Subject Nowadays, the development of audit and consulting services market, which appeared in the Russian economy at the early 1990s, is one of the most significant factors determining the development of the country as a whole. Departments regulating State financial control, audit activity, accounting and reporting, as well as self-regulatory organizations of auditors should consider the major trends in the market when working out the strategy of audit activity in Russia. Audit organizations should also take into account the market development to formulate the strategy at the company level. Objectives The main objective of the article is to study the condition of the audit and consulting services market and its major development trends. Within the said objective, we set the following tasks: to analyze the condition of the audit and consulting services market in Russia; to characterize the structure and evolution of the subjects of audit activity; to identify main trends in the Russian audit and consulting services market in the context of the regulatory and legal framework development. Methods The methodological basis of the study is the ideas systemized in the works of national scholars that disclose the essence and features of audit and consulting services. The theoretic and methodological framework of the study includes systems and dynamic approaches to the study of the audit and consulting services market. In addition, a number of audit theories (the theory of adequacy, the theory of controlling, and the theory of consulting) served as a methodology of the paper. Results We identified the following main trends in the audit and consulting services market's development: shrinkage and differentiation of the audit market; the leading role of the State in the audit market with regard to its regulation (monitoring the quality of audit, retraining of auditors); increasing quality of audit caused by tougher requirements for compliance with standards, arrangement of audits, and stricter control over the quality of audit on the part of the Federal Service for Fiscal and Budgetary Supervision and self-regulatory organizations of auditors; relative stability of audit fees; decreasing share of income from audit and audit-related services; growing demand for non-audit services, mainly consulting; growing demand for audit services and other related services in the sphere of IFRS. Conclusions and Relevance The identified trends should be taken into account when drafting regulations on audit and consulting services and working out strategies in audit organizations and self-regulatory organizations of auditors.
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