Regulations on international audit practice. Which body in the MFB develops and publishes standards and regulations for auditing and related services
Conducting interbank confirmation procedures
Recommendations for carrying out these procedures, set out in PMAP 1000 "Interbank Confirmation Procedures", are addressed to external auditors, internal bank auditors and bank inspectors. Confirmation is a response to a request to confirm information contained in accounting records and is a valuable form of audit evidence obtained from an independent source. The sources are:
Other banks in the country where the audited bank is a resident;
Other banks in foreign countries;
Clients of the audited bank.
Confirmations may be required for:
Balance sheet indicators;
off-balance sheet items;
In formulating the request, the auditor considers the following factors related to the audited party:
Significance of the size of account balances;
Scope of activity;
When conducting interbank confirmation procedures, it is not practiced to form a request in the form of an offer to send a response only if the information provided in the letter is incorrect or incomplete; it is important for the auditor to receive answers to all inquiries.
The auditor is advised to direct the inquiry to the head office of the bank, and not to any departments that are supposed to have the necessary information, as the auditor's assumptions may be incorrect. The request must be authorized by the verified (requesting) bank. Letters of inquiry may be sent to different time depending on the degree of urgency of the information required. For a better understanding of the request, the letter includes:
Description of the nature of the requested article, transaction, information, as well as an indication of the amount and currency;
The date of occurrence and repayment of the obligation, the conditions for the operation.
Interaction of external auditors with inspectors for banking supervision
In 1989, the Committee on International Auditing Practices (KIAP) and the Basel Committee of Inspectors, including representatives of central banks and supervisory authorities from Europe and the United States, approved PMAP 1004 "Interaction of inspectors for banking supervision and external auditors".
The responsibilities of the bank's management, in addition to those directly related to doing business, are to:
Organization of appropriate control systems;
Caution in conducting operations;
The management of the bank is responsible for:
preparation financial reporting and providing the auditor of the bank and supervisory authorities with information that affects the content of the reporting;
Organization and efficiency of the work of the internal audit unit, its personnel and technical support;
The functions of the banking supervisor are to protect the interests of bank depositors by checking compliance with the requirements, such as:
Honesty, high qualification and experience of persons exercising control and management of the bank's activities;
Capital adequacy to cover banking risks; creation of reserves to cover possible losses on bad and doubtful debts;
The methods used by inspectors to perform these functions may be as follows:
Conducting regular interviews with bank management;
Periodic field inspections;
Inspectors can influence banks through the following measures:
Revocation of licenses from banks that violate the established requirements.
In addition to the mandatory requirements for drawing up conclusions, the auditor of the bank is recommended to prepare a written report for management, which will contain comments on shortcomings. internal control, other omissions that do not entail a modification of the auditor's report.
The relationship between the inspector and the auditor of the bank is formed on the basis of similar interests and objects of study.
The inspector, using audited reporting, should take into account the objectives of the auditor's work and some subjectivity of audit judgments. The information provided by the auditor in letters and reports to the bank's management can be effectively used by the inspector to gain a broader understanding of the various aspects of the bank's activities. Information received from the supervisory authority to the management of the bank can be used by auditors for the following purposes:
An independent assessment by inspectors confirms the adequacy of reserves to cover losses on bad and doubtful debts;
The special standards established by the inspector may be used in carrying out analytical procedures;
Circumstances may arise in which the auditor or inspector finds it necessary to bring information to the attention of the other party. In particular, the auditor may express an opinion on compliance with:
Licensing conditions, established requirements and regulations included in the reports;
Legislative requirements when the bank conducts operations audited by the auditor;
Application of ISAs in the audit of international commercial banks
Recommendations on the application of ISAs when auditing commercial banks whose activities extend beyond national borders are reflected in PMAP 1006 "Audit of International Commercial Banks" (currently this provision is called "Audit financial statements banks").
When forming the terms of an agreement on the audit of an international commercial bank, the auditor should take into account the following factors:
Sufficient expertise in areas of banking that are important to the audit;
Adequacy of special knowledge in the field of computer systems used by the audited bank information systems and systems electronic transfer Money;
In assessing the inherent risk, the auditor should take into account that the activities of the bank are inherent risks associated with banking products and services, as well as operational risks.
1 Risks associated with banking products and services:
Credit risk (1) is the risk that a customer or partner will not be able to meet its obligations in full in set time or sometime in the future.
Country (2) (transfer) risk is the risk that a foreign counterparty or client will not cover its obligation due to various external factors belonging to a foreign state.
Substitution risk (3) is the risk of incurring losses as a result of replacing a transaction on an unfulfilled contract by a client or counterparty with another transaction at a market price.
