Bìznes Inform (Jun 2019)
Improving the Audit of Enterprise’s Liabilities
Abstract
The article is aimed at developing theoretical provisions and elaborating methodical approaches together with practical recommendations directed towards improving the audit of the enterprise’s liabilities. Analysis and research of scientific and practical literature, as well as the standards that regulate audit of financial reporting, allowed allocating the features of formation of the methodology of auditing the liabilities of enterprises. Some components of the methodical provision and the methodology of auditing the enterprise’s liabilities are reflected. The stages of audit are generalized; the audit procedures as the content components of the plan of audit of the enterprise’s liabilities are defined. Achievements as to the specifics of formation of the methodology for auditing the enterprise’s liabilities at the current stage of development of the audit activity in Ukraine, in particular, approaches to defining the order of auditing the long-term enterprise’s liabilities and the short-term enterprise’s liabilities, are systematized. Separately presented is the algorithm of methodology of audit of the current liabilities of enterprise. As a result of the analysis of scientific papers and legislation, both national and international, it is proposed to improve the comprehensive methodology of auditing the enterprise’s obligations, the content of which is to carry out the agreed audit procedures in accordance with verification of the following allegations on obligations: existence, rights and responsibilities, onset, complete reflection, evaluation and distribution, accuracy, classification and clearness. Practical implementation of the results of the research will optimize the work of auditors during the audit of the enterprise’s financial reports in general and liabilities in particular. In this regard, it makes sense to focus further elaborations on the studying the advanced practices of the developed world countries and the global tendencies in the audit of the enterprise’s liabilities.
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