QUALITY AS A DETERMINANT OF THE AUDIT OF FINANCIAL STATEMENTS

Abstract

The article is devoted to actual issues of the quality of financial statements audit. It is substantiated that quality is a determining feature for ensuring the expectations and interests of all interested parties. It is determined that the determinants of audit quality are a certain basis (base) for assessing the effectiveness of the audit of financial statements, they are the defining benchmarks in ensuring a high level of quality of the audit of financial statements for auditors and audit firms and key characteristics in assessing the quality of the results of the audit of financial statements by customers and regulators. It is proved that each of the parties has its own emphasis on the identified determinants of the quality of the financial statement audit and, accordingly, will position its role in ensuring the reliability, transparency of its indicators and trust in financial information, taking into account the importance and practical aspects of the quality determinants. The article considers the quality of the financial statements audit as a multidimensional category that includes both objective and subjective factors. It is substantiated that objective factors related to the need to comply with audit standards and regulatory requirements, subjective factors are caused by different perceptions of the quality of the audit of financial statements by interested parties. Each of the subjects of the audit services market performs its function in shaping and ensuring the quality of audit services. From the point of view of importance and practical application, the determinants of the quality of the audit of financial statements for various interested parties are analyzed. The existence of common basic determinants for all subjects as fundamental characteristics that affect the quality of the audit and determine its level and are equally important for customers, auditors, and regulators, despite differences in the priority interests of each of them, is substantiated. Such are the compliance with standards and regulatory requirements; reliability of information.