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2017, № 68

UDC: 657.6
GSNTI: 06.81.85

Key acpects of the accounting estimates’ audit strategy

The article examines the key features of the accounting estimates’ audit planning. It is established that the audit strategy development depends on the the concept of audited financial information preparation and the inherent risks. Studies have shown that based on the degree of application of the professional judgment of persons responsible for preparing financial statements for the estimated values of at the least material misstatement risk is the reporting, prepared according to special rules, and at the most - forward looking statements. Standard financial statements prepared in accordance with the fair presentation concept are at significant risk as well. In accounting estimates auditing special risks should taken into consideration: uncertainty of the materiality of the individual accounting estimates for determining the appropriateness of their presentation and disclosure; the probabilistic nature of events, conditions and valuation of the accounting estimates; high exposure to bad faith actions, as expressed in the manipulation of financial information. Technology to establish estimates meaningful from the point of view of materiality and risk should include sequential steps: the enumeration of all possible terms of the applicable concepts of financial reporting and the inherent characteristics of the entity’s evaluation values; a description of their design features having a direct influence on the selection of effective audit procedures; the selection of appropriate and reliable audit procedures in response to assessed risks. The use of the author's detailed mechanism of the audit strategy creation is the most rational way to reduce the risk of detection in relation to presentation and disclosure of accounting estimates in the entitys’s under audit financial statements as it fully complies with the requirements of international auditing standards, avoiding unnecessary continuous control complexity, allows you to select the most reliable and appropriate methods of obtaining audit evidence and provides for the formation of the useful and informative to users audit opinion. The article examines the key features of the estimated values audit planning in terms of different applicable financial reporting concepts. A comprehensive methodology for the development of the audit strategy based on the identification, description, design estimates, the inherent risks and the auditor’s responses to assessed risks is suybstantiated.
Keywords: The audit strategy, accounting estimates, professional judgment, risk of material misstatements, the auditor’s responses to assessed risks
DOI: 10.21515/1999-1703-68-37-47

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Authors:

1. Shvyreva Olga Ivanovna, PhD in economics, professor, department of audit, Federal State Budgetary Educational Institution of Higher Education “I.T. Trubilin Kuban State Agrarian University”.
2. Petukh Aleksei Vladimirovich, PhD in economics, associate professor, Federal State Budgetary Educational Institution of Higher Education “I.T. Trubilin Kuban State Agrarian University”.