Internal Control over the Quality of Audit
Journal Title: Статистика України - Year 2015, Vol 70, Issue 3
Abstract
Quality of audit services has a high importance in audit practices, as many management decisions, taken by potential investors, creditors or company managers, are largely dependent upon auditor judgment. The purpose of the study is to analyze the problems faced in constructing the system for quality control in audit and formulate recommendations on creating the company standard for quality of audit services. Requirements for quality control in audit companies, purposes of the company standard on audit, functional categories of professionals in an audit company, authorities and duties of the auditor company director, the chief auditor and line auditors are outlined; responsibility sharing between director and line personnel of an audit company is grounded; the aspects specific to quality control inside an auditor company are given. A self-report inventory of the quality of a finished audit, to be filled by the chief auditor, is proposed to improve the internal company control system. It is shown that because auditors plan and conduct auditor procedures in order to reduce the auditor risks and increase the user confidence in the credibility of financial reporting, the system of company control over the quality of financial reporting audit has to be established in each audit company, to ensure the full compliance of audits with norms and standards regulating the audit.
Authors and Affiliations
V. Р. Bondar
Keywords
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