The Public Function Of A Statutory Audit

The functions and predestination of statutory audit is considered. It is proved that the necessity to perform a statutory audit arises if the state wants to protect information rights and legitimate interests of the group in obtaining reliable information about the activities of individual entities; in other words the state carries out the function of regulating the production and distribution of informational products which are essential for the development of a society. It is substantiated that the relations arising in the course of a statutory audit have to a large extent public and legal character and act as a tool to reduce or prevent a conflict of interests. Although the choice of the auditing organization and payment of the services are carried out on a commercial basis within the framework of a civil law contract, by its objectives, purpose and functions a statutory audit is performed in the interests of a certain group of people that can not be determined in advance and the state. It is proved that the statutory audit should be considered as a public service based on public (social) interest that is a socially significant activity regulated by the law, which in turn needs additional requirements for the activities of such subjects of auditing activity and the content of statutory audits.