Audit Methods for Financial Assets Information Disclosure
Journal Title: Oblik i finansi - Year 2022, Vol 1, Issue 1
Abstract
The volume of financial assets, their structure and dynamics directly impact the enterprise's ability to ensure the implementation of operating, financial and investment goals. In this regard, an essential task for managers is to ensure proper disclosure in the financial statements of data on financial instruments involved in the enterprise's activities. At the same time, stakeholders must receive the confidence that information in financial instruments reporting has sufficient confidence to be used in making, justifying, implementing and assessing the consequences of relevant economic decisions. The article aims to improve the method for auditing the adequacy of disclosure of data on financial instruments in financial reporting forms. It was established that the basis of the audit of disclosure of information about financial assets is the application of statements of management personnel, which include existence, rights and obligations, completeness, accuracy, measurement and distribution, classification and presentation. Verification of these assertions is carried out using audit procedures such as inspection of records and assets, observation, external confirmation, recalculation, re-execution, analytical procedures and inquiry. The auditor determines these procedures based on the materiality of information regarding financial assets, the costs of the procedures and their results. The results of applying the procedures help users of financial statements to obtain the necessary level of confidence in the information based on which economic decisions are made. The study results are the theoretical basis for substantiating approaches to improving the audit methodology and its praxeological component.
Authors and Affiliations
Oleksandr Sherstiuk
Keywords
Related Articles
- EP ID EP707175
- DOI 10.33146/2307-9878-2022-1(95)-141-147
- Views 74
- Downloads 0
Особливості розподілу непрямих витрат на підприємствах будівельної галузі
Важливим питанням калькулювання в будівництві є облік і розподіл непрямих витрат, оскільки їх частка в собівартості будівельно-монтажних робіт для більшості будівельних організацій має тенденцію до неухильного зростання....
Formation of the Financial Support Mechanism for Public Transport Enterprises
Features of state and regional management of financial flows in the transport industry significantly affect on all elements of the financial support mechanism for public transport enterprises (forms, types, tools, source...
Priority Approaches to Risk Assessment in the Activities of Entities of the Agricultural Sector
The development of spheres of the economy is significantly dependent on changes in the external environment. Increasing the production capacity of enterprises, expanding market opportunities, image positions are formed u...
Theories of Regulation in the Context of Modern Practice of Accounting Regulation
Today, the trend of decentralization of regulation is acquiring new signs, weakening the role of the state in this process. Therefore, a study of the nature of changes and problems of regulation can be useful, both for r...
Subject of Accounting: Unfinished Discussion
In modern conditions, to ensure the progressive development of accounting, it is necessary to improve its basic foundations, one of the elements of which is the concept of «subject of accounting». Taking into account the...