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ИД «Финансы и кредит»






International Accounting

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Auditing of prospective financial information in compliance with the International Standards on Auditing: Organizational and methodological considerations

Vol. 23, Iss. 2, FEBRUARY 2020

Received: 30 January 2020

Received in revised form: 3 February 2020

Accepted: 4 February 2020

Available online: 14 February 2020

Subject Heading: AUDIT ACTIVITY

JEL Classification: M42

Pages: 143–167


Safonova M.F. Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation


Petukh A.V. Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation

ORCID id: not available

Subject To raise funds, top managers need to prepare reliable, transparent and informative financial statements. It is impossible until regulatory, organizational and methodological issues of auditing of prospective financial information are settled. Considering audit reforms when the auditing services market is standardized and developed, the audit community needs to be more thorough in delivering their services.
Objectives We determine key organizational and methodological aspects in the development of audits of prospective financial information in compliance with International Standards on Auditing (ISA).
Methods We apply general scientific and special methods, such as induction, deduction, analysis, synthesis, graphical assessment, monographic, algorithm development.
Results Having discovered the correlation of general principals for auditing, forecasting and auditing of prospective financial information, we outlined a concept for auditing of prospective information, which is based on a scientific approach, key steps and procedures of audit, necessary resources and has the structural integrity.
Conclusions and Relevance Referring to the substantial contributions the Russian and foreign scholars have made to theoretical principles, techniques and methods for auditing of prospective information, we conclude that there should be a uniform approach to setting a conceptual model for auditing of prospective financial information, which would comply with ISA. We suggest using an algorithm for budgetary planning and working audit papers facilitating the grouping of misstatements found during audits of prospective financial information and their presentation as written information for management and shareholders. The findings can be used in the theory and practice of auditing, design of accounting and financial reporting processes in various firms, and for educational purposes in the Master's Degree program on Economics.

Keywords: forecast financial information, audit methodology, sustainability, accounting and analytical support


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