Under the revision, audit firms can audit listed entities and businesses with Russian shareholders when they are the contracted auditor.

The latest amendment to the rules clarifies that ‘as of 30 June 2023 a further exception is provided for a UK undertaking (as defined in the Regulations) that is part owned by a Russian shareholder or other form of member of the undertaking.

'UK companies or other undertakings in this situation are still permitted to be audited by a UK auditor in fulfilment of its legal obligations, irrespective of any auditing service that is provided directly or indirectly to the Russian shareholder or other form of member of the undertaking’.

Where a UK auditor is providing standardised material to members of a group, or their auditors, for the purpose of the audit of the UK group accounts, and the group includes a Russian subsidiary, then the service of providing this material would generally not be considered within scope of the ban.