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Theory and Practice of Applying Audit Procedures to Input Balance in Performing the First Tasks of the Audit

Author

Listed:
  • Valeriy Bondar

    ('Institute of Agrarian Economics' National Scientific Centre, Kyiv, Ukraine)

Abstract

The article is devoted to the problems of performing the first tasks of the audit in the context of applying audit procedures to balances at beginning of the period stipulated by the international auditing standards, and developing a system of their documentary and informational support. The importance of working papers of the previous auditor to the detection of deviations in the formation of balances at the beginning of the period, and assessment of the flaws of the accounting and internal control of the client is substantiated. The program for checking balance at the beginning of the period and other forms of working papers for documentary support of the audit process is developed. This provides for the optimization of audit resources to obtain audit evidence and allows for the supervision of the task performance and quality control of completed tasks. It is proved that the review of the working papers of the previous auditor should be used for understanding management's attitude to the need in making adjustments in the financial statements based on the audit results. This approach helps to avoid threats to the independence of the auditor, reduces the risk of not detecting a material misstatement, and allows the auditor to determine the degree of confidence in the existing input balance.

Suggested Citation

  • Valeriy Bondar, 2016. "Theory and Practice of Applying Audit Procedures to Input Balance in Performing the First Tasks of the Audit," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 143-149, June.
    • Handle: RePEc:iaf:journl:y:2016:i:2:p:143-149
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    References listed on IDEAS

    as
    1. World Bank Group, 2016. "Doing Business 2016," World Bank Publications - Books, The World Bank Group, number 22771.
    2. Oleh Pasko & Mykola Hordiyenko, 2014. "Modifications to the Auditor's Opinion & Emphasis of Matter Paragraphs in the Auditor's Reports of Ukrainian Public Companies Whose Shares are Listed on the Warsaw Stock Exchange," Oblik i finansi, Institute of Accounting and Finance, issue 3, pages 125-135, September.
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    More about this item

    Keywords

    audit; audit procedures; first task of the audit; input balance; previous auditor;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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