Indicators of the quality of perception of audit reports by investors and other users. Audit report Main categories of audit report

home » For business Indicators of the quality of perception of audit reports by investors and other users. Audit report Main categories of audit report

The requirement of the time is the presentation of information in the auditor's reports in such a way that this presentation gives confidence to users of the reliability of the information presented. financial information, and auditors - in an adequate perception of this information by users.

The development of a market economy requires the active attraction of market capital to the industrial and banking sectors. Capital market investors are interested in truthful, reliable, comparable information provided by companies that attract investors. Investors can obtain such information mainly from audited financial statements. Therefore, with the development of the capital market, the responsibility of auditors and self-regulatory audit associations to investors and other external users of the organization's financial statements for expressing an independent opinion on the reliability of financial statements increases.

When reading the audit report, the user should inquire about the experience of this organization in the audit services market, as well as a member of which self-regulatory audit association it is.

In accordance with the draft federal law "On Auditing Activities", all audit organizations are required to be members of a self-regulatory audit association, membership in which also guarantees external quality control of the audit organization's work. The draft federal law “On Amendments to the Federal Law “On Auditing Activity”” not only assigns a controlling function to self-regulatory audit associations, but also provides for their responsibility to the Audit Council. The Council includes representatives of users of financial (accounting) statements of the relevant state bodies, federal executive bodies, Central Bank Russian Federation and members of the audit profession.

According to the draft law under discussion, the composition of the Audit Council in without fail no more than two representatives of the authorized federal body, one representative each from the Central Bank of the Russian Federation, the federal executive body in charge of developing state policy and legal regulation in the field of entrepreneurship, the federal executive body in charge of control and supervision of financial markets are included , no more than two representatives of the audit profession. The latter are included in the composition of the Audit Council on the proposal of self-regulatory audit associations.

Members of the Council for Auditing cannot be members of the working body of the council (except for representatives of the authorized federal body).

MAIN CATEGORIES OF THE AUDITOR'S REPORT

Investors first of all need to pay attention to the type of audit report. It must clearly state the fundamental principles of the financial statements and express the opinion of the independent auditor on the reliability and fairness of the financial information presented in the financial statements, in all material respects.

The category of "materiality" is decisive in the audit, since it is with its help that auditors establish the permissible amount of misstatement. financial statements, which accordingly affects the auditor's opinion on the reliability of financial statements. According to paragraph 3 of Rule (Standard) No. 4 “Materiality in Audit”, approved by Decree of the Government of the Russian Federation No. 696 dated September 23, 2002, information on individual assets, liabilities, income, expenses and business transactions, as well as capital components is considered material if its omission or distortion may affect the economic decisions of users taken on the basis of financial (accounting) statements.

Materiality depends on the value of the indicator of financial (accounting) statements and/or errors, assessed in case of their absence or distortion. The Russian standard “Audit Materiality” is close in its content to the international standards ISA 320 “Audit Materiality” and ISA 400 “Risk Assessments and Internal Control”, however, in practice there are discrepancies in the understanding of materiality arising from modern conditions for the development of audit and accounting in the context of Russian reality. Very often, national auditing standards, despite the fact that they are based on international auditing standards, offer different methods for determining materiality.

For example, American Auditing Standards (GAAS) allow a materiality level of up to 10% of the balance sheet. To determine the materiality of the income statement in many countries using ISAs, they take 5% of revenue.

It is known that the World Bank requires auditors approved by the bank to apply a materiality equal to, for example, 1-2% of the amount of loans granted. The current Russian national audit standard No. 4 "Materiality in Audit" suggests that audit companies independently determine the level of materiality, while the audit standard "Materiality and Audit Risk", which was in force until October 2002 in Russia, approved by the Audit Commission under the President of the Russian Federation, proposed to determine materiality as percentages applied to baselines.

For example, the balance sheet profit of the enterprise is 5%; gross sales (without VAT) - 2%; balance currency - 2%; own capital - 10%; the total cost of the enterprise - 2%.

A similar method of determining materiality is also recommended by some in-house standards of international audit companies.

Materiality is important for audit planning, determining the materiality factor, that is, the number of accounting units to be audited, and also for determining the amount of error that can affect the type of audit report. In the event that the detected error is greater than the level of materiality, the auditor believes that this error may affect the perception of users of the financial statements. Therefore, the errors identified by the auditors greater than the materiality determined by them lead to a modified audit report. A modified auditor's report may also result from the fact that the correction of the detected error leads to a change in the sign of the financial result, for example, if a significant amount of overdue receivables reflected by the company in the asset balance is found, or if the financial result changes when it is written off.

