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Audit and Assurance Engagement: The Theoretical and Practical Aspects
Honcharuk S. M.

Honcharuk, Svitlana M. (2021) “Audit and Assurance Engagement: The Theoretical and Practical Aspects.” Business Inform 3:113–118.
https://doi.org/10.32983/2222-4459-2021-3-113-118

Section: Accounting and Auditing

Article is written in Ukrainian
Downloads/views: 7

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UDC 657.6

Abstract:
The article substantiates the need to develop audit functions related to the accomplishing of assurance engagements. The research used methods of structural and logical analysis, comparison and generalization of the requirements of the International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, as well as the current legislation. The purpose of assurance is to increase the users’ trust in the information verified by the auditor, which must be reliable and logically grounded. The auditor who performs the assurance engagement concludes that it is intended to increase the degree of trust of future users in the results of the evaluation or comparison of the subject of the engagement with the relevant criteria. The article provides outcomes of an analysis of the market of audit services in Ukraine for 2017–2019, which indicate that the audit market is functioning and is being transformed. The volume of accomplished engagements compared to 2017 has increased by almost UAH 898 million. It is substantiated that the audit firm should adhere to a number of principles that would ensure the assurance of users in the accuracy of information. These can include the following: integrity, continuity, relevance, optimality, efficiency, attracting and preserving customers, monitoring. It is proposed to develop audit in the direction of ensuring the requirements for public awareness about its activities, carrying out inspections of quality control systems, ensuring transparency of contractual relations, the results of the implementation of assurance engagements, as well as the introduction of additional requirements for them, etc.

Keywords: audit, assurance, absolute assurance, limited assurance, assurance engagements, engagements of reasonable assurance, engagements of limited assurance, elements of assurance engagement, relevance, optimality, efficiency.

Fig.: 2. Tabl.: 2. Bibl.: 9.

Honcharuk Svitlana M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting, Analysis and Control, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]

List of references in article

[Legal Act of Ukraine] (2017). https://zakon.rada.gov.ua/laws/show/2258-19#Text
MFB. Standarty audytu ta etyky [MFB. Auditing and Ethics Standards]. Kyiv: Parytet-inform, 2003.
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“Informatsiia pro stan audytorskoi diialnosti v Ukraini u 2019 rotsi“ [Information on the State of Auditing in Ukraine in 2019]. https://www.apu.com.ua/wp-content/uploads/2019/06/Ігформація-про-стан-аудиторської-діяльності-за-2019-рік.pdf
Androshchuk, I. I. “Mistse zavdan z nadannia inshoi vpevnenosti v systemi audytorskykh posluh ta istorychnyi aspekt yikh stanovlennia“ [The Place of Tasks to Provide Other Confidence in the System of Audit Services and the Historical Aspect of Their Formation]. Naukovi pratsi Kirovohradskoho natsionalnoho tekhnichnoho universytetu. Seriia «Ekonomichni nauky». 2012. http://www.kntu.kr.ua/doc/zb_21_ekon/stat_21/46.pdf
Antoniuk, O. R., and Mamontova, N. A. “Orhanizatsiini etapy ta metodychni osoblyvosti nadannia audytorskykh posluh“ [Organizational Stages and Methodological Features of the Audit Services Provision]. Naukovi zapysky Natsionalnoho universytetu «Ostrozka akademiia». Seriia «Ekonomika», no. 18 (2020): 100-106. DOI: 10.25264/2311-5149-2020-18(46)-100-106
Artiukh, O. V. “Podatkovyi audyt yak zavdannia z nadannia dostatnyoi vpevnenosti“ [Tax Audit as a Task in Providing Reasonable Assurance]. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. Seriia «Ekonomika i menedzhment». 2015. http://www.vestnik-econom.mgu.od.ua/journal/2015/12-2015/54.pdf
Holovach, V. “Mizhnarodni standarty audytu, vymohy zakonodavstva ta realii syohodennia stosovno vykonannia audytorom zavdan z nadannia vpevnenosti“ [International Auditing Standards, Legal Requirements and Current Realities Regarding the Auditor's Performance of Assurance Engagements]. Bukhhalterskyi oblik i audyt, no. 7 (2012): 42-47.

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