Settlement risk(4) is the risk of losing the principal amount in full when repaying a transaction without receiving the amount from the customer or counterparty.
Interest rate risk (5) is the risk of loss arising from the dependence of profit on future changes in interest rates
Liquidity risk (6) is the risk of loss arising from the lack of sufficient funds to pay off one's obligations
Currency risk (7) is the risk of loss arising from changes in the exchange rates of the currency in which assets and liabilities are calculated.
Market risk (8) is the risk of loss due to changes in the market prices of investments
Fiduciary risk (9) is the risk of loss arising from the inability to ensure the safety of one's own assets or the profitability of property entrusted to another party
Organizational structure (10) this is the staff data processor may have unrestricted and uncontrolled access to the software, make unauthorized changes to programs and accounting data.
Lack of primary documents (11) - this data can be entered without accompanying documents and written permission to conduct the operation.
Lack of visual traces of operations (12) - this data exists only in computer files; it is impossible to trace the stages of the operation.
The absence of a visual result (13) means that the results of processing are not always printed out, which makes it difficult to control the correctness of the registration of the operation in accounting.
The sequence of execution (14) is the greater reliability of the results of data processing in the event that all operations and circumstances are introduced into the system; the negative impact of a poorly tuned program that allows for systematic errors.
In expressing an opinion on the financial statements of an international commercial bank, the auditor should consider the need to:
Following the special forms and terminology defined by the legislation;
Account adjustments of foreign affiliates and subsidiaries in accordance with the accounting principles applied by the parent bank;
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;color:#000000" xml:lang="ru-RU" lang="ru-RU">Topic 13. Regulations on International Auditing Practice (PMAP)
" xml:lang="ru-RU" lang="ru-RU">In Topic 13 «;color:#000000" xml:lang="ru-RU" lang="ru-RU">Regulations on International Auditing Practice (PMAP)" xml:lang="ru-RU" lang="ru-RU">” six provisions are considered:
" xml:lang="ru-RU" lang="ru-RU">1.;color:#000000" xml:lang="en-RU" lang="en-RU">IT Environment - Offline personal computers (1001) " xml:lang="ru-RU" lang="ru-RU">.
" xml:lang="ru-RU" lang="ru-RU">2.;color:#000000" xml:lang="en-RU" lang="en-RU">IT environment - online computer systems (1002) " xml:lang="ru-RU" lang="ru-RU">.
" xml:lang="ru-RU" lang="ru-RU">3.;color:#000000" xml:lang="ru-RU" lang="ru-RU">IT tools - database systems (1003).
;color:#000000" xml:lang="ru-RU" lang="ru-RU">4. Risk assessment and internal control systems - characterization of CIS and related issues (1008).
;color:#000000" xml:lang="ru-RU" lang="ru-RU">5. Audit methods using computers (1009).
;color:#000000" xml:lang="ru-RU" lang="ru-RU">6. Peculiarities of auditing small businesses (1005).
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The main purpose of PMAP is to provide practical assistance to auditors in meeting standards and ensuring good audit practice.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Currently, there are 11 PMAPs. Five of them (1001, 1002, 1003, 1008, 1009) are devoted to the use of computers during audit; three (1000, 1004, 1006) - to the specifics of conducting a banking audit; one provision (1005) relates to the specifics of the audit of small enterprises; one (1012) refers to the audit of production financial instruments and one (1011) is devoted to the audit of economic matters in the audit of financial statements.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The fact that almost half (five PMAPs) is devoted to the use of computers in the audit process is explained by the widespread use of computers in various fields scientific practice, including accounting, analysis and audit. Three provisions (1001, 1002, 1003) are devoted to the influence of the PC on the system accounting, one (1008) refers to the system of risks and the system of internal control in the conditions of a computer information system of accounting and internal control, and one more;color:#000000" xml:lang="ru-RU" lang="ru-RU">;color:#000000" xml:lang="ru-RU" lang="ru-RU">(1009) - to conduct an audit using computers.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Position;color:#000000" xml:lang="ru-RU" lang="ru-RU">";color:#000000" xml:lang="ru-RU" lang="ru-RU">IT Environment;color:#000000" xml:lang="ru-RU" lang="ru-RU">;color:#000000" xml:lang="ru-RU" lang="ru-RU">standalone personal computers (1001)";color:#000000" xml:lang="ru-RU" lang="ru-RU">Dedicated to describing the impact of stand-alone PCs on the accounting system and related internal controls, as well as on audit procedures. The Regulation includes five sections Keywords: introduction; stand-alone PCs; internal controls in a stand-alone PC environment; impact of stand-alone PCs on the accounting system and related internal controls; impact of stand-alone PC environments on audit procedures.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Standalone personal computers are used to process accounting data and prepare reports by one or more users. To assess risks and the scope of controls , which are necessary to reduce risks, the organizational structure in which PCs are used is essential.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">PCs are targeted at individual end users. The degree of accuracy and reliability they produce financial information will depend in part on internal controls applied by the user voluntarily or as directed by management.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The auditor should consider organizational structure subject and especially the distribution of data processing responsibilities, as well as other issues: how PCs are stored (do they have protection from physical impact, is a blocking mechanism installed that controls access to the switch), how is the security of programs and information on accounting and reporting. Attention is drawn to the continuity of the computer system.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The impact of the PC on the accounting system and the risks associated with it depend on the degree of use of the PC, the type and significance of the processed financial information, the type of programs used .
