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PhD, Associate Professor Bulkot A.V., Master of
Science Radiiovska M.V.
State Higher Educational Establishment «
Peculiarities of the equity audit at the enterprises, institutions,
organizations
Under the conditions of the unstable
economic situation in the country, constant legislative changes there is a need
for improving the quality information management system, which is closely
related to the improvement of equity audit.
Audit of the capital is one of the most
important sections of the audit since equity is a guarantee of stable activity
of the enterprise and the main informative indicator of any economic entity
[2]. Structure and dynamics its own
capital are the significant indicators that determine the financial position of
the company [3].
However, today there is not generally
accepted methodology for audit of the equity of the enterprise. Practical work
in the study of issues of effective management of equity and development the
methodology of audit indicates the urgency of the problem.
In Ukraine the definition of the equity
is legally established in NP(S)A 1: equity is a part of the assets of the
enterprise, which remains after deduction of its liabilities [4]. Equity shows
the part of the property of the enterprise, which is financed with the owners`
resources and means of the enterprise.
The purpose of
the equity audit is to establish the authenticity and correctness of
the reflection in accounting operations with equity in accordance with current
legislation and to express an independent opinion on the correctness of the
information displaying and the reporting of the enterprise [5].
The objects of the equity audit are: the elements of accounting policy
(legislative and normative acts, which are managed by the company in the
conduct of accounting equity of the enterprise; evaluation of the contributions
and increase of the share capital; order of distribution of the net profit,
etc.); entries in accounting registers and reporting; accounting transactions
(the formation and changes of the authorized capital, the formation and use of
the share capital, additional capital, reserve capital, seized capital, unpaid
capital and undisposed (retained) earnings (uncovered losses); information
about accounting violations, shortages, abuses, which found the documentary
evidence in acts of audit inspections, conclusions of the auditors, enforcement
ordinances, etc.
Checking of the primary documents will allow the
auditor to highlight the major violations and apply accounting procedures “in
essence”: formation of the authorized and other types of capital of the entity;
calculation and payment of dividends; operations with the securities of their
own emission; checking the distribution of profit, etc. [1].
A clear methodology of audit is worked out at the stage of planning and
aims to collect the audit evidence.
On the planning stage, the auditor should clearly define the areas of
the inspection and effectively apply the selected audit procedures in the
process of equity audit. Among the main areas of the equity audit it is
advisable to focus on the following: audit of the authorized capital, audit of
the reserve and additional capital and audit of profit (loss) of the company.
After the audit, the revealed errors and facts of fraud should be
grouped for the purpose of establishing their significance and preparing the
final audit document – audit report.
If, according to the audit results, the auditor found no violations or
found the violations that do not affect the legality of the functioning of the
enterprise, do not harm the State, founders or shareholders, the auditor has a
right to issue a positive audit report. If the auditor discovered violations that
affect the legality of the functioning of the enterprise or harm the State,
founders or shareholders [2], in this case, the auditor has no right to issue a
positive audit report. In this case, the auditor has to publish the modified
audit report.
Thus, the equity audit is a key to audit of the company since the audit
results indicate the solvency or insolvency of the enterprise. Audit of the
equity reveals a degree of financial independence and creditworthiness of the
company. The result of the audit is important both for external and internal
users. External users need to know the
level of solvency and independence of the company – it could become a decisive
factor in the possibility of future financial investments in the company. For internal users is important the solvency
of the company and the legality of all transactions and functioning of the
company for future management decisions.
So, summarizing all the above, we can make a conclusion, that the value
of equity audit as the integral element of market relations is constantly
growing. The intensification of this process in
Literature:
1.
Pylypchuk
N.M. Audit of equity and ways of its further improvement / N.M. Pylypchuk //
Bulletin ONU. Economics. – 2013. – V.18,
2.
Odnoshevnaya
O.A. Concept improvements accounting and audit company`s equity capital / O.A.
Odnoshevnaya // Scientific Bulletin of Kherson State university. – 2015. – ¹13
– P. 154–157.
3.
Mochan
A.O., Bandura Z.L. Equity as object of accounting and analysis / A.O. Mochan,
Z.L. Bandura // Global and national economic problems. – 2015. - ¹18
– P. 1144-1147.
4.
NP(S)A
1 “General requirements for financial reporting”, approved by the Ministry of
Finance of
5.
Makarenko
A.P., Malinina Y.M. Conceptual approaches to equity audit / A.P. Makarenko,
Y.M. Malinina // Scientific papers of Poltava State Agrarian Academy. Series:
Economical science. – 2013. – V.2, I.6 – P. 24-30.