PRESS: Russian central bank to get right to oversee auditors

MOSCOW, Apr 7 (PRIME) -- Russia’s central bank will receive a right to oversee auditors of important entities on January 1, 2018 by virtue of a recent government’s decision, business daily Kommersant reported on Friday, citing a source with knowledge of the situation.

The government also ordered a bill that will pass this function from the Federal Treasury to the central bank to be prepared, the sources said.

The quality of external checks of audit companies has caused multiple complaints, including by the central bank, but it has been unclear which department of the central bank could take charge of this task. One of the sources said that this sphere is handled by the corporate relations department chaired by Yelena Kuritsyna. It will be also overseen by First Deputy Chairman of the central bank Sergei Shvetsov, but it is not ruled out that overseeing of auditors will be reassigned to a different department.

Market participants have been shocked by the decision and expect to see tough times in 2017–2018, the sources said.

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