INSTITUTIONAL FOUNDATIONS OF AUDIT QUALITY AND AUDIT ACTIVITIES IN UKRAINE

Nadiya Khorunzhak, Marianna Koshchynets, Lesia Kondriuk

Abstract


Introduction. The quality of the audit in modern conditions has a significant impact on the level of trust in the data generated by the accounting system. The accuracy and reliability of assessing the financial condition of the enterprise depends on it, which, at the same time, affects the level of investment attractiveness of Ukrainian business. Entering international markets and the globalization of the economy also increase interest and actualize the issue of achieving improved audit quality. To a large extent, the implementation of this task depends on the activities of the relevant regulatory institutions and their functional interaction. Methods. In order to conduct a critical assessment of the foundations that form the basis of the practice of ensuring the quality of audit and audit activities in Ukraine, empirical research methods and questionnaire were used. Their use allowed us to identify the main problems that arise in the process of ensuring the quality of the audit, to differentiate them into 2 groups (organizational and methodological), as well as to identify important directions and ways to overcome existing shortcomings. The generalization is used to formulate summarizing conclusions and developing promising areas of research on ways to improve the principles of audit quality and audit activity in Ukraine. Results. The conducted research allowed for the decision to ensure the quality of the audit in Ukraine to propose the implementation of such measures as: the formation of a system for informing about the quality parameters of the activities of audit entities; the introduction of mandatory quality control of audit services of all subjects of audit activity at least once every 2 years; promulgation of criteria, standards and methodologies for assessing the quality of audit activities; the creation of independent supervisory and control institutions (or institutions with extensive territorial bodies), which, together with the AAP and other professional organizations, carried out quality control of audit activities and the like. Discussion. The proposals made will allow to improve the quality of audit and audit activities in Ukraine. In the future, in-depth studies of innovative methods for evaluating and monitoring the activities of audit firms and audit entities, the use of positive foreign experience on these issues, as well as the search for ways to enhance the use of computer and communication tools in audit activities are possible.

Keywords


Quality; audit; auditing; institutional framework; audit subjects; organization; methodology

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DOI: https://doi.org/10.35774/ibo2018.03.067

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