ABSTRACT
The accountancy profession plays a vital role in the functioning of society, and therefore public trust in the work of an auditor has an important social meaning. The main objective of this chapter is to provide a comparative view on the ways in which trust is being established in auditing in the Russian economic environment which developed as a result of the transformation of the Soviet command economy into the market economy. In Russia the introduction of auditing has been envisaged as an appropriate way of accelerating the ongoing transition processes and establishing confidence in the operation of business. Recent years have seen a gradual change in the perceived roles of auditing, with an increased emphasis on its quality and a resultant questioning of auditors’ technical expertise and ethical conduct. The chapter will therefore provide an overview of the regulators’ endeavors aimed at enhancing the stature and functionality of the auditing profession in Russia.
