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6. CONTROL OF FINANCIAL REPORTING
Financial reporting control, or financial audit (financial audits) is one of the most regulated types of financial control.
Nevertheless, at present, the issues of checking accounting accounts and financial statements are most settled in the environment of commercial audit control. Commercial audit has standards, methodology and various methods of financial control.
State control bodies, solving essentially the same tasks of checking accounting accounts and reporting, only in relation to, as a rule, budgetary institutions, turned out to be less provided in the normative and methodological terms.
The position of the internal control bodies in relation to the financial audit is ambiguous: on the one hand, it is believed that it is inappropriate to pay twice for checking financial statements - to internal controllers and external auditors; on the other hand, if such a task is set, then internal controllers can use the standards developed by commercial auditors at their own discretion.
Accordingly, each direction of financial control creates a system of its own standards. Moreover, such systems are created both at the national and international levels. In some cases, there are also regional standards, such as EU financial control standards (directives).
The purpose of the audit is to express an opinion on the reliability of the financial (accounting) statements of the audited entities and the compliance of the accounting procedure with the legislation of the Russian Federation.
Audit activity is understood as entrepreneurial activity for independent verification of:
▪ accounting;
▪ financial (accounting) statements of organizations and individual entrepreneurs.
Reliability in all material respects is understood as the degree of accuracy of financial (accounting) reporting data, which allows users of these reporting to draw correct conclusions about the results of economic activity, financial and property status of audited entities and make informed decisions based on these conclusions. To assess the degree of compliance of financial (accounting) statements with the legislation of the Russian Federation, the auditor must establish the maximum allowable deviations by determining, for the purposes of the audit, the materiality of accounting indicators and financial (accounting) statements in accordance with the federal rule (standard) of audit activity "Materiality in Audit" .
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