ORGANIZATION AND METHODOLOGY OF AUDIT OF INVENTORIES AND WAYS OF ITS IMPROVEMENT

Keywords: inventories, audit, organization, methodology, stages, financial reporting, enterprises

Abstract

This article discusses the features of the organization and methodology of the audit of inventories, taking into account the provisions of International Standards on Auditing (ISA). As inventories are an important part of the current assets of economic entities, the audit of inventories in the general audit of economic entities is of great importance. Conducting audits of operations with inventories allows you to confirm the completeness, accuracy, reliability and legitimacy of the display in accounting and reporting of such information and provide its legal assessment. The concept of inventories is given in this article. Inventories are assets that are tangible and owned by the enterprise and are intended for use in production and marketing processes, are also constantly consumed, sold and replaced by new such assets, and in addition are converted into funds during the year or one normal operating cycle. The audit of inventories will allow companies, taking into account the recommendations of the auditor to improve the system of accounting, internal control in general and, in particular, operations with inventories. In addition, the purpose is determined and the main tasks of the audit of inventories are considered. The main methods used to audit of inventories were also discussed. The main stages of the audit of inventories are presented and the peculiarities of its conduct are revealed. The method of the audit of inventories presented in the article can be used by the auditor when inspecting enterprises. In addition, the developed procedure can be expanded through additional audit procedures, or shortened due to their reduction. The method of the audit of inventories presented in the article will allow optimizing the work of auditors and streamlining their actions, etc. The main sources of audit evidence during the audit of inventories are also studied. In addition, the objects of the audit of inventories were identified. The impact of the audit of inventories on the economic activity of the enterprise is revealed. Ways to improve the audit of inventories are formulated. The methodological and information base of this work is regulations, works of scientists, periodicals and Internet resources.

References

Брадул О.М., Шепелюк В.А., Ільіна С.Б., Юнацький М.О., Хорошенюк А.П. та ін. Аудит : підручник (в двох частинах). 4-те вид. доп. і перероб. Київ : Ліра-К, 2019. 324 с.

Гордієнко Н.І., Харламова О.В., Мізік Ю.І., Конопліна О.О. Аудит: методика і організація : навч. посіб. 2-ге вид., перероб. і доп. Xарків : ХНУМГ ім. О. М. Бекетова, 2017. 319 с.

Назаренко І.М., Місюров О.В. Аудит виробничих запасів: особливості, ключові аспекти та послідовність перевірки. Економіка та суспільство. 2018. Вип. 19. С. 1312–1318.

Огійчук М.Ф., Новіков І.Т., Рагуліна І.І. Аудит: організація і методика : навч. посіб. 2-ге вид., перероб. і допов. Київ : Алерта, 2012. 664 с.

Рязанова Н. О. Аудит : навч.-метод. посіб. Старобільськ : ДЗ «ЛНУ імені Тараса Шевченка», 2021. 234 с.

Міжнародні стандарти контролю якості, аудиту, огляду, іншого надання впевненості та супутніх послуг. Видання 2016–2017 років. Частина І. URL: https://mof.gov.ua/storage/files/%D0%9C%D0%A1%D0%90%202016-2017_%D1%87%D0%B0%D1%81%D1%82%D0%B8%D0%BD%D0%B0%201(1).pdf (дата звернення 31.05.2022).

Bradul O.M., Shepeliuk V.A., Ilina S.B., Yunatskyi M.O., Khorosheniuk A.P., et al. (2019) Audyt [Audit] (4th. ed.). Kyiv: Lira-K. (in Ukrainian)

Hordiienko N.I., Kharlamova O.V., Mizik Yu.I., Konoplina O.O. (2017) Audyt: metodyka i orhanizatsiia [Audit: methods and organization] (2nd. ed.). Kharkiv: KhNUMH im. O.M. Beketova. (in Ukrainian)

Nazarenko I.M., Misyurov O.V. (2018) Audyt vyrobnychykh zapasiv: osoblyvosti, klyuchovi aspekty ta poslidovnist' perevirky [Audit of inventories: features, key aspects and sequence of inspections]. Ekonomika ta suspil'stvo, 19, 1312–1318. DOI: https://doi.org/10.32782/2524-0072/2018-19-195 (in Ukrainian)

Ohiychuk M.F., Novikov I.T., Rahulina I.I. (2012) Audyt: orhanizatsiya i metodyka [Audit: organization and methodology] (2nd. ed.). Kyiv: Alerta (in Ukrainian)

Riazanova N.O. (2021) Audyt [Audit]. Starobilsk: DZ «LNU imeni Tarasa Shevchenka». (in Ukrainian)

International Federation of Accountants; Audit Chamber of Ukraine (2016-2017) Handbook of international quality control, auditing, review, other assuran and related services pronouncements. Retrieved May 31, 2022. Retrieved from: https://mof.gov.ua/storage/files/%D0%9C%D0%A1%D0%90%202016-2017_%D1%87%D0%B0%D1%81%D1%82%D0%B8%D0%BD%D0%B0%201(1).pdf (in Ukrainian)

Article views: 23
PDF Downloads: 18
Published
2022-05-31
How to Cite
Bondarenko, O., & Rudenko, L. (2022). ORGANIZATION AND METHODOLOGY OF AUDIT OF INVENTORIES AND WAYS OF ITS IMPROVEMENT. Economy and Society, (39). https://doi.org/10.32782/2524-0072/2022-39-39
Section
ACCOUNTING AND TAXATION