The State Duma exempted small businesses from the mandatory financial audit

The State Duma adopted a law exempting small businesses from auditing.

The mandatory audit must be conducted only by:

1. Organizations, if their securities are traded;
2. Funds, if the receipt of property or cash for the year preceding the reporting year exceeds 3 million rubles.
3. Organizations that meet at least one of the following conditions:
  • income from business activities for the previous year is more than 800 million rubles;
  • the amount of assets in the balance sheet is more than 400 million rubles.
4. Organizations that are professional participants in the securities market, credit bureaus.