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17. SPECIAL AUDITING ENGAGEMENTS
A special audit assignment is understood as the provision of services established by an agreement with an audit organization to verify the reporting of an organization that is different from the official financial statements, including the verification of special reporting on certain items of financial statements, the quality of property, the use of capital and other issues directly related to financial and economic activities of an economic entity. Auditing organizations may receive special audit assignments:
a) from organizations;
b) government agencies;
at) interested users of the financial statements of any economic entity.
The content, nature and scope of work performed by the audit organization on a special audit assignment depend on the circumstances associated with the need to provide this service.
The audit organization, performing a special task, must remember that each reporting item, as a rule, is associated with other reporting items. When checking one of these interrelated items, the audit organization should use analytical or other audit procedures to assess the comparability of accounting data for these items. Such interrelated articles of financial statements are, in particular, the indicator of the volume of sales proceeds and the amount of receivables, the amount of inventory and the amount of accounts payable, etc.
The audit organization, assessing the possibility of performing a special assignment, must notify the person who commissioned the assignment that additional accounting and other information is required to complete the assignment, and also determine which one.
In contrast to the audit of financial statements, when performing special audit assignments, determining the level of materiality is difficult. If the financial statements of an economic entity as a whole are not submitted to perform a special audit assignment, then the amount of turnover on any accounting account is represented as a relative value (the same turnover on the same accounting account can be large from the point of view of one economic entity and small from the point of view of another's perspective). Not being able to assess the level of materiality with a sufficient degree of accuracy, the audit organization cannot determine the degree of audit risk. The same article of the financial statements in the course of performing a special audit assignment in accordance with the assignment for its implementation can be examined with greater care than when auditing the reliability of the financial statements as a whole.
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