The audit of the article “Financial investments” is carried out in a similar way. The main condition for financial investments is the fact of their profitability. Otherwise, the elements of this item will be treated as receivables or expenses incurred.

Similarly, a modified audit report may result from the reflection in the financial statements of defective goods or defective products under the balance sheet item "Inventories" in the event that there was no markdown of this item in the accounting and the amount of the required markdown exceeds the acceptable level of materiality or the reflection of the markdown in the financial statement. reporting will change the sign of the financial result.

An important part of the audit report is also an assessment of the internal control system in the organization. International Auditing Standard ISA 400 "Risk Assessment and Internal Control" and Russian Auditing Standard No. 8 "Assessing Audit Risks and Internal Control Exercised by the Audited Entity" define the internal control system as the policies and procedures adopted by the management of the audited entity to promote and implement the objectives of management that, to the extent practicable, the orderly and efficient conduct of business, including the strict adherence to management policies, the safeguarding of assets, the prevention and detection of fraud and error, the accuracy and completeness of accounting records, and the timely preparation of reliable financial information.

TYPES OF AUDITOR REPORTS

The internal control system includes:

1) accounting system;

2) control environment.

When studying the description of the system of internal control, the user of financial statements should understand what is the risk in the organization to make errors in the financial statements and what is the risk of undetected errors. International Auditing Standards МСА 700-799 "Auditor's conclusions and preparation of reports (conclusions)", ISA 700 "The Auditor's Report on Financial Statements" and the Russian audit standard No. 09/23/2002 No. 696, give definitions of the main types of audit reports and factors influencing the choice of the type of audit report.

An unconditionally positive opinion should be expressed when the auditor concludes that the financial (accounting) statements give a true and fair view, in all material respects, of the financial position and results of the financial economic activity of the audited entity in accordance with the established principles and methods of accounting and preparation of financial (accounting) statements. An unqualified opinion indicates that all changes in accounting principles and methods of applying them, as well as their impact, are properly identified and disclosed in the financial statements.

The auditor's report is considered modified if any:

1) factors that do not affect the auditor's opinion, but are described in the auditor's report in order to draw the attention of users to any situation that has developed with the audited entity and disclosed in the financial (accounting) statements;

2) Factors affecting the auditor's opinion that may result in a qualified opinion, a disclaimer of opinion, or an adverse opinion.

Under certain circumstances, the auditor's report may be modified by including an additional paragraph drawing attention to the situation affecting the financial (accounting) statements and discussed in detail in the notes to the financial (accounting) statements. Typically, this additional paragraph is included in the conclusion after the paragraph expressing an opinion on the fair presentation of the financial statements.

In accordance with auditing standards, the auditor may not be able to express an unqualified opinion if any of the following circumstances exist, and in accordance with the auditor's judgment, this circumstance has or may have a material effect on the reliability of the financial (accounting) statements:

1) there is a limitation on the scope of the auditor's work;

2) there is a disagreement with management regarding:

admissibility of the selected accounting policy;
method of its application;
adequacy of information disclosure in financial (accounting) statements.

These circumstances may lead to a qualified opinion, a disclaimer of opinion or an adverse opinion.

Qualified opinion should be expressed if the auditor concludes that it is not possible to express an unqualified opinion, but the impact of a disagreement with management or a limitation on the scope of the audit is not significant or profound enough to warrant an adverse opinion or disclaimer of opinion. Typically, the qualified paragraph is inserted in the conclusion before the paragraph expressing an opinion on the fairness of the financial statements.

Disclaimer of Opinion occurs when the limitation of the scope of the audit is so significant and deep that the auditor cannot obtain sufficient evidence and, therefore, is not able to express an opinion on the reliability of the financial (accounting) statements.

negative opinion should be expressed only when the effect of any disagreement with management is so material and pervasive to the financial (accounting) statements that the auditor concludes that the inclusion of a disclaimer in the auditor's report is not adequate to disclose the misleading or incomplete nature financial (accounting) reporting.

If the auditor expresses any opinion other than unconditionally positive, he must clearly describe all the reasons for this in the auditor's report and, if possible, quantify the possible impact on the financial (accounting) statements. As a rule, this information is set out in a separate part, the preceding part with an expression of opinion or with a disclaimer of opinion, and may include a link to more detailed information (if any) in the notes to the financial (accounting) statements.

A modified auditor's report indicates that the itemization misstatements identified in the auditor's report are material and have a significant effect on the entity's financial condition.

