Theory and practice of auditor procedures for opening balances during initial audit engagement
Journal Title: Вісник Житомирського державного технологічного університету. Серія: економіка, управління та адміністрування - Year 2016, Vol 76, Issue 2
Abstract
Increased international capital flows requires the adaptation of the corporative relationships mechanisms in domestic entities to the international financial disclosure practices for increase of their investment attractiveness. The professional audit development, increases transparency and fair disclosure of complete and accurate information about the company helps make it. The study proved the importance of predecessor auditor’s working papers for detection of misstatements in opening balances and assessment of the client’s accounting and internal control systems. Consequently a program of opening balances inspecting and other working papers forms have been elaborate for the audit process documentary providing. This provides optimization of the audit resources for obtaining audit evidence and monitoring the quality control in completed audit engagement. Review of the working papers of the predecessor auditor should be used for understanding the managerial staff attitude to making adjustments in terms of financial reporting on the results of its audits. It helps to avoid threats to the auditor independence, reduce the risk of not detecting material misstatement and allow the auditor to determine its confidence in opening balances.
Authors and Affiliations
V. P. Bondar
Keywords
Related Articles
- EP ID EP265145
- DOI -
- Views 125
- Downloads 0
Estimation of the costs of large industrial enterprises as the object of management and economic analysis
The article deals with the works that raised the issues of economic analysis and assessment of the current state of production costs of large industrial enterprises. The author estimates the indices of industrial product...
The system of intrabank control as a way to prevent the emergence of problem loans in banks
The article determines that the legislation of Ukraine lays down the concept of priority of debtor’s rights and such a situation provoke the irresponsibility of borrowers to fulfill their obligations and puts the rights...
Conceptual bases of managerial accounting of costs and approaches to its automation
In this article, the issues related to the conceptual bases of managerial accounting have been considered. The review and analysis of the views of Ukrainian and foreign scientists on managerial accounting allowed to dete...
Estimation of enterprise’s marketing potential: the comparative analysis of scientific approaches
The article analyzes different approaches of scientists to the definition of the essence of marketing potential, its structural elements and methods for assessing the effectiveness of marketing potential. The authors’ un...
Accounting assessment of consequences of military operations and occupation of public territories
The article is devoted to the issues of assessing the consequences of military operations and the occupation of state territories in accounting. The analysis of the researches concerning the problems of estimation in acc...