Banking audit. Auditing Standards (Most Important)

Lecture notes, cheat sheets
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Banking audit. Auditing Standards (Most Important)

Lecture notes, cheat sheets

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1. Auditing Standards

At the level of state regulation of audit, in order to improve the quality of its conduct and introduce best practices into practice, standardization of audit activities will be carried out, audit standards will be developed and approved, as well as provisions that all audit firms will have to follow.

Auditing standards can be presented in 4 interrelated parts:

1) Basic postulates - compliance with standards, their availability and consistency, impartiality of judgments, management responsibility, internal controls, access to information, control of activities, improvement of verification techniques, etc.

2) General rules - a set of professional requirements for the qualifications of the auditor, the independence of his point of view and due attention to all matters relating to the performance of work.

3) Operating rules - standard auditing. They disclose provisions on the need to conduct an audit, study and evaluate accounting and internal control systems, obtain evidence of audit quality control, etc.

4) Rules for the preparation of reports - provide requirements for both the form of the auditor's reporting and its content.

In order to ensure the unity of interpretation of the auditing standards, a list of terms and definitions on this issue is also used. Based on the approved auditing standards, audit firms should develop internal audit standards that are of an auxiliary nature and are designed to provide a unified approach to auditing in a given firm (Shevchuk D.A. Fundamentals of banking audit: Lecture notes. - Rostov-on-Don: Phoenix, 2007).

Author: Shevchuk D.A.

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