UK Government’s intention to prohibit the provision of audit services to Russia

Thought Leadership
October 12, 2022

The UK Government has recently announced its intention to prohibit the provision of audit services to Russia as a response to the illegal annexation of a number of Ukraine regions.

Key points to note:

  • Audit Services to be added to list of Sanctions against Russia.
  • The prohibition, other than where a licence is granted by OFSI or in limited other circumstances, requires further legislation to be effective but firms may wish to consider their response sooner.
  • Firms should prepare by taking steps to identify audit engagements where there is, or may be, a Russian connection.

To view the full article, please visit ICAS.

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