Kozmenkova S.V.National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation skozmenkova@yandex.ru ORCID id: not available
Tsyganov V.I.National Research Lobachevsky State University of Nizhny Novgorod (UNN), Nizhny Novgorod, Russian Federation ziganovw@yandex.ru ORCID id: not available
Subject. This article deals with the matters related to the audit of financial statements. Objectives. The article aims to analyze the procedure for the study of financial and economic transactions in order to ensure compliance with legal documents regulating accounting and financial reporting. Methods. For the study, we used a comparative analysis, systematization, induction and deduction. Results. The article clarifies the objectives of financial statement audit, including verification of compliance of financial and economic transactions with the relevant regulations of the Russian Federation, as well as procedures for planning and documenting audit of financial statements based on the requirements of the International Standard on Auditing 250 (ISA 250) (revised). It also identifies problematic issues in the content of ISA 250 and formulates certain proposals to clarify it. Conclusions and Relevance. The article concludes that both the global and Russian audit practices require a thorough review of compliance of activities and financial reporting with the regulations in order to achieve the audit goal. The results presented can be applied in both audit theory and practice.
Keywords: financial reporting, laws and regulations, audit examination
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