Problems of Audit Development and Audit Reform in Ukraine

Abstract

In the context of the development of the market economy and the reform of accounting in accordance with international standards, auditing activity in Ukraine is becoming widespread. The issue of the quality of audit activity is currently of high relevance. Despite the fact that today the audit regulation system seems to be fully established, there are a number of problems that complicate the process of regulating the audit market entities. Therefore, the purpose of the research is to analyze the updated requirements for regulating audit activities along with problems of audit development in Ukraine. In the course of the research, it was found that the audit serves as a reliable way to justify the financial statements data and is one of the important types of services. At the same time, it is defined that the audit activity currently has a number of contradictions and problems. The article discusses the main aspects of audit regulation in Ukraine, peculiarities of the current state of the audit market, as well as prospects for the regulation of audit activity in Ukraine. The essence of the audit, features of its methodology and organization, its importance for the development of the State economy, the need for its research and reform are determined. The current state of the market of audit services, the normative legal acts regulating the issues of auditing activity and attestation of auditors, the results of control over the quality of work of auditors and audit organizations are researched. An analysis of the market of audit services in Ukraine was carried out. The impact of current changes in the legislation regulating the audit on the state of auditing activity is examined. Other major problems that arose and arise on the way of development of audit activity during its formation in Ukraine are researched, the reasons for their occurrence are identified. The need to solve many problems and carry out significant reforms related to audit activities in Ukraine is determined.

Keywords

• audit
• auditing activity
• auditor’s certification
• auditing organizations
• regulation of auditing activity
• problems of audit development