Full-scale independent audit started at RAO


The largest Russian audit company FBK Grant Thornton started studying business activities of Russian Authors’ Society (RAO) and its affiliated company ZAO «Service and Exploitation Company» (SEC). In the nearest time Grant Thornton plans to study RAO accounting reports and royalty distribution.

Decision to start a full-scale audit was made by the extraordinary RAO Conference on August 31, 2016. It will study financial transactions between RAO and SEC, expenditures and payments of these companies to staff and third parties.

Results of the audit will be reported to the Authors’ Council at the end of February. If it discovers any violations or law infringements of the previous RAO executives, Maxim Dmitriev, the new General Director will be obliged to forward this information to the law enforcement bodies.

«When the audit is over, we will prepare our proposals on financial rehabilitation and restructuring of RAO», – said RAO General Director Maxim Dmitriev.