Audit methodology

An audit is the independent verification of a company's financial statements. It is carried out with the purpose of expressing an opinion on the reliability of this reporting. By conducting a mandatory audit, the organizations authorized in this process apply special methods of conducting inspections. These methods are developed by competent experts and are a commercial secret of the inspecting enterprise. The external audit is carried out only by authorized bodies. Internal checks are carried out by the company's own control services.

This or that method of conducting an audit is created in accordance with one or another approach. Today there are four main directions.

The accounting approach is considered to be traditional. It involves the development of verification methods in accordance with different sections of accounting. For example, there is an audit of cash transactions, settlements with staff or accountable persons. The methods of control over accounting accounts in a particular set are elements of any verification. According to the standards, they are called methods for checking balances and turnover on accounting accounts.

The next approach is legal. In accordance with it, this or that method of conducting the audit is developed in accordance with legal norms. In some aspects, these techniques intersect with accounting. However, legal methods presuppose a more in-depth, detailed study of the legal side reflected in the accounting process of the economic activity of the enterprise. The category of legal verification methods includes such methods as: the methodology for conducting an audit of the company's capital, including an examination of the completeness and correctness of the formation of the authorized capital and the procedure for monitoring the correctness of the reflection of settlements with the founders. In the standards, these techniques are called methods of checking the means of the control system.

In accordance with a special approach, methods for controlling groups of economic entities that have common special characteristics are developed. Among such features, in particular, include the structure of capital or management, the number of employees, the tax regime, the organizational and legal form, and others.

When using a special approach, for example, methods for testing enterprises, for which foreign investments are typical, representations of foreign legal figures operating on the territory of the Russian Federation, are developed, for example. Special control methods are applied to enterprises that perform their activities within the framework of special tax regimes: a simplified system of taxation in special economic zones, closed administrative territorial units, as well as in the execution of concession contracts , etc.

The branch method is used in the development of methods for checking the subjects of the economy in accordance with their sectoral affiliation and type of activity. This takes into account the specifics of checking the structure of costs for manufacturing products (providing services or performing work), the formation of management accounting. Such methods include, in particular, the methodology for auditing trading, agricultural, construction, insurance companies, investment institutions and other.

It should be noted that when using these or other techniques, special tools should be used. These include tables, tests, questionnaires, questionnaires and other tools that make it easier for the checking staff and their assistants. Along with this, the use of computer information technologies is of no small importance.