Problems of forming customs audit’s questions by financial institutions’ audit in Ukraine
Journal Title: Економіка. Фінанси. Право - Year 2018, Vol 6, Issue
Abstract
Introduction. An audit of financial institutions is intended to significantly increase public confidence in the financial services market. The financial services market is dynamically developing and has prospects for further advancement due to elements of crisis in the market of banking services. The regulatory authority in the financial services market is the National Financial Services Regulatory Commission Auditor's report (Independent Auditor's Report) is expanded to include the section Key Audit Matters. Key Audit Matters are not a replacement for or complementary to management's comments on the activities of the enterprise. They determine the impact. Key Audit Matters should draw attention of the users' of financial statements to the issues that required most attention of the auditors, in respect to how these issues are disclosed in the financial statements and the annual reporting. Purpose. The objective of the item Key Audit Matters is to provide more transparency for users of financial statements. Results. Determination ofa number of Key Audit Matters depends on the auditor’s professional judgment as for the significance of issues that require a lot of their attention. The National Financial Services Regulatory Commission, by its Order No. 142 dated February 01, 2018, significantly expanded the list of issues that should be covered in the audit reports drawn up for non-bank financial institutions. According to this regulation, when preparing an auditor's report for 2017, the auditor is required to examine not only the correctness of financial statements and accounting in accordance with the conceptual framework for the preparation of financial statements, but also the compliance of activities of non-bank financial institutions with regulatory and legislative requirements. Conclusion. The Key Audit Matters in the Independent Auditor's Report is a summary of issues with links to related information disclosed in the annual reporting. The Key Audit Matters considerably simplifies the processing of financial statements and the search by document, providing the users of financial statements with an understanding of the significance of the examination conducted by the auditors.
Authors and Affiliations
Valerii Vasylovych Rozdobudko
Keywords
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