In the opinion of Yuriy Stepanov, Finance Director, BMS Law Firm, granting the Bank of Russia with powers to control and regulate the activities of audit institutions will allow it to independently take decisions on allowing or disallowing an auditor access to checking such institutions  : “Actually, this wording applies the system of banking control translated onto audit companies”.

However, Yuriy Stepanov notes that challenging the regulator’s decision may be only through judicial proceedings. “This circumstance my result in a conflict of interest within the Central Bank”, he concludes.