IMPROVING INVENTORIES AUDIT

Author(s): Kotova E.A.

Rubric: Management

DOI: 10.21777/2587-554X-2021-4-94-98

Release: 2021-4 (39)

Pages: 94-98

Keywords: accounting, inventories, audit, auditing, auditing standard, working papers

Annotation: The article proposes measures to improve inventories audit. It develops working documentation and regulations for inventories audit. An audit must be accompanied by mandatory documentation i.e. a presentation of the received customer’s (client’s) information in working audit documentation. The forms and content of the working documentation are provided by the rule (standard) of auditing. The main working documents of the audit include the following: plans and audit programs, descriptions of the procedures used by the firm and their results, customer’s (client’s) explanations and statements, copies including photocopies of customer’s (client’s) documents, description of the internal control system and organization of customer’s (client’s) accounting, analytical documents of the audit organization. Working documentation can be created by an auditor or received from a customer (client) or any other persons. The composition, number and content of documents included in the working documentation of the audit are determined by the audit form based on the work nature, type of audit report, the nature and complexity of customer’s financial and economic activities, the nature and condition of accounting organization and internal control of the customer (client) and the required level of guidance and control over the work of auditors when performing certain procedures. The auditor’s working documentation should be easily readable, complete, understandable and reflect the conditions of a specific audit or the issue investigated in the audit.

Bibliography: Kotova E.A. IMPROVING INVENTORIES AUDIT // Economics and Management. – 2021. – № 4 (39). – С. 94-98. doi: 10.21777/2587-554X-2021-4-94-98