MODERN ASPECTS AND OBJECTIVE CRITERIA OF AUDIT QUALITY CONTROL

Among the economic institutions that regulate the relationship of business entities, an important place is occupied by the Institute of audit, the main purpose of which is to ensure control over the reliability of information reflected in accounting and tax reporting. Information on the use of economic resources, funds, the procedure for carrying out economic operations by economic entities can be objectively confirmed by an independent auditor. In modern conditions, audit activity undergoes a certain transformation: the growth of profit from the provision of audit services slows down, their structure changes, market differentiation occurs. The perspective of development of audit as a science and practice is to approach the principles enshrined in the international standards of audit. However, this is not enough. In domestic science, new scientific approaches to the theory and practice of audit development are needed, as well as the need to integrate them into a certain complexity aimed at improving the quality of audit. One of the major functions of the audit institution is the quality control of financial information for public access to public interest entities, and one of the possible dysfunctions confirmation of poor financial information about the results of activities of business entities themselves. The elimination and prevention of this dysfunction in the future is possible only with the introduction of an effective audit quality control mechanism. Such mechanism allows to reduce information risks and to provide trust not only to professional opinion of the auditor about reliability of financial information, but also trust among participants of economic community. The most important tool to ensure the quality of auditors is effective quality control of audit services. This article describes some modern aspects and objective criteria for quality control of audit, highlights the main problematic issues of theoretical and practical nature. All this determines the relevance of the chosen topic, the presentation of the article, conclusions and proposals are based on international experience, analytical studies of domestic and foreign scientists.