AUDIT OF FINANCIAL STATEMENTS OF SOCIALLY SIGNIFICANT ENTERPRISES IN THE WARTIME PERIOD

Keywords: audit, military operations, financial statements, public interest entities, audits

Abstract

The article is devoted to the disclosure of information on audits of public interest entities, their complexity, peculiarities, impact of military operations, and regulation of such audits by the current legislation. The audit of the financial statements of public interest entities is important for the economy, as most of them are large enterprises that can shape the demand for certain products or services, regulate the trend of consumer demand and supply for certain groups of goods and services, and accordingly, the requirements for such audits are increasing both at the level of audit procedures and audit evidence, and at the level of requirements for the audit entity that can conduct such audits. Public interest entities have a large impact on the environment, and given that they are mostly large enterprises, compliance with this legislation will not be indirect. Auditing of public interest entities contributes to increasing transparency and accountability of their activities, which in turn strengthens confidence in the economy on the part of investors, creditors and other stakeholders.Public interest entities attract large funds from investors and therefore carry out a huge number of transactions for equally huge amounts in the course of their normal activities. This stimulates investment, increases economic activity and contributes to overall economic growth. Economic factors are also important for the state, as public interest entities have large turnovers, and therefore the payment of tax payments will affect the performance of the state's functions. Given the peculiarities of different sectors of the economy, this could lead to significant abuse. In the context of martial law, timely payment of tax payments will affect defense procurement for the state. It will also be important to consider how many jobs will be or could potentially be created, and how such activities can increase direct tax revenues to the state. Given the backlash from the activities of such enterprises in the event of a ban on their activities, which would lead to an acute shortage of certain goods or services, it should be remembered that such enterprises must comply with the current legislation and keep the country's economy afloat, especially under martial law.

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Published
2024-04-29
How to Cite
Burak, M., & Yaremko, I. (2024). AUDIT OF FINANCIAL STATEMENTS OF SOCIALLY SIGNIFICANT ENTERPRISES IN THE WARTIME PERIOD. Economy and Society, (62). https://doi.org/10.32782/2524-0072/2024-62-124
Section
ACCOUNTING AND TAXATION