Antonyuk Oleg, Lebedev Yury
In the article the project of the Concept of the organization of system of the internal control over non-bank financial institutions, developed by Bank of Russia is presented; problems at which decision this document is aimed are stated. The importance of the Concept as strategic for the financial market of the Russian Federation of the document is opened.
The article presents theoretical and applied aspects of the formation and development of the concepts of financial control and auditing, based on the institution of ownership. The central bank should be allocated a special role that should be widened to not only supervising financial institutions, but should also include the supervision of auditing companies that audit the participants of the financial market. The study of the state of the system of internal control in credit organizations identified the most important unsolved problems in this field, and formulated specific proposals to improve the effectiveness of the internal control and audit. Analysis of the situation of the independent audit market yielded a number of negative factors affecting the quality of audit services offered in the financial market. On this basis, a number of proposals of the Bank of Russia were considered to enhance the oversight over the quality of external audits.
The article investigates whether the choice of the exchange rate arrangement affects the efficiency of the inflation targeting policy. Efficiency is the ability to stimulate a long-term output level. The paper analyzes the panel data for 176 economies including the representatives of the following groups: (1) countries which target inflation and implement the free floating exchange rate, (2) countries which target inflation and control the exchange rate, (3) countries which do not target the inflation. Econometric modeling shows that ceteris paribus the second case contributes to the growth of output to a greatest degree. The paper proposes the explanation of the observed effect associated with the impact of the transition to the inflation targeting regime on the effect of the exchange rate pass-through.
Mishina Viktoria, Khomyakova Lubov
The article describes the development of foreign exchange markets of the Eurasian economic union. It highlights integration processes and the rising demand for the use of national currencies. The creation of an integrated currency market of the Eurasian Economic Space should enhance the role of national currencies. Formation of a single exchange space would generate direct market quotes and conduct exchange operations with national currencies directly without US dollar and euro, carry out crossborder transactions in the national currencies.
Moiseyev Sergey, Morgunova Anna
Over the last 25 years, governments in many countries have introduced regulatory reforms aimed at improving audit quality and enhancing public confidence in financial reporting. Often these reforms have been in response to financial crises or corporate scandals. It is this path that Russia now looks to follow, and this article explores what we can learn from the experience of others.
Lanskov Petr, Zenkovich Yelena
The article describes advantages of application of risk-oriented approach in management of non-bank financial institutions. It also depicts the experience оf self-regulatory organization PARTAD in standardization of risk management and internal control on the basis of methodical approach developed by the non-profit organization COSO. The article reveals the role of internal audit as the third line of defense from risks along with current control on working places and implementation of internal control and risk management measures. The article describes specifics of its realization in medium-sized NFO together with outsourcing and cosourcing procedures.
Kostikova Liudmila, Zadorozhnaya Natalya
In article important questions of the organization internal audit function in group and holding companies are considered.
This paper analyzes the existing situation around of a question on mandatory audit firm rotation. It reveals the conditions necessary for the reform and possible consequences that may result from the forced introduction of mandatory rotation. Based on his 25-years experience as the audit firm director, the author concludes by proposing a list of measures whose application in the practice of audit firms will help to solve the existing problems more effectively than a mandatory audit firm rotation.
The mandatory firm rotation has been the subject of considerable debate at the global level for quite a long time now. This issue has been discussed at various levels and diverse opinions have been heard. In this article, we consider the negative impact that the mandatory firm rotation has on the quality of audits and on the audited entities themselves, as well as the existing alternative approaches to improving audit quality and enhancing auditors' independence.
The article describes the ways to new technological trends impact financial institution's internal audit functions.
Substantial banks' crashes in Russia emphasize discussion about auditors' role, their preventing signals and reforms towards such signals. Auditors often know clients' real problems, express their opinion in audit working documents, but have to follow client managers' opinions. Following standards and procedures of audit, auditors make inquiries and express opinions on atypical operations, store answers of clients' managers, beginning drafts of audited financial statements differ significantly from final ones. With a view of improvement of bank supervision and audit in the article it is offered to provide legislatively access of Bank of Russia to working documents of auditors, analogues of such access and elements of its thin adjustment are shown.
The article highlights the problems in the audit market, which are largely due to the system errors in the industry regulation, change of the state regulator is proposed.
In the article interference of modern principles and methods of activity of Service of internal audit and strategy of development of a business bank is considered. The special attention is given to questions of personnel maintenance of Service as a condition of its effective activity.
For over 170 years, the profession of auditor has evolved internationally through a lengthy path of development. In Russia, the profession experienced a fresh burst of growth, which started 25 years ago in 1991 as Russia set out on a new stage of historical development, and is now undergoing a period of historic reform.
Rovenskiy Yury, Natocheeva Natalia, Poletaeva Vladislava
Article covers issues of the study of social-and-economic factors forcing down banks financial strength. Authors develop the concept of credit institutions financial strength, analyses trends in its key indicators during last two years. Article find out problem factors, violate Russian banks financial strength, including economy sectorial imbalances; lower economic agents investment expansion; manufacture lower profitability; high inflation rate; valuable social differentiation on wages rate and also poverty level and their impact on credit institutions financial strength.
The readjustment of managerial and methodological development of internal audit and control is a global tendency nowadays. International committees, national regulators and commercial banks are involved in this process. However, the internal audit quality process management problem, as a problem of management, has to be solved holistically and the special instrument has to be developed. The Association of Russian Banks has elaborated the internal audit quality management process standard. This managing instrument allows to level actual maturity of processes, as well as to prepare and justify the development vector reasonably.
The issue is devoted to a theme of quality of independent audit at the present stage of its development. Reasons of discrepancy of auditor's conclusion to expected standards are systematized, possible variants of decisions of these problems are offered.