SYSTEM OF AUDIT PROCEDURES FOR IDENTIFICATION OF RISKS OF MATERIAL MISSTATEMENT RELATED TO THE REPORTING CONSOLIDATION PROCESS
( Pp. 83-89)

More about authors
Rezvykh Irina A. aspirant departamenta ucheta, analiza i audita
Financial University under the Government of the Russian Federation Moscow, Russia
Abstract:
Task. The article reviews audit procedures aimed at testing the internal control system of the group with respect to the consolidation process and identifying risks of material misstatement of the financial statements as a whole and at the level of prerequisites for the preparation of consolidated financial statements. At the present time, the number of associations of organizations is increasing for the pooling of capital, the strengthening of competitive positions. The audit of the consolidated financial statements (hereinafter referred to as "CFS") is more complicated than the audit of financial statements of individual organizations. One of the key features of the CFS audit is the assessment of compliance with the consolidation process. The article proposes audit procedures that are necessary to assess the effectiveness of internal control of the consolidation process, as well as to assess compliance with the consolidation of financial reporting. Model. The article examines the features of the audit of the process of consolidating financial statements of a group of companies. Conclusions. Identifying the areas of risks of material misstatement associated with the consolidation process, at the stage of evaluating the internal control system of the group of companies, will help optimize the further stages of the audit. Practical importance. The article proposes matrices of audit procedures for identifying risks of material misstatement at the reporting level in general and at the level of prerequisites. The use of the proposed matrices in the CFS audit will help the auditor to identify the risks of material misstatement of consolidated financial statements related to the consolidation process. Originality. At the stage of modern economic development, the number of associations of organizations is increasing. At the same time, there is a growing need for reliable information on the financial condition of the merged organizations and their ability to carry out their activities continuously. Accordingly, the role of the audit of consolidated financial statements is also increasing. The application of the matrices of audit procedures proposed in this article to identify the risks of material misstatement of the CFS will allow to identify areas of possible risks and to plan an audit of the CFS in such a way as to obtain proper audit evidence to form an opinion on the consolidated statements, which will increase the confidence of users of the consolidated financial statements.
How to Cite:
Rezvykh I.A., (2018), SYSTEM OF AUDIT PROCEDURES FOR IDENTIFICATION OF RISKS OF MATERIAL MISSTATEMENT RELATED TO THE REPORTING CONSOLIDATION PROCESS. Economic Problems and Legal Practice, 3 => 83-89.
Reference list:
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Keywords:
The consolidation of financial statements, the system of internal control of the group of companies, matrix of audit procedures, risks of material misstatement of the.


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