ANALYTICAL PROCEDURES: PROCESS APPROACH AND FEATURES OF REALIZATION UNDER FEDERAL ACCOUNTING STANDARTS REFORM

Author(s): Povarova E.S., Iusenis V.

Rubric: Management

DOI: 10.21777/2587-554X-2021-4-86-93

Release: 2021-4 (39)

Pages: 86-93

Keywords: audit, analytical procedures, information distortion, enterprise processes, accounting standards

Annotation: The main purpose of applying analytical procedures in an audit is to identify the presence or absence of unusual or incorrectly reflected facts and results that require particular auditor’s attention. Analytical procedures should be performed at all audit stages from the planning to final ones. In certain cases these procedures help to identify operations that require mandatory verification, which could not be detected when building an audit sample. The reform of the federal accounting standards and in particular the inventory accounting standard requires a revision of the current set of analytical procedures in order to ensure a qualitative audit of inventory accounting in accordance with the requirements of current accounting legislation. The article presents a list of analytical procedures for inventory accounting, taking into account the new provisions of the accounting standard 5/2019 “Stocks”. In addition, the regulations for carrying out analytical procedures for inventory accounting based on the requirements of ISA 501 and ISA 520 are presented.

Bibliography: Povarova E.S., Iusenis V. ANALYTICAL PROCEDURES: PROCESS APPROACH AND FEATURES OF REALIZATION UNDER FEDERAL ACCOUNTING STANDARTS REFORM // Economics and Management. – 2021. – № 4 (39). – С. 86-93. doi: 10.21777/2587-554X-2021-4-86-93