Russian C Bank stripped of right to control audits

RUSSIA - On 13 July, the Russian State Duma adopted in third and final reading two bills, entitled On auditing activities and on the state registration of legal entities.

The documents strip the Central Bank not only of its right to regulate the market for banking audits but also of the right to register legal entities planning to go into banking activities.

From now on, a federal body for state control of auditing activities will supervise banking audits, as well as general audits and audits o