Development of Instruments for Audit Quality Assessment and Control
https://doi.org/10.26794/2408-9303-2019-6-5-58-68
Abstract
The role of audit firms as independent institutions certifying the reliability of reporting information disclosed by businesses to the wide range of interested parties is currently increasing. At the same time, the audit market is going through a period of crisis because of the decline in prestige of the profession, low profitability, falling user confidence to the results of audit and the lack of national auditing legislation. On the other hand during crisis times the significance of the control over the quality of auditing including the state control goes up. The article systematizes the results of the research on audit quality assessment and control. It also describes methodological approaches to building an effective internal audit control system, provides practical recommendations on how to improve the reporting data of audit firms, identifies conceptual elements of the quality control system and considers the issues of improving the effectiveness of external control. Implementation of the proposals will improve the competitiveness of audit firms in the crisis industry and allow the transition from formal audit control to substantive control.
About the Author
D. S. Fomina
Federal Treasury; Financial University
Russian Federation
Russian Federation
Diana S. Fomina — consultant of the Division of Control over the Quality of Audit Companies’ Activity, Auditing Oversight Department
postgraduate student of the Accounting, Analysis and Auditing Department
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Review
For citations:
Fomina D.S. Development of Instruments for Audit Quality Assessment and Control. Accounting. Analysis. Auditing. 2019;6(5):58-68. (In Russ.) https://doi.org/10.26794/2408-9303-2019-6-5-58-68
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