Basic principles of audit

The principles of auditing are the basic standards that are mandatory for all independent auditors and firms engaged in the provision of audit services to perform in their professional activities. These principles establish the appropriate minimum quality that customers expect when they contact auditors to assist them in verifying or arranging the turnover of financial documents. These principles should be observed regardless of the scope and nature of the audits, as well as the range of activities of the audited economic entities.

The audit principles are designed to ensure the results of the inspections conducted. Under conditions of changing economic realities, they are periodically subject to changes and revision, but the basic principles of these principles remain unchanged. They determine the approach to conducting inspections, the scope of inspections, methodology issues, types of reporting and conclusions.

When conducting financial audits, a number of mandatory rules must be observed. Ethical professional principles of audit should be used as a basis for decision-making.

The basic principles of the audit include objectivity, honesty, professional conduct, integrity, independence and confidentiality.

The general principles of audit, first of all, imply objectivity. It is impartiality, impartiality and lack of control over anyone's influence in the performance of their professional duties during the audit, as well as in the formulation of conclusions and the conclusion of the conclusion.

The principle of independence is understood as the lack of a related, property, financial or other interest in the audit results of an audit firm or an individual auditor. In addition, the auditor should also not be in any way dependent on a third party that can exert pressure on him, influencing the conclusions that he can draw from the results of a particular activity.

The principles of the audit include professional competence, which implies the possession of a proper amount of knowledge and the possession of the necessary skills that can enable the auditor to provide qualitative and qualified services.

Professional behavior of the auditor assumes full observance of public interests, ability to maintain the reputation of one's own profession, not to commit acts that are incompatible with the provision of professional services and which can lead to loss of confidence on the part of customers of services, damage the image of the profession.

The principle of good faith requires, when providing the services of the auditor, the use of their abilities and powers with care, thoroughness and promptness.

The principle of confidentiality requires the auditors to ensure the safety of all documents that they receive or make during inspections. Auditors do not have the right to transfer these documents or copies of documents to third parties, to inform them the information contained in the documents, without the permission of their owners, except in cases stipulated by law.

In the event that an audit organization or an auditor is a member of a trade union, they should adhere to ethical rules that provide for documents that are voluntarily accepted by this trade union.

The audit principle states that during audit planning, auditors should treat all their actions and information at their disposal critically, with a share of sound skepticism, as there are always circumstances that can lead to a conscious or unconscious distortion of financial information.