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Financial Analytics: Science and Experience
 

Other information in the audit: Verification issues

Vol. 16, Iss. 2, JUNE 2023

Received: 17 April 2023

Received in revised form: 10 May 2023

Accepted: 16 May 2023

Available online: 30 May 2023

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: M42

Pages: 172–185

https://doi.org/10.24891/fa.16.2.172

Irina S. EGOROVA Financial University under Government of Russian Federation, Moscow, Russian Federation
ISEgorova@fa.ru

https://orcid.org/0000-0002-3355-6836

Subject. This article discusses the issues related to the identification of possible and actual material inconsistencies (distortions) between other information reflected in the annual report of the audited entity and its accounting (financial) statements.
Objectives. The article aims to present the author-developed interpretation of this identification.
Methods. For the study, I used systems, and functional and structural analyses, as well as special audit procedures.
Results. Based on the analysis of the main problems of identifying possible and actual material inconsistencies (distortions) between other information reflected in the annual report of the audited entity and its accounting (financial) statements, the article proposes ways to solve them.
Conclusions. International Standard on Auditing (ISA) 720 regulates the need to consider other information during the audit, but the issue of its practical implementation is still poorly worked out.

Keywords: audit, other information, accounting (financial) statements, ISA 720

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