Audit quality as a criterion evaluating its effectiveness

Authors:

E. A. Kasyuk

Omsk Humanitarian Academy, Omsk, Russian Federation

Abstract:

Analysis of the modern economic science provisions has shown that in relation to the audit development
features, its place in the system of socio-economic relations, the holistic view has not yet been developed yet; it determines the
relevance of the study of the audit functioning main parameters. According to the author’s point of view they include quality
and effectiveness. The purpose of the article is to define a conceptual approach defining the essence of the «audit quality»
concept as a criterion evaluating its effectiveness. The research is based on theoretical methods of study, generalization and
analysis. The basis of the work is the legislative and standard acts regulating the audit activities in the Russian Federation,
scientific works of national and foreign scientists concerning the audit effectiveness assessment by applying one of its criteria
i.e. the quality of audit. The results of the study include the fact that basing on the analysis of the legislative framework
requirements, on the scientific works of national and foreign scientists, a conceptual approach determining the quality of
audit being the main criterion for the audit effectiveness evaluation, is proposed to be considered in two aspects: first, as a
concept of production orientation, i.e. compliance of the services performed by auditors with the requirements of standard
and legislative documents of the Russian Federation; second, as a concept of user orientation taking into account the concept
of value orientation, i.e. the necessity to consider the needs of qualified users verifying financial information. It is concluded
that the proposed conceptual approach to defining the essence of the «audit quality» concept as a criterion evaluating its
effectiveness makes it possible to characterize the degree of audit services impact on the environment and meeting the needs
of qualified users for reliable financial information.

Keywords:

Audit, audit activity, audit services, audit quality, audit effectiveness.

Paper submitted:

June 27, 2020.

For citation:

Kasyuk E. A. (2020) Audit quality as a criterion evaluating its effectiveness. The Science of Person: Humanitarian Researches, vol. 14, no. 4, pp. 214–222. DOI: 10.17238/issn1998-5320.2020.14.4.26.