;color:#000000" xml:lang="en-US" lang="en-US">The impact of the stand-alone PC environment on auditing procedures is that applying sufficient controls to reduce the risk of undetected errors to a minimum level can be guidelines that are impractical or cost-inefficient This provision is used, along with others, to create national standards for the computerization of auditing.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">"IT environment -;color:#000000" xml:lang="ru-RU" lang="ru-RU">;color:#000000" xml:lang="ru-RU" lang="ru-RU">online computer systems (1002)";color:#000000" xml:lang="ru-RU" lang="ru-RU"> - a provision that does not establish new basic principles or necessary procedures. Its main purpose is to assist auditors and develop good practice through the presentation of guidelines guidance on the application of ISAs when stand-alone personal computers (PCs) are used to generate information that is material to an entity's financial statements.
;color:#000000" xml:lang="en-GB" lang="en-GB">This provision allows auditors to exercise professional judgment as to the extent to which the audit procedures described in this provision comply with the principles of ISAs and particular circumstances The Committee on International Auditing Practices (CIAP) approved this Statement of International Auditing Practices in July 2001.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The regulation considers the impact of online computer systems on the accounting system and related internal controls, as well as on audit procedures. It includes six sections: online computer systems; types of online computer systems; characteristics of online computer systems; internal control of online computer systems; the impact of online computer systems on the accounting system and related internal controls; and the impact of computer systems on audit procedures.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Online computer systems allow the user to access data and programs directly through terminal devices. These systems use different types terminal devices. The functions they perform are very diverse and depend on the capabilities inherent in them in terms of the logic of work, transmission, storage and processing of data.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">"IT tools - database systems (1003)";color:#000000" xml:lang="ru-RU" lang="ru-RU"> - this provision, like the previous one, is devoted to the use of personal computers in auditing. It describes the impact of database systems on the accounting system and related internal controls and audit procedures The regulation includes five sections: Database systems Characteristics of the database system Internal controls in the database environment Impact of databases on the accounting system and related internal controls Impact of databases on procedures audit.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">A database is a collection of data shared for various purposes by different users. Each user has access to information that is relevant to him. A database system has two components: a database and a database management system (DBMS).Database systems interact with other technical means and software included in the general computer system.
When the subject uses a database system, the technology being developed is quite complex and must be linked to the strategic business plan of the subject. The auditor may require special IT skills to make the necessary inquiries and understand the meaning of the results. In this case, he may consider engaging an expert (see ISA 620 Using the Work of an Expert).
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Regulation "Risk assessment and internal control systems -;color:#000000" xml:lang="ru-RU" lang="ru-RU">;color:#000000" xml:lang="ru-RU" lang="ru-RU">CIS characteristics and related issues (1008)»;color:#000000" xml:lang="ru-RU" lang="ru-RU">;color:#000000" xml:lang="ru-RU" lang="ru-RU">describes the various computer information system (CIS) environments and their impact on accounting and internal control systems, as well as on audit procedures. in turn, the environment of computer information systems is defined in ISA 401 "Audit in the conditions of computer information systems".
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Based on this provision, a Russian rule(standard) “Risk assessment and internal control. Characteristics and accounting of the environment of computer and information systems”, which is successfully used in Russian audit practice.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">International regulation "Risk assessment and internal control system - characteristics of CIS and related issues" includes nine sections: organizational structure; nature of processing Structural and procedural aspects Internal control in a CIS environment General control of CIS Control of the use of CIS An overview of general control of CIS An overview of control of the use of CIS Evaluation complex systems internal control and personal computers.
