Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 30135
Ways for the Development of the Audit Quality Control System through the Analysis of Ongoing Problems, Experience and Challenges: Example of the Republic of Georgia

Authors: Levan Sabauri

Abstract:

Audit is an independent inspection of the financial statement of the audited person and expresses the opinion of an auditor on the reliability of this statement. The auditor’s activity (auditor’s service) is realized by auditing organizations, individual auditors in connection to conduction of an audit and rendering of audit accompanying services. The profession of auditor means a high level of responsibility for rendered service. Results of decisions made by information users depend on the quality of the auditor’s conclusion. Owners, investors, creditors, and society rely on the opinion of the auditor under the condition that inspection was conducted with good quality. Therefore, the existence of the well-functioning audit quality control system for the administering of the audit is an important issue. An efficient audit quality control system is a substantial challenge that many countries face worldwide, especially those states where these systems are being formed within the respective reform program. The presented article reflects on the best practices of the leading countries, the assumptions and recommendations for the financial accounting, reporting and audit; current reforms in Georgia are made based on this comparative analysis.

Keywords: Audit quality control, audit program, financial statement, perspective analysis.

Digital Object Identifier (DOI): doi.org/10.5281/zenodo.3299397

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 142

References:


[1] Ann L Watkins, William Hillison, Susan E Morecroft. (2004/1/1). Audit quality: A synthesis of theory and empirical evidence. Journal of accounting literature, 153.
[2] Council, F. R. (2017, March). https://www.frc.org.uk. Retrieved from https://www.frc.org.uk/getattachment/f42bfdea-4582-4c49-b8dc-fbf85faf78b8/Audit-Quality-Thematic-Review-control-procedures-March-2017.pdf.
[3] IFAC. (2018, June 1). http://www.ifac.org/system/files/downloads/a010-2010-iaasb-handbook-isa-220.pdf.
[4] Jayanthi Krishnan. (2005/4). Audit committee quality and internal control: An empirical analysis. The accounting review, 649-675.
[5] Jere R Francis. (2004/12/1). What do we know about audit quality? The British accounting review, 345-368.
[6] Levan Sabauri. (2014). A Quality Control Of An Audit Activities. Международная Научно-Практическая Конференция «Научное обеспечение праксеологии аудита», (pp. 4-10). Киев, Украйна.
[7] Levan Sabauri. (2014). General review of the mistakes made during the audit that are common in practice. Modern Business: Tendencies and Chalangies, (pp. 184-196). Tbilisi.
[8] Levan Sabauri. (2017/3/3). Problems Occurring in the Process of Audit by Taking into Consideration their Theoretic Aspects against the Background of Reforms Conducted in a Country: The Example of Georgia. World Academy of Science, Engineering and Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 1179-1186.
[9] Levan Sabauri. (2018). Approval and introduction of the international financial reporting standards (IFRS) in Georgia: challenges and perspectives. Journal of Accounting & Marketing.
[10] Levan Sabauri. (2018). Topical Issues of Ensuring the Internal Quality Control of an Auditing Organizations. Challenges Of Globalization In Economics And Business (313-318).
[11] Mr. Manzoor Nazar. (2015, November 2). https://auditinghelp.com/category/quality-control-for-an-audit-of-financial-statements. Retrieved from AuditingHelp.com.
[12] Thomas C Wooten. (2003/1/1). Research about audit quality. The CPA Journal, 48.
[13] Yan Zhang, Jian Zhou and Nan Zhou. (2007). Audit committee quality, auditor independence, and internal control weaknesses. Journal of Accounting and Public Policy, 26(3), 300-327.