Bìznes Inform (Mar 2021)
The Organizational and Methodological Approaches to Auditing the Efficiency of the Enterprise’s Innovative Activities
Abstract
The article is aimed at studying the peculiarities of the audit of efficiency of the innovation activities of enterprise and determining the organizational and methodological approaches to its conduct. The article proposes an audit of the efficiency of innovation activities to be considered as a test of the effectiveness and efficiency of the innovation activities of enterprise and identifying opportunities for its improvement. On the basis of the analysis of the process of auditing the innovation activities of enterprise, a unified approach to the allocation of the main stages of the audit of innovative activities is developed, which is proposed to include: formulation of the purpose and objectives of the audit of innovative activities of enterprise; determination of the type of engagement and coordination of its conditions with the client; collection of necessary information; planning, execution and completion of audit, and the stage of follow-up. The application of specific audit procedures corresponding to the allocated stages of the audit of efficiency of the enterprise’s innovation activities and covering various engagements is substantiated. The importance of analytical procedures that will be applied during the entire time of the task accomplishment in terms of the audit of efficiency of the enterprise’s innovation activities is emphasized. When assessing business risks, it is proposed to allocate the risk factor, which consists in classing the industry in which the enterprise operates, to the group of sensitive sectors of the economy regarding the suspension of activities as a result of the lock-down announcement. It is defined that, unlike the audits of financial statements, for engagements on the efficiency of innovation activities, the provision of the auditor’s report is not the last stage. Taking into account the importance of the results that may be in the process of performing the follow-up stage for audits of efficiency of the innovation activities of the enterprise, it is proposed to make provisions when concluding an agreement for the performance of an engagement.
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