;color:#000000" xml:lang="en-GB" lang="en-GB">Internal control of computer data processing, which helps to achieve the general objectives of internal control, includes both manual procedures and procedures embedded in computer programs.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">"Audit methods using computers (1009)";color:#000000" xml:lang="ru-RU" lang="ru-RU"> - a provision designed to assist auditors in using personal computers to conduct audits on various economic entities. The provision includes four sections: description of methods Computer Assisted Auditing (CAAC) Considering the use of CAAC Using CAAC Using CAAC in a Small Entity IT Environment
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Based on this provision, the Russian rule (standard) "Auditing using computers" has been developed, which is successfully used in Russian audit practice.
;color:#000000" xml:lang="en-RU" lang="en-RU">IAPC can improve the effectiveness of audit procedures and can also be used as real tests of controls and substantive procedures in situations where when there are no incoming documents or visible documentary audit evidence, or when the population or sample sizes are large enough.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">This provision discusses the methods of conducting an audit using computers, including computer tools that have received common name MAPC. In turn, computer-assisted audit methods can be used to perform various audit procedures, including:
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> detailed tests of operations and balances;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> analytical procedures;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> tests common funds control;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> population selection programs that provide data selection for audit tests;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> testing of applied controls;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> recalculation of data previously performed by the entity's accounting systems.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">The use of IAPC must be taken into account by auditors when drawing up a plan and program for conducting an audit.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Special attention in the regulation is given to the use of MAPC in the environment information technologies small economic entities. This is due to the fact that on these subjects:
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> the level of general controls may be such that the auditor will have to rely less on internal control;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> MAPC may not be useful;
;color:#000000" xml:lang="ru-RU" lang="ru-RU"> certain programs will not be able to run on outdated computer models of these entities.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">A brief overview of the provisions on the use of personal computers, computer information systems (CIS) and computer data processing (COD) in audit activities showed that that these aspects in the period of universal computerization and the use of information technologies are the most significant.
;color:#000000" xml:lang="ru-RU" lang="ru-RU">Of other provisions on international audit practice used to conduct audits of small organizations and enterprises in Russia, the provision;color:#000000" xml:lang="ru-RU" lang="ru-RU">"Peculiarities of auditing small businesses (1005)";color:#000000" xml:lang="ru-RU" lang="ru-RU">. It contains the main characteristics of small businesses, comments on the application of International Auditing Standards (specifics of planning, documentation, selection of audit procedures, etc.). ), which allows these aspects to be taken into account in audit practice.Based on this provision, Russia has developed a rule (standard) "Peculiarities of the audit of small economic entities".
" xml:lang="ru-RU" lang="ru-RU">To study this topic, you need to work through Chapter 2 study guide: Auditing Standards: Proc. manual for university students studying in the specialty 060500 "Accounting, analysis and audit" /V.I. Podolsky, A.A. Savin, L.V. Sotnikova; Ed. prof. IN AND. Podolsky. - M.: UNIT-DANA, 2004.-286 p., as well as chapters 8 and 16 of the textbook prepared by the teachers of the department "Audit" VZFEI: Audit: Textbook for universities / V.I. Podolsky, A.A. Savin, L.V. Sotnikova and others; ed. prof. IN AND. Podolsky.-3rd ed., revised. and additional - M.: UNITY-DANA, Audit, 2003.- 583 p.
" xml:lang="ru-RU" lang="ru-RU">For self-control and checking the assimilation of the materials of this topic and in order to prepare for the exam test, the student must answer the next questions:
" xml:lang="ru-RU" lang="ru-RU">1. How many PMAPs currently exist?.
" xml:lang="ru-RU" lang="ru-RU">2. How many PMAPs;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the use of computers in the audit?
;color:#000000" xml:lang="ru-RU" lang="ru-RU">3." xml:lang="ru-RU" lang="ru-RU">How many PMAPs;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the specifics of a bank audit?
;color:#000000" xml:lang="ru-RU" lang="ru-RU">4." xml:lang="ru-RU" lang="ru-RU">How many PMAPs;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the peculiarities of auditing small businesses?
" xml:lang="ru-RU" lang="ru-RU">5. How many PMAPs;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the audit of industrial financial instruments?
" xml:lang="ru-RU" lang="ru-RU">6. How many PMAPs;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the audit of economic issues in the audit of financial statements?
" xml:lang="ru-RU" lang="ru-RU">Control tasks (tests)
" xml:lang="ru-RU" lang="ru-RU">1. What is the number of PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU">IT Environment - stand-alone personal computers" xml:lang="ru-RU" lang="ru-RU">.
" xml:lang="ru-RU" lang="ru-RU">a);color:#000000" xml:lang="ru-RU" lang="ru-RU">(1001);
" xml:lang="ru-RU" lang="ru-RU">b) (1002);
" xml:lang="ru-RU" lang="ru-RU">c) (1003).
" xml:lang="ru-RU" lang="ru-RU">2. How many PMAPs are currently active.
