The result of this lack of local expertise is a two-tier system. At the upper level, the Big-
Four international accounting firms compete to win audit contracts of the twenty-five or fifty
largest Russian corporations, since they are the enterprises that are most in need of attracting
foreign direct investment (FDI). The local Russian accounting and audit firms have to be content
with servicing the many smaller and medium size clients, which do
论文范文http://www.chuibin.com/ not have the same need for
FDI, and which, for the most part, issue financial statements based on Russian Accounting
Standards (RAS). These local Russian firms employ accountants and auditors who possess
Russian accounting and audit certificates.
There are several problems with Russian accounting and audit certification. One
weakness is the fact that thee are several different kinds of certification, and potential foreign
investors are not familiar with Russian certification, which causes them to place less confidence
in financial statements that are certified by an accountant or auditor who possesses only a
Russian certification. Another problem is that Russian certification is easier to obtain than
several of the more highly recognized foreign certifications. Interviews conducted during the
summer of 2003 in Russia revealed that Russian certification exams are perceived as being little
more than university exams. They are perceived as being far less rigorous than those of several
internationally recognized certifications.
Another problem with Russian certification that was revealed during the course of the
interviews is that it is possible to buy some Russian certificates. Several groups that issue
Russian certification travel around the country selling their certificates. A virtual plethora of
certifications now exists in Russia, some valid and some not, and some requiring little more than
payment. As a result, financial statements that are certified by Russian certified accountants lack
credibility. This problem is compounded by the fact that the Russian government refuses to
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