Therefore, investors should understand what caused the clause and whether they are ready to invest in an entity whose financial statements are misstated by the amount specified in the modified auditor's report.

The modified auditor's report may also contain several disclaimers relating to material items in the financial statements. But this means that all other material items of the financial statements are reliable.

The maximum number of qualifications in the auditor's report that the author encountered in practice was in the auditor's report of one of the Big Four companies, issued to a large Russian monopolist and containing three qualifications.

POSSIBLE RISKS

The investor should pay attention to the date of the auditor's report. The fact is that the auditor is responsible for the data presented in the financial statements, including the period before the issuance of the auditor's report. Accounting Regulation "Events after the reporting date" PBU 7/98 establishes the procedure for reflecting events after the reporting date in the financial statements of commercial organizations. An event after the reporting date is recognized as a fact of economic activity that has had or may have an impact on the financial condition, cash flow or performance of the organization and which took place between the reporting date and the date of signing the financial statements for the reporting year. Events after the balance sheet date include:

- events confirming the economic conditions that existed at the reporting date in which the organization conducted its activities;

- events that testify to the economic conditions that arose after the reporting date in which the organization conducts its activities.

Very often, financial statements are approved at a meeting of shareholders of open joint-stock companies, when the audit report has already been issued by auditors. As a rule, official auditors are invited to the meeting of shareholders and speak at the meeting, reading out the auditor's report. In this case, auditors should monitor the activities of the organization until the date of approval of the financial statements. In the period between the two dates - the date of issuance of the auditor's report and the date of approval of the financial statements at the meeting of shareholders - there may be events about which shareholders should be warned.

This primarily concerns the conditional facts of economic activity. For example, there was a trial. The company was waiting for a final decision on the outcome of the case in its favor, as there were positive decisions of the primary courts. The auditors issued an audit opinion with an unqualified positive opinion on the financial statements. Details of the litigation have been disclosed in the Explanatory Note to the financial statements.

But Court of Arbitration The Russian Federation decided the case not in favor of the organization, and the decision of the court became known before the approval of the financial statements by the meeting of shareholders. In this case, the auditors were obliged to notify shareholders of the changes in their speech or send a letter to the shareholders meeting with notification of the events, since the amount of the claim turned out to be significant for this organization and the reflection of this amount as expenses would inevitably lead to a change in the financial result from the economic activity of the organization in the reporting period.

Such facts may be indicated in an additional paragraph that does not affect the type of audit report when it is issued. Therefore, investors should ask about the consequences of the possible events indicated in the additional paragraph. By the way, an event after the reporting date is also recognized as the announcement of annual dividends based on the results of the joint-stock company's activities for the reporting year, which are approved at the meeting of shareholders.

Of course, investors should understand all the risks if the auditors disclaim an opinion or issue an adverse opinion. But in practice, there are cases when investors buy such organizations. For example, when an investor is interested in real estate registered to an organization, or when investors acquire a business competitor.

International audit practice has developed general rules for assessing the reliability of financial statements. Such material misstatements of financial statements are possible, in the presence of which auditors cannot issue an unconditional audit opinion on the reliability of financial statements:

reporting data are overstated or understated by a significant amount;
the presentation of data in the reporting does not correspond to the actual state of affairs to a large extent;
the statements are prepared on the basis of principles different from the principles of the previous period (the principles of comparability and consistency are not observed), except for those cases when an explanation is given in the explanatory note;
accounting data contradict the requirements of the accounting policy;
there are cases of concealment of material information;
presentation of reporting data is complicated and not fully disclosed;
identified violations lead to a change in the financial result in the profit and loss statement of the organization's economic activities for the reporting period;
the auditor has significant doubts about the going concern of the organization.

Thus, the auditor should be convinced that the accounting reporting reflects essential information and all presented financial information is fully disclosed.

In addition to the auditor's report, the investor must independently pay attention to possible risks in the organization, for example, the fact of reducing the financial statement item “Fixed assets”. Alarming are the facts of the growth of the item "Work in progress" with a slight increase in revenue and the item "Finished products", the growth of production costs. The article “Administrative expenses” requires special attention.

As a rule, investors understand that they can control these costs, although there are certain risks of increasing them.

THE SIGNIFICANCE OF THE EXPLANATORY NOTE

There is a case of non-recognition of expenses for the management of the local tax office, provided by the management parent company located in Moscow, to a local large plant. Tax office considered the high management costs to be inefficient and economically unjustified, since the large plant had losses from economic activity. When management expenses were calculated as expenses that do not reduce tax base the plant was profitable.