" xml:lang="ru-RU" lang="ru-RU">а) 10;
" xml:lang="ru-RU" lang="ru-RU">b) 11;
;color:#000000" xml:lang="ru-RU" lang="ru-RU">c) 12.
" xml:lang="ru-RU" lang="ru-RU">3. How many PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the audit of economic issues in the audit of financial statements.
" xml:lang="ru-RU" lang="ru-RU">а) 1;
" xml:lang="ru-RU" lang="ru-RU">b) 3;
" xml:lang="ru-RU" lang="ru-RU">c) 5.
" xml:lang="ru-RU" lang="ru-RU">4. What is the name of the PMAP under the number;color:#000000" xml:lang="ru-RU" lang="ru-RU">(1012).
" xml:lang="ru-RU" lang="ru-RU">a);color:#000000" xml:lang="ru-RU" lang="ru-RU">small business audit features" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">b);color:#000000" xml:lang="ru-RU" lang="ru-RU">audit of industrial financial instruments" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">c);color:#000000" xml:lang="ru-RU" lang="ru-RU">IT tools - database systems" xml:lang="ru-RU" lang="ru-RU">.
" xml:lang="ru-RU" lang="ru-RU">5. What is the number of PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU"> Peculiarities of small business audit (1005).
" xml:lang="ru-RU" lang="ru-RU">а) (1002);
" xml:lang="ru-RU" lang="ru-RU">b) (1005);
" xml:lang="ru-RU" lang="ru-RU">c) (1009).
" xml:lang="ru-RU" lang="ru-RU">6. What is the name of the PMAP under the number;color:#000000" xml:lang="ru-RU" lang="ru-RU">(1002).
" xml:lang="ru-RU" lang="ru-RU">a) c;color:#000000" xml:lang="ru-RU" lang="ru-RU">IT editor - stand-alone personal computers" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">b);color:#000000" xml:lang="ru-RU" lang="ru-RU">risk assessment and internal control systems - characteristics of CIS and related issues" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">c);color:#000000" xml:lang="ru-RU" lang="ru-RU">eda IT - online computer systems" xml:lang="ru-RU" lang="ru-RU">.
" xml:lang="ru-RU" lang="ru-RU">7. How many PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU">dedicated to the use of computers in the audit;
" xml:lang="ru-RU" lang="ru-RU">а) 1;
" xml:lang="ru-RU" lang="ru-RU">b) 3;
" xml:lang="ru-RU" lang="ru-RU">c) 5.
" xml:lang="ru-RU" lang="ru-RU">8. What is the number of PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU">IT tools - database systems.
" xml:lang="ru-RU" lang="ru-RU">а) (1002);
" xml:lang="ru-RU" lang="ru-RU">b) (1003);
" xml:lang="ru-RU" lang="ru-RU">c) (1005).
" xml:lang="ru-RU" lang="ru-RU">9. What is the name of the PMAP under the number;color:#000000" xml:lang="ru-RU" lang="ru-RU">(1008).
" xml:lang="ru-RU" lang="ru-RU">a);color:#000000" xml:lang="ru-RU" lang="ru-RU">risk assessment and internal control system" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">b);color:#000000" xml:lang="ru-RU" lang="ru-RU">PC influence on the accounting system" xml:lang="ru-RU" lang="ru-RU">;
" xml:lang="ru-RU" lang="ru-RU">c) conducting an audit using computers.
" xml:lang="ru-RU" lang="ru-RU">10. What is the number of PMAP;color:#000000" xml:lang="ru-RU" lang="ru-RU"> Audit methods using computers.
" xml:lang="ru-RU" lang="ru-RU">а) (1001);
" xml:lang="ru-RU" lang="ru-RU">b) (1008);
" xml:lang="ru-RU" lang="ru-RU">c) (1009).
Any human activity should proceed within certain limits and be guided by certain rules. Auditing standards and norms belong to the second group of documents regulating auditing activities. The standards are met regardless of the conditions in which the audit is carried out, do not change depending on the time of the audit, and the procedures may be different depending on the complexity of the accounting system (computer or not), the types of the audited enterprise and under other specific conditions. Therefore, the audit reports indicate that the audit was performed in accordance with generally accepted auditing standards.
Under the standards in the theory and practice of audit understand the basic rules or fundamental principles of audit procedures. This minimum of rules helps the auditor determine the scope of audit procedures and the methodology for their implementation, is a criterion for evaluating the results of the audit. Auditing standards allow us to maintain audit activities at the proper level, force auditors to constantly improve their knowledge and qualifications, and ensure comparability of the quality of work of individual audit organizations streamline and facilitate audit work. They consist of four interdependent sequential parts: the basic postulates, common standards, working standards and reporting standards. These standards are a skeleton scheme that should be followed when conducting an audit, including automated systems.
