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02/08/2017

The President of the Russian Federation signed a law on expanding the remit of the Accounts Chamber

The President of Russia, Vladimir Putin, has signed the Federal Law on amending the Federal Law “On the Accounts Chamber of the Russian Federation” and Article 28.3 of "the Code of the Russian Federation on Administrative Offenses".

The signed law clarifies and specifies certain provisions laid down by the Federal Law No. 41-FZ “On the Accounts Chamber of the Russian Federation” and the Code of Administrative Offences and is aimed to improve legislation in the area of external public audit (control). The document also will provide a unified framework for certain provisions of the Law “On the Accounts Chamber of the Russian Federation” and the provisions of the Budget Code of the Russian Federation, the latter has been updated in 2013.

Furthermore, into the list of reasons for early release of an auditor of the Accounts Chamber of the Russian Federation from his office as stated by the newly signed law was included: improper performance of official duties falling within the auditor competence; the chair of the Accounts Chamber from now on will be given the right to inform the President of the Russian Federation of such matters.

The new law gives the Accounts Chamber of the Russian Federation the authority to provide an opinion on the candidates for the post of the Chair of the local control authority and access their compliance with the requirements laid down by the Federal Law "On general principles of organization and activities of control and audit bodies of the RF subjects and municipalities."

Moreover, according to the new law, the list of objects of audit (control) of the Accounts Chamber of the Russian Federation from now one will include commercial organizations with shares (contributions) of economic associations and companies with the participation of the Russian Federation in their (share) authorized capital. The Accounts Chamber shall be empowered to carry out an external public audit (control) of the legal entities, individual entrepreneurs and natural persons such as producers of goods and services regarding their compliance with conditions of State (municipal) contracts.


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