The international and domestic practice of coordinated audit

Abstract

The system of state audits in the country is developing day by day. An advanced foreign experience has a positive impact on the development of domestic legal acts, and standards, as well as improving the activities of state audit bodies. However, the types of audits have not yet been fully studied. In addition to an external and internal audit, the state audit is divided depending on the object of the audit, and the time and nature of its conduct. From this point of view, a coordinated audit is of particular interest for domestic state audit bodies. Therefore, this article investigates the coordinated audit used at the world level in the practice of the Supreme Audit Institutions of many states in order to identify the best practices. The article clarifies its classification and definitions. The author's definition of the coordinated audit is proposed in the article. The article analyzes the experience of conducting a coordinated audit by the Accounts Committee with an assessment of the advantages and disadvantages of the types used by it. It is established that at present the committee uses only two types of coordinated audit, namely parallel and joint, and also performs them mainly by the type of efficiency audit or compliance audit. As a result, there is justified and suggested the necessity of introducing connected audits into the practice of domestic state audit bodies and the widespread use of the audit of financial statements along with the audit of efficiency and compliance audit.