The International Standards on Auditing (ISAs) have been prepared to harmonize auditing practices on an international scale and to increase the level of professionalism in those countries where the level of auditing is below the global level. The ISA is developed by the Committee on International Auditing Practices, which operates as a permanent autonomous committee under the International Federation of Accountants (IFAC).
ISAs are regulated by 153 professional associations out of 113 associations. Some countries have officially adopted ISAs as national standards. Most countries, including Russia, apply ISA as methodological basis creation of national standards. This approach ensures that the world experience in auditing is taken into account, the results of audits carried out in different countries are comparable, it improves the quality of auditing and professional level auditors.
International Federation of Accountants - IFAC (IFAC), was established in 1977. This organization operates on the basis of the constitution.
The constitution of the IFAC states that its main goal is the development of the accounting profession on the basis of harmonized standards and the provision of quality services to society in the field of accounting and auditing.
To this end, the IFAC Council has established the Committee on International Auditing Practices (CIAP), which is to develop standards and regulations in the field of financial auditing and related services. auditing accounting standard
To provide audit services on an international scale, the IFAC has created an association called the "Forum of Firms". This company includes representatives of 23 transnational audit firms. The purpose of the "Forum of Firms" is to oversee and develop a new international regulatory regime for auditing through a new global quality standard based on existing ISAs and the Code of Ethics.
To accelerate the work on the development of the ISA, the IFAC Council finances the work carried out by the CMAP. The most important areas of this work are: 1) revision of individual ISAs and Regulations on International Auditing Practice (PMAP); 2) development of standards for services providing for the issuance of audit assurances, which should reflect the transition of audit practice from "confirmation" to "guaranteeing"; 3) revision of recommendations regarding audits of commercial banks; 4) publication of ISA on derivative securities.
International Standards on Auditing (ISA) are documents that formulate uniform requirements, subject to which an appropriate level of quality in the audit and related services is ensured. ISAs are designed for auditing financial statements, as well as related services that are carried out during the audit.
ISAs are a collection of documents that include: Introduction, Code of Ethics professional accountants, a glossary of terms and the International Standards on Auditing itself, which consist of 10 sections. These 10 sections clearly structure a financial audit into major aspects, focusing on procedure as the most important element of the audit. ISAs are classified into the following main sections: I. Introductory aspects. II. Responsibilities. III. Planning. IV. Internal control. V. Audit evidence. VI. Use of the work of third parties. VII. Audit findings and preparation of reports. VIII. specialized areas. IX. Accompanying services. X. Regulations on International Auditing Practice (PMAP).
ISAs cover all the main currently existing aspects of financial audit. It presents systematically and in the appropriate sequence all audit procedures, the composition of audit services, specific areas of audit and the procedure for compiling audit reports.
With the development of the market and integration processes in the economy different countries and the transformation of individual audit organizations into large international groups, it became necessary to unify auditing on an international scale.
Under market conditions, enterprises, credit institutions, other business entities enter into contractual relationship on the use of property, cash, commercial transactions and investments.
The trust in these relationships should be supported by the ability for all participants in transactions to receive and use financial information.
The reliability of the information is confirmed by an independent auditor.
Owners and, above all, collective owners - shareholders, shareholders, as well as creditors are deprived of the opportunity to independently verify that all the numerous operations of the enterprise, often very complex, are legal and correctly reflected in the statements, since they usually do not have access to accounts , nor relevant experience, and therefore need the services of auditors.
Independent confirmation of information about the results of enterprises and their compliance with the law is necessary for the state to make decisions in the field of economics and taxation.
Audits are required government bodies, courts, prosecutors and investigators to confirm the reliability of the financial statements they are interested in.
The need for the services of an auditor arose in connection with the following circumstances:
- - the possibility of receiving biased information from the administration in cases of conflict between it and users of this information (owners, investors, creditors);
- - dependence of the consequences of the decisions made (they can be very significant) on the quality of the information;
- - the need for special knowledge to verify information;
- - frequent lack of access for users to access information to assess its quality.
All these prerequisites have led to the emergence of a public need for the services of independent experts who have the appropriate training, qualifications, experience and permission to provide such services.
Auditing services are intermediary services that establish the reliability of financial information.
For high-quality and successful audit services, there is a need to apply uniform audit rules (standards) in audit practice.
Rules (standards) of the audit are general guidelines and rules that help auditors fulfill their responsibilities for conducting audits, and regulate the basic principles and features of auditing.
