KOCHIN T. Application of audit procedures to determine the quality of financial statements

The object of the study is systems of audit of financial statements for the quality of information disclosed. The subject of the study is theoretical and organizational and methodological provisions of application of audit procedures to determine quality of financial statements. A model of quality of financial reporting as an object of audit has been developed. According to this model, the content of audit tasks is changing and there is a need to transform its methodology. The proposed model has six components, each of which characterizes the quality of financial statements as an object of audit (1) business activities that are the object of decision-making by internal and external users; 2) accounting as a process of information modeling of economic activity of the enterprise; 3) financial statements as a result of accounting; 4) information resource formed on the basis of financial statements for different reporting periods and other reference information data (data of economic analysis of financial statements); 5) the interaction of the properties of the objects of accounting and the qualitative properties of the information generated by the accounting system; 6) independent audit as a tool to confirm the qualitative properties of information in financial statements).