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Using a unique dataset of joint-stock companies, we explore the corporate audit system in transition Russia. In comparison with companies in Western and Asian Pacific states, Russian firms have a weaker audit system in terms of the independence and expertise of the audit committee and the external auditor. Board composition, foreign investment, and affiliation with a business group are highly important factors determining audit committee composition and audit firm choice as well as a combination of the two auditing bodies. However, each of these factors has a clearly distinct impact. Moreover, empirical evidence suggests that government ownership, company size, fund procurement activities, and overseas advancement significantly affect audit independence and expertise in Russia.

What determines audit independence and expertise in Russia? Firm-level evidence