PROBLEMATIC ASPECTS OF AUDIT OF CAPITAL INVESTMENTS AT COMMUNALLY OWNED CORPORATIONS

The article is devoted to highlighting the problematic aspects of the methodical and organisational audit of capital investments at communally owned enterprises. Because of the goal of the audit of capital investment is verification of the legality and effectiveness of the funds usage allocated for the construction, acquisition, creation using own resources of tangible and intangible assets of communal enterprises, their modernisation, reconstruction and technical re-equipment, that helps to increase the quality of the providing of public services, growth in the number of job opportunities and maximisation of profit from the activity, as well as the reason and correctness of the presentation of objects of fixed assets, other tangible assets, intangible assets, the construction and improvement involved capital investments following the requirements of current legislation, as the main aspects of the prevention and mitigation of financial violations. The importance of attracting capital investments in the activity of economic objects was determined. The identity of the concept of «capital investment» and «communal enterprises» is substantiated, the regulatory support of providing audit at the enterprise is defined, and certain moments of carrying out an unprejudiced assessment based on the audit results were outlined. Typical presentational errors in accountancy of operations with capital investments and their further use were analysed, including irrational use of funds, overestimation of the scope and cost of work, avoidance of establishing contractual relations following the current legislation of Ukraine, incomplete presentation of capital investment amounts in primary documents, errors in calculations for received goods, works, services. An effective plan for the audit of capital investments was developed and proposed, including the preparation of a verification program with a list of audit procedures. It was established that the effect of conducting systematic verifications of the presentation of the correctness of the accounting of economic operations with capital investments has a positive effect on the final results of the financial and economic activity of the enterprise.