FINANSIAL REPORTING AND AUDITING IN THE CONTEXT OF ASSURANCE OF INFORMATION TRANSPARENSY OF THE ACTIVITY OF ECONOMIC ENTITIES OF UKRAINEJournal: Innovative Economics and Management (Vol.II, No. 1)
Publication Date: 2016-09-30
Authors : NATALIIA SHALIMOVA HALYNA KUZMENKO;
Page : 75-80
Keywords : financial reporting; information transparency; tax relations; auditing; auditor’s report;
The purpose of the study is to disclose the interdependence of the processes of forming and publication of the financial reporting and audit quality as interdependent elements of ensuring the information transparence of the activity of economic entities of Ukraine. Such shortcomings of Ukrainian system of information disclosure that is publication of annual financial statements in scope which is not satisfy the requirements of laws and regular acts, unconformity between the scope of published financial statements and auditors` obligation, discrepancy between managerial staff obligations and auditors` obligation have been analyzed, the ways of its solutions have been proposed. The results of investigation show that the increasing of audit quality will be promoted by the improvement of organization of enterprise's accounting, internal control and management what have to be provided by the elaboration of the obligatory regulations concerning assessing the observance going-concern principle, observance of laws and regulation which are influenced the enterprise's activity, organization of internal control and fraud's preventing system. The components of guarantying information transparency of enterprise's tax relations in the system of financial reporting have been investigated. The format of disclosure the information about qualitative status of taxation in the annotations to the financial reporting taking into account the demands of Ukrainian Tax Code as regards to the process of tax administration has been proposed.
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