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The law abolishes licensing for audit activities and proposes forming self-regulating mechanisms by audit community; it also institutes compulsory membership in self-regulating audit associations for auditors and audit organisations.
The law further establishes additional requirements for auditors and audit organisations to enhance their independence and improve the quality of their services.
In addition, standards developed in accordance with international auditing standards will be introduced uniformly across the sector.
The implementation of the measures provided for by the federal law will bring Russian legislation in the field of auditing significantly closer to recognised international standards.
December 31, 2008