We help our clients to obtain reasonable assurance that their reporting is free from significant misstatements. This makes it possible to attract additional funds from investors and banks, and to obtain reliable information to take informed managerial decisions.

ICLC (International Consulting and Legal Center) offers statutory and voluntary audit of:

  • accounting statements, prepared in accordance with the requirements of the Russian legislation;
  • financial statements prepared according to the international standards (IFRS, International Financial Reporting Standards);
  • separate parts to reporting and statements prepared in accordance with specific rules (for example, confirmation of a foreign company income tax declaration).

The audit will consist of the following stages:

  • audit planning, including understanding the client's business, assessment of the internal control system, a study of key business processes, accounting IT systems and risks;
  • collection and analysis of audit evidence, including carrying out analytical procedures, collection of confirmations of indebtedness from debtors and creditors, implementation of procedures for verification of credibility and sufficiency of the accounting information and the completeness of its disclosure in reporting;
  • preparation of the auditor's report.

According to the results of the audit, in addition to the auditor’s report on the fair presentation of the accounting (financial) statements, we will provide you with a detailed report, containing:

  • detailed description of the violations and defects found out;
  • substantiated position of the auditors with references to statutory documents;
  • implications of the violations and practical recommendations to address them.

ICLC auditors have been engaged in preparation of reporting of Russian companies in accordance with IFRS since 2000 and have considerable experience and knowledge in this field.

For projects with participation of foreign companies we engage our partners from Nexia International network we have been a member to since 2007.

We constantly update and improve our knowledge and experience, attend relevant training events, take part in mutual projects with the "Big Four" companies, are regularly subjected to, and pass, procedures of Nexia International’s quality control programs, while having constant access to the effective methodological support and resources of the international network.

ICLC Professional Services with regard to IFRS:

  • Audit of IFRS-compliant financial statements.
  • Preparation of IFRS-compliant individual and consolidated financial statements using the transformation method.
  • Preparation of IFRS-compliant combined financial statements, including:
    • defining of the perimeter of combination of the companies included in the group,
    • identifying of the factors confirming the existence of controls.
  • Consulting Services on the matters of the first time adoption of IFRS:
    • Development and implementation of individual IFRS transition plan.
    • Analysis of current assets and liabilities as of the IFRS transition date.
    • Analysis of economic substance of transactions for the purpose of posting to the statements (substance over form).
    • Comparative analysis of IFRS and RAS (Russian Accounting Standards) for the purpose of finding disparity of valuations and determining adjustment areas.
    • Development of IFRS-compliant accounting policy.
    • Development of account mapping according to RAS and IFRS.
    • Carrying out of reclassifications, adjustments, consolidation.
    • Collection of information and preparation and preparation of disclosures required in accordance with IFRS.
    • Preparation of a complete set of IFRS-compliant statements.
  • Submission, support and presentation of the prepared statements in the course of work with auditors, creditors, investors and other stakeholders.
  • Development of methodology of transformation and consolidation according to IFRS on the basis of information systems — in relation to both separate parts, and the whole process of the statements preparation.
  • Training of employees under an individual program in the processes involved in preparation of the IFRS-compliant financial statements.
  • Consulting on challenging issues of implementation of IFRS:
    • application of new or revised IFRS;
    • accounting of the transactions whereof the procedure for posting is not expressly determined in the Standards;
    • practical aspects of determining whether there is a control option for the purpose of consolidation / combination;
    • depreciation, leasing, derivatives, repurchase transactions, deferred taxes, etc.

ICLC strictly observes the rules of professional ethics of auditors: confidentiality, honesty and objectivity. Our professional responsibility related to provision of audit services is insured with one of the largest Russian insurance companies.


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