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
Related Articles
- EP ID EP530482
- DOI -
- Views 62
- Downloads 0
Creation of light industry enterprises’ potential to country
The article covers questions of forming potential of enterprises of light industry. It is defined that light industry of Ukraine is one of most socially meaningful industry and analyzed state of the industry and it is gi...
Implementation of standards and guidelines in international environmental audit in Ukraine
The article deals with the problem of the introduction of international standards and guidelines in the field of environmental audits, analyzes precondition various tools of information support of environmental managemen...
State financial control over activity of the economic subjects of Ukraine: analytical aspects
The article is devoted to the research of state control over the activity of economic entities of Ukraine. The monitoring of trends in the development of economic entities is conducted. The effective indicators of the co...
Implementation of a screen account for the intermediate resultant commercial and production index "marketing costs" in the subsystem of accounting
Industry and research and production associations need to use a large amount of diverse information in order to develop cost-effective marketing strategies for their intensive development, not least among the accounting...
Some features of corporate accounting at the enterprise
Introduction. The process of integrating Ukraine's accounting system into the global economic system, as its organic component, makes it necessary to build a system of accounting and reporting that meets the principles a...