Critical Technologies of Audit Services

Abstract

Introduction. In the context of the need to improve the quality of audit services and ensure confidence in their results on the part of interested users of reporting, it is necessary to search for “points of growth” through the development of audit tools that are not inferior in technology to modern accounting and analytics. Purpose of the study is to identify key audit tools relevant for audit assignments and expert consulting activities of auditors, and to determine the possibilities of implementing modern analytical tools to improve the efficiency, effectiveness and quality of audit services. Methods. The study used methods of critical analysis of applicable standards and best auditing practices, audit procedures for assessing the effectiveness of controls and substantive testing, risk mapping, and the abstract-logical method. Results. Key audit tools were identified and classified depending on the stage of the audit, the goal setting of the procedure (compliance or efficiency), and the qualitative characteristics of the audit assignment (customer satisfaction or rationality); General directions and differences in the development trends of audit tools and other types of auditors’ activities have been identified. Conclusion. The identified critical technologies are aimed at maximizing the efficiency of audit activities through risk-based planning, reducing the possibility of manipulating the results of procedures by means of objectification, predicting significant distortions, parameterizing risks and assessing the results of procedures, regulating the qualitative characteristics of the methods used at the levels of the audit organization and the professional association of auditors.