Serebryakova T.Yu.Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation tserebryakova@rucoop.ru
Importance In the light of the recent amendments to the Federal Law On Audit Activity of December 30, 2008 No. 307-FZ (hereinafter referred to as Law № 307-FZ) related to transition to International Standards on Auditing (ISA), and after their official publication, the issues associated with the study of the ISA are increasingly significant. Objectives The objectives of the study are to identify the strengths and weaknesses of the ISA and problematic issues that complicate their use in our country; to find the ways to overcome the problems. Methods For the study, I used general scientific methods of cognition: systems approach, logical generalization, legal and linguistic analyses, and hypothesis. Results I have found out that there are terminological inaccuracies and difficulties in the perception of the ISA provisions due to translation problems and mentality of practitioners. This will encumber the use of ISA at early stages. In addition, a complicating and, at the same time, positive factor is a detailed elaboration of the standards, which influenced their volume. I identified problems associated with auditees, which have been caused by differences in terminology in various national laws. This fact casts doubt on the adequacy of currently existing amendments to some laws regulating accounting, reporting and auditing. Conclusions and Relevance I conclude on the need for further work to solve the following problems: improving the style of both accounting and auditing standards; justifying a radically new doctrine of process control due to insufficient reliability of risk-oriented areas in audit; overcoming formal approaches to auditing and the methodology of audit as a process.
Keywords: audit, auditing, control, standardization, international auditing standards
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