BARQAROR IQTISODIY OʻSISH ORQALI AHOLI
TURMUSH FAROVONLIGINI OSHIRISH MASALALARI
24-may 2024-yil
312
AUDIT OF LIABILITIES: THEORY, METHODOLOGY AND
PRACTICE
Farxodjon Ochilov
PhD, Associate professor in Audit department at the
Tashkent State University of Economics
Abstract.
Nowadays a number of regulatory and legal documents are
being developed on auditing and giving conclusions financial statements of
economic entities of various ownership types operating in the territory of the
Republic of Uzbekistan based on the requirements of international audit
standards. In this article explained the theoretical and practical considerations of
the use of international audit standards by auditors in conducting risk-based
audits of business entities. In addition, suggestions and recommendations were
developed to eliminate inconsistencies in financial statements and reduce the
risk of significant misstatements.
Key words.
liabilities, international standards on auditing, financial
statement auditing, audit risk, level of materiality, internal control system,
analytical procedures, audit evidence, control tests, subsequent events, going
concern assumption.
Conducting audits of business entities based on the requirements of
international audit standards is important at the moment. The international
auditing standards approved by the Committee on International Standards of
Auditing and Assurance Engagements enable the quality of audit investigations
and the reliability of audit conclusions. One of the most important aspects of
compliance with international standards of auditing is the provision of
consistency and uniformity of these standards in audits conducted on a global
scale. The general principles and conceptual framework presented in the
international standards of this audit create a basis for conducting audits in a
systematic and comparative manner in economic entities with different business
characteristics.
Application of international audit standards to the practice of audit
organizations operating in the market of audit services of the Republic of
Uzbekistan is of urgent importance today. It is known that liabilities are one of
the most important objects in the audit of financial statements. Economists have
conducted scientific and research work on improving the audit of obligations.
However, the methodological issues of conducting and organizing the audit of
obligations are not fully covered in these scientific studies.
Conducting audits of business entities in accordance with international
standards of auditing is important for the formation of high-quality, consistent
and fully disclosed audit conclusions. This, in turn, increases the reliability and
truthfulness of financial statements, contributes to the efficient functioning of
capital markets and increases the confidence of stakeholders in the auditing
BARQAROR IQTISODIY OʻSISH ORQALI AHOLI
TURMUSH FAROVONLIGINI OSHIRISH MASALALARI
24-may 2024-yil
313
profession. Auditing financial statements based on international auditing
standards is crucial for several reasons (Figure 1).
Figure 1.
The importance of auditing financial statements based on
international auditing standards
1
The results of the financial statement audit conducted on the basis of
international audit standards are accepted and recognized globally. Also, the
organization and conduct of audits based on the requirements of international
audit standards serves as the main lever for increasing the reliability of financial
statements. International standards of auditing reflect the most basic systematic
approaches to solving problematic aspects of financial reporting and auditing.
Professional skepticism is an essential mindset and attribute that auditors
must maintain throughout the audit process. It involves a questioning attitude,
critical assessment of evidence, and a cautious approach to gathering and
evaluating information. Here's why professional skepticism is crucial:
1.
Objectivity
: Professional skepticism helps auditors maintain
1
Made by author.
BARQAROR IQTISODIY OʻSISH ORQALI AHOLI
TURMUSH FAROVONLIGINI OSHIRISH MASALALARI
24-may 2024-yil
314
objectivity and impartiality. By approaching audit procedures with a skeptical
mindset, auditors are less likely to be influenced by personal biases or
preconceived notions.
2.
Risk assessment
: Skepticism enables auditors to identify and assess
risks effectively. By questioning the validity of information provided by
management and considering potential areas of fraud or error, auditors can better
prioritize their audit procedures and focus on areas of higher risk.
3.
Detection of fraud
: Professional skepticism is essential for detecting
fraud. Skeptical auditors are more likely to recognize red flags, inconsistencies,
or unusual patterns that may indicate fraudulent activities. Their cautious
approach can help uncover fraudulent schemes that might otherwise go
unnoticed.
4.
Evaluation of evidence
: Skepticism guides auditors in critically
evaluating the sufficiency and reliability of audit evidence. Instead of accepting
information at face value, skeptical auditors verify the accuracy and relevance of
evidence through independent inquiry and corroborating procedures.
5.
Enhanced audit quality
: Maintaining a skeptical mindset contributes
to the overall quality of the audit. Skeptical auditors are more thorough in their
examination of financial statements and internal controls, reducing the
likelihood of material misstatements going undetected.
6.
Professional judgment
: Professional skepticism is closely linked to
the exercise of professional judgment. Skeptical auditors weigh the available
evidence, consider alternative explanations, and make informed decisions based
on their assessment of the risks and circumstances.
7.
Regulatory requirements
: Many auditing standards and guidelines
explicitly require auditors to exercise professional skepticism. Compliance with
these requirements helps ensure that audits are conducted with due care and
diligence, meeting the expectations of regulatory authorities and stakeholders.
8.
Ethical behavior
: Professional skepticism aligns with the ethical
responsibilities of auditors to act in the public interest and uphold the integrity
of the profession. Skeptical auditors are less susceptible to pressures that may
compromise their independence or ethical standards.
In summary, professional skepticism is a fundamental principle of
auditing that promotes diligence, thoroughness, and integrity in the audit
process. It serves as a safeguard against errors, fraud, and bias, ultimately
enhancing the reliability and credibility of audit findings and financial reporting.
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