Importance Using a case study of the advertising company, the article overviews the practice and prospects of audits, considering new trends in operational audit. Objectives The objective of the research is to describe auditing procedures in accordance with the national and international standards, patterns and prospects for development that would lay the basis for a new paradigm of the audit reforming concept. Methods We used documenting during our audits as the main method for the research. During audits, we applied a cross inspection of accounting and audit data on the basis of reconciliation charts. Auditing data were gathered in compliance with the Federal Standard on Auditing (FSAD 7/2011) Audit Evidence. We methodologically aligned the key international terms with the national accounting practices, using the recommendations of the Russian Tax Code and the Chart of Accounts of accounting for corporate financial and operating activities. Results As a result of the audit, we present an algorithm for correcting errors (misstatements) in tax accounting records. Using this algorithm, we identify accounting breaches, and tax and economic implications and consequences of such breaches. The article sets forth our recommendations on the way to rectify the accounting errors and errors in tax assessments and payments. The operational audit detected corporate losses from misstatements since tax authorities refused to deduct input VAT and accept expenses for reduction of the taxable base. The entity had to pay an excess amount of income tax since it had lost an opportunity to reduce the taxable profit through depreciation. As mounting work was incorrectly entered into the accounting records, the entity underpaid income tax, etc. Conclusions and Relevance Audit control coupled with an analysis expands possibilities, usefulness of and need in auditing, thus maintaining and developing auditing practices. The results of the research may be useful to study business operations with fixed assets, auditing procedures and their accounting implications, application of terminology of the international standards.
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