Audit. Auditing Standards (Most Important)

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Audit. Auditing Standards (Most Important)

Lecture notes, cheat sheets

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12. AUDITING STANDARDS

Auditing standards are uniform basic principles that define the level of audit quality and guarantee the reliability of the results. The value of auditing standards lies in the fact that they ensure the quality of the audit and promote the introduction of new scientific achievements and developments into audit practice, and in addition, determine the actions of the auditor in specific situations. According to the law, auditing standards recognize uniform requirements for the procedure for conducting audit activities, the design and assessment of the quality of an audit and related services, as well as for the procedure for training auditors and assessing their qualifications.

The auditing standard has a specific structure and consists of the following sections:

1. General Provisions;

2) basic concepts and definitions;

3) the essence of the standard;

4) practical applications.

The section "General Provisions" reflects the purpose and necessity of developing this standard, the object of standardization, the scope of the standard, and the relationship with other standards. The section "Basic concepts and definitions" used in the standard contains the main terms and their brief description. The section "Essence of the standard" includes a description of the problem, analysis of the situation and methods of solution.

Of the variety, there are several types of audit standards:

1) general auditing standards;

2) audit working standards;

3) reporting standards;

4) special standards used for auditing in certain areas of activity.

Depending on the subject, the audit is divided into external and internal. An external audit is carried out by an independent expert with the aim of objectively assessing the reliability of the financial and economic activities of the entity. Internal audit is an independent activity in an organization to evaluate its work in the interests of employees and managers.

To clarify the general standards developed and applied in practice additional standards.

1. Use of materials from another (previous) audit.

2. Identification of errors and inaccuracies that are not illegal.

3. Working documentation.

The auditing standards applied in Russia are divided into:

1) international auditing standards (not regulatory documents);

2) national (federal Russian) standards (are mandatory);

3) internal standards in force in professional audit associations;

4) rules (standards) of audit activity of audit organizations and individual auditors.

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