Particular attention in such cases is given to the Explanatory Note, which is part of the financial statements and in which all financial information must be disclosed in detail. Russian Accounting Standards and International Financial Reporting Standards regulate the procedure for compiling the Explanatory Note.

When confirming financial statements, auditors need to carefully review the preparation of this form of financial statements.

First of all, the Explanatory Note should highlight all changes in accounting policies and reflect all disclosures that are required by accounting standards.

For example, the Accounting Regulation "Accounting for Fixed Assets" PBU 6/01 requires the following disclosures of this article:

initial cost, accrued depreciation by groups of fixed assets at the beginning and end of the year;
useful lives by group;
methods of depreciation by groups;
movement of fixed assets during the year by groups;
methods of valuation of fixed assets received under contracts providing for the fulfillment of obligations (payment) in non-monetary funds;
changes in the initial cost of fixed assets (revaluation, completion, etc.);
cost of non-depreciable fixed assets;
leased and leased fixed assets;
fixed assets pledged;
operated fixed assets that are in the process of state registration;
a significant drop in the value of fixed assets after the reporting date (clause 4.7);
major transactions with fixed assets after the reporting date and / or planned (clause 18);
acquisition / plans to acquire an enterprise as a property complex after the reporting date (clause 4.8).

Similar disclosures should be made under the item “Intangible Assets”.

Under the item “Non-current assets”, the costs of the items of the item, including R&D items, must be disclosed.

The standards require disclosure of information on long-term financial investments, in particular on the valuation of financial investments, provisions for their depreciation, as well as their profitability.

Disclosures under the item "Inventories" should include methods of valuation of commodity material assets, changes in valuation methods and their consequences, created reserves for impairment, the amount of reserves held in pledge.

Separately, the article “Deferred expenses”, the composition and procedure for writing off should be disclosed.

The article “Value Added Tax on Acquired Values” must be disclosed.

Article " Receivables» must necessarily disclose the amount of the formed reserve for this item.

The Explanatory Note must disclose all affiliates and all transactions with affiliates, as well as all information about the organization's participation in joint activities.

Disclosures about discontinued operations and contingent facts of economic activity require special attention.

The Explanatory Note should also contain information about the activities of the organization by segments.

It is important that the Explanatory Note should disclose not only quantitative, but also qualitative aspects of information, such as the type of client’s activity, the stability of its position in the market, and financial condition (for example, any amount may turn out to be insignificant in relation to the volume gross profit, but be important in identifying development trends).

The lack of required disclosures in the Explanatory Note may also affect the form of the auditor's report.

Reading and understanding financial statements require certain literacy and knowledge from investors, as well as an understanding of where and how an investor can obtain the information of interest to him.

Thus, investors should definitely pay attention to:

the type of auditor's report, and in particular the reason for the modified auditor's report;
main financial indicators organizations;
disclosure of all necessary financial information in the Explanatory Note.

Conditionally positive auditor's report on the financial statements from the audit company, legal address: Tver region, Kimry, st. Troitskaya, 56, license No. 1325/254 issued on 10/01/2001, valid until 10/01/2011, for the board of LLC "Electroagregat", legal address: Tver region, Kimry, st. Volodarsky, 111, state registration №554823.

We have reviewed the accompanying balance sheets of Elektroagregat LLC and the related consolidated income statements for changes in financial position. The responsibility for these reports rests with company executives. It is our responsibility to express an opinion based on our audit of these reports.

We conducted our audit in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable evidence that the financial statements are free from material error. We verified, using tests, the information supporting the digital material and the disclosures in the financial statements. The audit reviewed the accounting principles used, management's estimates of significant items, and the presentation of financial statements in general. The most significant transactions from a financial point of view were checked, as well as the main documents reflecting these transactions:

* Verification of forms 1, 2, 3, 4 and 5 of the company's financial statements for 2005.
* Verification of the correctness of maintaining such a form of synthetic accounting used at the enterprise as journal-order No. 4.
* Audit of registers of analytical accounting and primary documents.

A minor violation was revealed in the repayment of the loan, which does not affect the reporting as a whole.

We believe that sufficient data has been collected during the audit to conclude.

In our opinion, the financial statements, in all material respects, reflect almost exactly the consolidated position of Elektroagregat LLC for 2005 and the consolidated results of operations with loans and borrowings, in accordance with generally accepted accounting principles.

We would like to draw your attention to the fact that during the functioning of the loan agreement in Elektroagregat LLC, the pledged property is practically frozen, i.e. the enterprise cannot reduce the balance of its finished products below the amount established by the pledge, which has a particularly negative effect on the financial and economic activity of the enterprise during periods of seasonal increase in demand.

