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International Accounting
 

Strategic audit as a tool to attain long-term goals of the business entity

Vol. 18, Iss. 31, AUGUST 2015

Received: 27 August 2015

Accepted: 31 August 2015

Available online: 22 October 2015

Subject Heading: AUDIT ACTIVITY

JEL Classification: 

Pages: 58-66

Shirobokov V.G. Voronezh State Agricultural University named after Emperor Peter the Great, Voronezh, Russian Federation
vladish@agroeco.vsau.ru

Litvinov D.N. Voronezh State Agricultural University named after Emperor Peter the Great, Voronezh, Russian Federation
litvinoff.dmit@yandex.ru

Importance In the slumping economy, entities can ensure their sustainable development by formulating a reasonable strategy for corporate development and planning implementation activities. In this respect, strategic audit gains special relevance as it compiles the entire information on the future corporate development under external and internal factors.
     Objectives The research aims at examining the substance and content of strategic audit as a new audit discipline, and developing a methodological framework for conducting it.
     Methods The research draws upon methods of analysis and synthesis and demonstrates various approaches to defining strategic audit, and reveals its contents through generalization. We used fundamental provisions and concepts of management and strategic audit, proceedings by national and foreign authors.
     Results We specify the significance of strategic audit for the auditing theory and practices and identify the most critical aspects in the auditor's evaluation of external and internal factors that considerably influence the implementation of the corporate development strategy. We suggest applying the PEST-analysis to perform strategic audit.
     Conclusions and Relevance During the economic crisis, strategic audit helps entities promptly respond to an ever changing impact of external and internal factors, being a tool to reach certain economic stability of auditees. The findings may be useful to develop the theory and practices of audit and train masters and postgraduates in the relevant disciplines.

Keywords: strategy, audit, management, external environment, internal factors

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