audit Services
- Audit of non-governmental organizations
We have experience with serving various types of clients, such as subsidiaries of multinational corporations, medium sized businesses, private equity investors, and Russian investors aspiring to international standards. Our clients come from various industries such as manufacturing, retail, agriculture, FMCG, finance and investments, etc.
The primary role of the external auditor is to express an opinion on whether the financial statements are free of material misstatements. Awara, however, delivers more than that. Therefore, we take a proactive approach to our audit assignments.
Because we are proactive, we stress the need of the auditor to assess the level of risk management and internal controls. Additionally, the auditor has to direct attention to developments that might impact the business in the future. The auditor has to give his input in spotting trends and their impact. In our business and on our market, it is very important to address the issue of fraud detection as well. We know the business practices and the methods that are used in connection with fraud, so we know what to pay attention to.
Good communication is the most important factor in delivering a proactive service. The business environment has become more complex, riskier and faster, which increases the risk of miscommunication. All these factors play an even more important role on the Russian market we serve. Below we stress the importance of proper communication, which we apply in our projects at Awara.
Proper presentation of audit findings is also a question of good communication. It seems that all over the world, audit reports are getting thicker and thicker; it is as if the auditor were transferring the burden of coming to grips with the audit findings to the recipient. We have made a concentrated effort to fight this trend by investing in working methods, which result in clear and concise reports. We bring up the issues that matter and help the client to make sense of them. Anybody with experience in the Russian market will appreciate how our standards differ from the prevailing practice of presenting thick reports that include exhaustive lists of subjects – not just the main issues, but everything – that have received the auditor’s attention, without any attempt to structure the reports in accordance with relevance and materiality of the issues.
There is more that Awara Audit Alliance can do for you
Awara also fulfils assignments of internal audit. We are able to perform the function of internal controller (internal auditor) on an outsourced basis.
An engagement starts with the auditor being hired to implement the necessary controls. As an auditor with valuable experience in Russian risk management and all the checks and balances that a solid internal control system requires, we can help companies to extract greater benefit from their compliance efforts. We go further than that; beyond internal controls we make an investment in incorporating our knowledge and experience into the company’s operating procedures.
- Internal audit assignments
- Implementation of a proper reporting system for international standards (IFRS, GAAP, etc.)
- Transformation of Russian (RAS) accounting standards into international standards (IFRS, GAAP, etc.)
- Financial Due Diligence
- IT audits
- Tax compliance
- Transfer pricing policies
- Anti-corruption and anti-bribery compliance
- Competition law compliance
- Data Protection compliance
- Labor law and HR administration compliance
- Corporate Governance audit
Head of Financial Outsourcing Department