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- 2015 год
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Introduction
Without accurate and reliable corporate disclosures and financial statements the competitive free market system could not function properly.
The final accounts of a business concern are used for different purposes by various persons such as the owners, shareholders, investors, creditors, leaders, government and etc. and they need to be sure that the considered accounts are reliable. To avoid doubts about the reliability of a qualitative financial disclosure of the company an attention to an auditor’s report is given.
Auditor is an independent expert who examines the accounts of a business concern and reports the final accounts are reliable or not. Hence, audit is an examination of accounting records to establish their reliability. The auditing process is supposed to serve as a monitoring device that reduces management incentives to manipulate reported earnings, as well as to detect earnings manipulation and misstatements.
Initially in the auditing process focus was given to the analysis of financial statements and internal financial control only. Now audit covers a wide range of different aspects of the organization and is helping management to identify and assess risks and develop measures aimed at reducing the risk and increasing the efficiency of systems and processes.
Contents
Introduction 3
1. Basics of audit 4
2. Particularities of audit in Russia 9
Conclusion 13
References and sources 14
Conclusion
For decades, the standard auditor’s report has identified the financial statements that were audited, described the nature of the audit, and presented the auditor’s opinion as to whether the financial statements present fairly, in all material respects, the financial position, results of operations, and cash flows of the company in conformity with the applicable financial reporting framework. The standard auditor’s report has been commonly described as a pass or fail model because the auditor states on whether the financial statements are fairly presented (pass) or not (fail). Today, auditors are expected not only to determine the credibility of the financial statement, but also to provide other services.
In Russia audit is still evolving and it has been found that auditing has passed through a number of stages and for the past 30 years the audit has been continuously gained more value.
The initial transition has been accelerated through by the Russian Government identifying the necessity to align Russia’s accounting principles with those of international. Although this alignment has taken place to some degree, the previous state-centered traditions have still negatively affected the contemporary development of accounting policy. While there are now some principles resembling those of IFRS, the implementation of these principles in practice still have some flaws. But it is evident that the understanding of the auditing process has shifted over the years and it is likely to continue shifting in the future.
References and sources
1. Cosserat G. Modern auditing 2nd ed. - John Wiley & Sons, 2004.
2. Leung P., Coram P. and Cooper B. Modern auditing and assurance service (3rd ed.).- John Wiley & Sons, 2007.
3. Ladda R.L. Basic Concepts of Accounting. - Solapur: Laxmi Book Publication, 2014.
4. Брег С. Настольная книга финансового директора (The New CFO Financial Leadership Manual). - М.: Альпина Паблишер, 2012.
5. Matthews D. History of Auditing. The changing audit process from the 19th century till date. - Routledge-Taylor & Francis Group, 2001.
6. Lee T.-H., Azham A. The evolution of auditing: an analysis of the historical development, Journal of Modern Accounting and Auditing vol. 4 12 (43), pp. 1-8, 2008.
7. Крышкин О. Настольная книга по внутреннему аудиту: Риски и бизнес-процессы. — М.: Альпина Паблишер, 2013.
8. Hellevig J. and Isaev E. Accounting and audit in Russia. - Awara Accounting, 2012.
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