In February 2023 the UK government updated its guidance on supplying professional and business services to a person connected with Russia. Readers will recall that during 2022 legislation was passed outlawing the direct or indirect provision of accounting services and audit services to a person connected with Russia.
The guidance outlines the two exceptions to the ban on audit services and if an audit firm signed an audit engagement letter prior to 16 December 2022, the firm has until 31 May 2023 to complete the audit. However, the firm must notify the Secretary of State that they will be completing the work by 15 March 2023.
While the guidance has a caveat that individual firms must take their own legal advice as to whether their activity falls within scope of the sanctions it also gives guidance on some common audit scenarios.
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