In addition, in some countries, along with the word "Standard", other phrases are used, for example, "Regulations on auditing practice" (England) or "Professional standards and comments" (France).
Auditing standards detail all the requirements that must be met during an audit; how to plan work, get to know the client's business correctly, study accounting and internal control systems, also determine the degree of materiality for errors, explain how to collect and evaluate audit evidence, conduct spot checks, and finally, make audit reports.
The application of standards is a kind of guarantee of the quality of audit services.
In the West, conducting an audit without standards is excluded, since there the audit is considered as a procedure for confirming the reliability of reporting, and such a procedure should be standardized, and not be reduced to an unsystematic search for individual, often small and insignificant decisions.
The development, implementation and promotion of these standards is directly involved in the International Federation of Accountants (IFAC) - the International Association of Accountants.
International Federation of Accountants and major international companies launched a new initiative aimed at improving the quality of financial reporting and auditing standards around the world, which will protect the interests of international investors and will facilitate more active movement of capital between countries.
In accordance with this initiative, it is planned to create a new association of firms under the auspices of the International Federation of Accountants, which, together with the Federation, will develop international accounting and auditing standards and assist in their implementation in practice.
In addition, it is proposed to establish a system of independent control over the activities of the MFB in the field of protecting the interests of society. Any company whose clients are multinational corporations can join a business association under the auspices of the IFAC, and the company must comply with strict quality requirements, including:
- - be guided by international auditing standards and the IFAC Code of Ethics when conducting audits;
- - ensure availability effective system internal control, including analysis of the organization of work within the company;
- - provide training in the field of international accounting and auditing standards, including in the field of the Code of Ethics;
- - do not prevent external auditors from conducting regular quality checks of their activities;
- - assist in the formation of professional associations and the introduction of international accounting and auditing standards in developing countries.
In order to improve the quality of reporting public institutions The IFAC Public Sector Committee has embarked on a multi-year project to develop accounting standards and guidelines that meet the requirements of governments, ministries, taxpayers and rating agencies.
The meaning of the standards is that they:
- - provide high quality audit check;
- - contribute to the introduction of new scientific achievements into audit practice and help users understand the audit process;
- - eliminate the need for state control;
- - help auditors to negotiate with the client;
- - provide a link between the individual elements of the audit process;
- - force auditors to constantly improve their knowledge and skills;
- - ensure the comparability of the quality of work of individual audit organizations;
- - streamline and facilitate audit work.
However, the audit rules are not detailed rules and regulations covering all audit work.
These standards subsequently received an international calling.
Audit rules (standards) and norms can be used by legal authorities as a guide, a guideline when considering the competence and work of the auditor.
The International Standards on Auditing (ISAs) are an integral part of the constituent part systems of auditing standards that implement concepts, postulates and principles of audit in the form of regulations; summarizing the experience of world audit practice and officially recognized on a voluntary basis by the predominant part of the international audit community.
ISAs are documents that formulate uniform requirements, subject to which an appropriate level of audit quality is ensured. ISAs contain: basic principles, necessary procedures and guidelines, recommendations for the application of principles and procedures.
The ISA is a collection of documents that includes: an introduction, a Code of Ethics for Professional Accountants, a glossary of terms, and the auditing standards themselves, which consist of 10 sections.
ISA structure:
Introductory aspects.
Responsibilities.
Planning
Internal control
Audit Evidence
Using the work of third parties
Audit findings and reporting
Specialized areas
Accompanying services
Regulations on international audit practice.
ISAs cover all the main currently existing aspects of financial audit.
The creation of a system of international economic relations necessitated the harmonization of auditing standards at the international level, which made it possible to expand the circle of users of financial statements, facilitated comparison financial indicators activities of companies from different countries and made it possible to assess the competence and professionalism of audit firms.
The International Standards on Auditing (ISA) is a reference book for professional auditors that describes generally accepted auditing practices. Russian practicing auditors can apply international standards in their activities, which will contribute to further integration into the international audit community.
Development professional requirements at the international level, several organizations are involved, including the International Federation of Accountants (IFAC), established in 1977. The Committee on International Auditing Practices (CMAP), which is a standing committee of the IFAC Council, is directly involved in auditing standards.
International Standards on Auditing issued by the Committee should:
promote the development of the profession in those countries where the level of professionalism is below the global level;
to unify, as far as possible, the approach to audit on an international scale.
Status of International Standards on Auditing. ISAs are intended to be used in the audit of financial statements, as well as in the audit of other information and the provision of related services. ISAs contain the basic principles and necessary procedures, relevant guidelines, presented in the form of explanatory and other material. To ensure understanding and correct application the basic principles and necessary procedures, along with the relevant guidance, the full text of the ISA, including the explanatory and other materials contained therein, should be taken into account. And only in exceptional cases the auditor can deviate from ISA. At the same time, he must be prepared to argue for such a retreat.
