The Finance Ministry is in favour of toughening the liability of auditors for giving false statements, said the Minister Anton Siluanov at the conference “Contemporary auditing: issues and prospects”.
“We are here today preparing new legislation that would impose liability not only in the form of fines for unfair work, but also criminal liability for knowingly providing false information which caused the wrong decision”, — said Siluanov.
The head of the Bank of Russia Elvira Nabiullina noted that there are cases when the auditing organization expressed in its opinion unconditionally positive opinion on the reliability of the reporting of credit institutions, which subsequently forced the Central Bank to revoke the license, including because of significant unreliability of reporting. According to Nabiullina, the same problem was and on the international market. As an example, she cited the situation with Enron.
According to the Central Bank, in 2013 the regulator revoked the licenses of 291 Bank, with most of them there has been a misreporting, said Nabiullina. Including 205 banks was recognized by the court as bankrupt, and the real value of assets accounted for only 40% of the reflected in the financial statements.
“There are cases when the audit organisation to Express an unqualified opinion on the reliability of the reporting of credit institutions”, — said the head of the Central Bank, noting that about 90% of the banks bankrupt in 2013, including in 2016, had reliable reporting on the auditor.
Previously Nabiullina said that auditors need additional regulation. According to her, the current system of self-regulation of auditors does not stimulate them to increase responsibility for the results of their work. Approximately 50 audit firms unconditionally assured statements 150 banks, where later, the regulator has found evidence of unreliability, noted by the head of the Central Bank in the summer.
In early November, first Deputy Prime Minister Igor Shuvalov instructed to study the issue of transfer of powers to regulate auditors from the Ministry of Finance to the Bank of Russia. The transfer of supervision to the Bank of Russia can be carried out given the fact that the Central Bank is the primary regulator in the financial sector, said RBC representative of the Secretariat Shuvalov.