BUSINESS INFORM №4-2014

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Section: Accounting and Auditing
UDC 657.631.8:332.012.2
Shalimova N. S.
Audit Quality as the Key Criterion of Assessment of its Effectiveness in the System of Socio-economic Processes (p. 335 - 340)
The article describes approaches to identification of effectiveness of functioning of audit as a system and audit quality as the key criterion of assessment of its effectiveness. It shows that effectiveness of audit activity is a multi-aspect category and the fundamental criterion of identification of expediency of existence of the audit and directions of its development. It proves that each of the effectiveness aspects (for example, efficiency, profitability, effectivity and productivity) reveals only some of its essential sides and of biggest value among them are those that characterise the degree of achievement and correspondence with goals formed both by the external environment and by the system of audit activity itself and the key factor is quality. The article shows that audit is a communication process and one of the key problems of communication is a problem of adequate perception of the transferred information and, consequently, effectiveness of communication. The article shows that the fact of audit itself is not sufficient – its quality with consideration of satisfying customer needs and mechanism of delivering the auditor’s opinion are important. The article forms conceptual approaches to identification of audit quality as the key criterion of assessment of effectiveness of audit activity, which is considered in two aspects: from the position of its essence and identification of the fact whether the services of examination of a specific client are the audit as such and, with consideration of satisfaction of information needs of users, including the society, in establishing the level of objective and authentic financial reports and includes the following elements: quality of the audit process, quality of the formed auditor’s opinion, quality of the intermediary and final audit results and quality of info0rming users about the audit process and results.
Keywords: audit, audit activity, audit effectiveness, audit quality
Bibl.: 28.

Shalimova Nataliya S. – Doctor of Sciences (Economics), Associate Professor, Head of the Department, Department of Audit and Taxation, Kirovograd National Technical University (8 Unіversytetskyi Ave., Kropyvnytskyi, 25006, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Shalimova, Nataliya S. (2014) “Audit Quality as the Key Criterion of Assessment of its Effectiveness in the System of Socio-economic Processes.” Business Inform 4:335–340.

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