The ISAs do not override local regulations governing the audit of financial or other information in any given country. To the extent that ISAs are consistent with local regulations in a particular case, an audit of financial or other information in each individual country, conducted in accordance with local regulations, must comply with ISAs. In case the local regulations differ or conflict with the ISAs in a particular case, IFAC member organizations are required to comply with the membership obligations stipulated in the IFAC Constitution with respect to these ISAs.
Status of the Regulations on International Auditing Practice. The Regulations on International Auditing Practices (PIAP) are developed to provide practical assistance to auditors in meeting standards and ensuring good auditing practice.
The approved text of a draft for consideration, standard or regulation is the text published by the IFAC on English language. IFAC member organizations are entitled to translate these documents after obtaining the appropriate permission from IFAC in order to publish them in the language of their country. Translation of documents is carried out at the expense of member organizations and must include the name of the organization that prepared it, as well as a reference to the fact that this document is a translation of the approved text.
The first edition of the ISA in Russian was an important step in the transition of Russian auditors to international standards. However, this edition was full of errors and inaccuracies, which caused criticism from those Russian auditors who were familiar with the English-language source. The ISA 1999 edition in Russian was still undergoing the editing process when the International Federation of Accountants IFAC released the 2000 edition in English. This circumstance created new objective prerequisites for the discrepancy between the latest version of ISA and Russian developments based on the official Russian translation of 1999.
In the ISA 2001 edition, a number of documents differ significantly from the 1999 edition, in addition, new standards have appeared by this time. The text of the new translation was taken by Russian developers as a basis for the preparation of new Russian federal standards audit.
In the ISA, all standards are collected in 10 semantic sections: introduction; responsibilities; planning; internal control system; audit evidence; using the results of the work of third parties; audit findings and opinions; special areas of audit; accompanying services; provisions on international audit practice.
Legal and organizational structure of the client, copies of legal documents, agreements and protocols, information about the industry, economic and legal environment in which the client operates.
The audit plan and program and any changes thereto, evidence of the auditor's understanding of the accounting and internal control systems, evidence supporting the risk assessment and any adjustments to that assessment, evidence supporting the auditor's analysis of internal audit work and conclusions drawn.
Legal and organizational structure of the client
copies of legal documents, agreements and protocols
Answers A and B
2. Which body in the MFB develops and publishes standards and regulations for auditing and related services:
public sector committee;
Council on International Standards on Auditing and Assurance;
Council on International Financial Reporting Standards.
Council for International Statistical Reporting Standards.
audit sector committee
3. Regulations on international audit practice have:
binding nature for execution by all member countries of the IFAC;
binding nature for execution by international audit organizations
optional character
no correct answer
4. What documents define national audit standards:
normative acts;
laws;
authorized body of the given country;
all answers are correct;
no right answer
5. Define the term "audit sampling" in accordance with Standard 530 "Audit sampling and other sampling procedures":
selection of financial statement items for review;
applying audit procedures to less than 100% of items included in an account balance or class of transactions;
a specific selection of items included in an account balance or class of transactions
applying audit procedures to less than 100% of items included in the account balance
applying audit procedures to less than 100% of items included in an account balance or class of transactions;
6.According to ISA-540, what qualifications are possible in the auditor's report on the identified material estimates?
the auditor's opinion on the assumptions (statements) of the management of the audited entity used to calculate (determine) estimated values;
the auditor's opinion on the correctness of estimates;
Answers A and B
7. What is the essence of the relationship between ISA and IFRS:
unity of terminology;
there is no relationship between ISA and IFRS.
IFRS is not a criterion for the compliance of the audited reporting with the established requirements, confirmed in the audit process;
IFRS is a criterion for the compliance of the audited reporting with the established requirements, confirmed in the audit process;
Answers A and D
8. In what cases it is allowed not to comply with ISA during the audit:
at the discretion of the audit organization;
in accordance with the current national legislation in the field of accounting and auditing;
in exceptional cases, situations with insignificant indicators or circumstances, but at the same time the auditor must argue such a deviation from ISA;
in exceptional cases, situations with insignificant indicators or circumstances;
There is no correct answer
9. According to international rules, the term "degree of reliability" in assessing the application of analytical procedures means:
the extent to which reliance should be placed on the results of analytical procedures;
the degree of reliability of audit evidence;
the reliability of the auditor's conclusions when using analytical procedures
the auditor's ability to perform audit procedures that are considered necessary in the circumstances;