Honcharuk Svitlana , Candidate of Economic Sciences, Associate Professor, Docent, Department of Accounting, Analysis and Control, Faculty of Financial Management and Business, Ivan Franko Lviv National University

ORCID ID: 0000-0002-3666-906X
e-mail: yvgoncharuk@i.ua

Pryimak Svitlana , Candidate of Economic Sciences, Associate Professor, Docent, Department of Accounting, Analysis and Control, Faculty of Financial Management and Business, Ivan Franko Lviv National University

ORCID ID: 0000-0002-3694-4498
e-mail: svpriymak5@gmail.com

Shot Anna , Candidate of Economic Sciences, Associate Professor, Docent, Department of Accounting, Analysis and Control, Faculty of Financial Management and Business, Ivan Franko Lviv National University

ORCID ID: 0000-0002-9156-501X
e-mail: annashot111@gmail.com

Methodological Approaches for the Improvement of the Quality of Financial Statement Audit

Abstract. The article deals with the issues related to the quality of financial statement audit. The authors examined the legal framework and the regulatory documents regarding the audit. They analyzed the structure of the audit entities and the results of external audits of the audit quality control system. The authors analyzed the performance of audit entities in Ukraine in recent years. It has been determined that the auditor uses professional judgment and professional skepticism to express an independent opinion on the audited financial statements. Authors defined the areas for improvement of the quality of financial statement audit. They proposed to use such tools as developing audit methodology at the stage of planning and gathering audit evidence, applying methods of reducing audit risk, determining the optimal scale, effective control and audit procedures, improving the approach for maintaining internal documents based on internal standards. Independent audit is a stabilizing element in the system of socio-economic relations. It carries out informative and stimulating functions. Audit helps to reduce information risk and prevents or minimize the conflicts of interest. Authors highlighted that using of the computer technologies will help in the organization of control actions, planning, analysis of financial statements of enterprises, evaluation of the efficiency and reliability of information systems and organization of work in audit firms. External quality assurance system of auditors is very important. It should be based on the international experience. Public Audit Oversight Authority plays this role in Ukraine.

Keywords: financial statements audit; criteria; professional judgment; professional skepticism; audit procedures; audit evidence; working documents; audit report; quality assurance system.

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