Conclusion: in this chapter, using the example of Elektroagregat LLC, an audit strategy was considered - a study of credit accounting, starting from financial statements gradually moving to synthetic accounting registers, analytical accounting registers and primary documents.

The adopted strategy made it possible to maintain the logical sequence of checking the accounting of loans and borrowings at the enterprise. The tactic of the conducted audit at Elektroagregat LLC was to check the most significant transactions from a financial point of view, as well as the main documents reflecting these transactions.

1. An audit was carried out on the accounting of credits and loans in Elektroagregat LLC for 2005.

2. When planning and conducting an audit of accounting for loans and borrowings, the state of internal control of Elektroagregat LLC was considered. The head of the enterprise is responsible for the organization and state of internal control.

3. We considered the state of internal control solely in order to determine the scope of work required to form an auditor's report on the reliability of the reflection in the financial statements of loans and borrowings. The work done during the audit does not mean a full and comprehensive audit of the internal control system in order to identify all possible shortcomings in Elektroagregat LLC.

4. In the course of the audit, we found facts from which we can conclude that the level of the internal control system of Elektroagregat LLC is quite high.

5. We have not found any serious violations of the established accounting procedure that could significantly affect the reliability of data on loans and borrowings reflected in the financial statements.

6. The results of our audit show that the transactions with loans and borrowings were carried out by Elektroagregat LLC in accordance with Russian legislation.

7. The revealed violation is not significant, but we recommend that in the future we strictly comply with the contract, or such assumptions should be stipulated in it.

Audit report.

conditionally positive audit report on financial statements from an audit company, legal address: Tver region, Kimry, st. Troitskaya, 56, license No. 1325/254 issued on 01.10.2001, valid until 01.10.2011,

for the board of LLC "Electroagregat", legal address: Tver region, Kimry, st. Volodarsky, 111, state registration No. 554823

* Verification of forms 1, 2, 3, 4 and 5 of the company's financial statements for 2005.

* Verification of the correctness of maintaining such a form of synthetic accounting used at the enterprise as journal-order No. 4.

* Audit of registers of analytical accounting and primary documents.

A minor violation was revealed in the repayment of the loan, which does not affect the reporting as a whole.

We believe that sufficient data has been collected during the audit to conclude.

Auditing Company

In addition to bank loans, organizations use other opportunities to raise borrowed funds by obtaining loans from lenders - not banks (loans), sale (issue) valuable papers(bonds), issuance of financial bills. However, loans to the organization in the form of financial bills are possible only for a limited number of investors.

The methodology for conducting an audit of loan transactions is basically the same as audits of loan transactions. The auditor must make sure that the loan agreement is drawn up and concluded correctly. The auditor must make sure that the loan agreement is drawn up and concluded correctly. Compared to a loan agreement, it has a simplified design, since Art. 808 of the Civil Code of the Russian Federation defines two cases when a loan agreement must be concluded in a simple written form:

if individuals act as a lender and borrower and the amount of the contract is at least 10 times higher than the minimum wage established by law;

if the lender is a legal entity, regardless of the amount.

For an organization, the absence of an agreement in writing can have negative consequences (for example, in the event of disputes over the amount of interest for using a loan, the procedure and terms for repaying a loan; even in the absence of disagreements between the parties, the tax authorities make claims related to the absence of an agreement as a document confirming the fact of transactions under the loan agreement).

Organizations may receive loans from other legal entities (except banks). In accounting, loans, like loans, are divided into short-term (issued for up to one year) and long-term (issued for more than one year).

Loan agreements often include requirements for the borrower to comply with certain conditions. Such conditions may include, in particular:

the level of own working capital and income;

providing the lender with periodic information.

Some loan agreements contain default clauses that may result in an acceleration of the lender's right to payment due to prior default or breach of other agreements. Breach of agreements or terms will typically require the borrower to classify the debt as current unless the lender waives that requirement. The auditor should check whether such agreements are valid during the past year and on the first day of the new year.

It is necessary to check the legitimacy and validity of the loans received.

The loan agreement is real, i.e. it is considered concluded from the moment of transfer of money or other things. The moment of transfer of money or other things is the date of reflection of business transactions in the accounting records of the lender and the borrower. If the auditor has doubts about the reality of this agreement, then in this case it is advisable to make a request to the organization that provided the loan in order to confirm the debt on the loan, agree on the amount of debt and repayment terms. If it turns out that the organization that provided the loan does not have this amount in its accounts, then after reconciliation of the calculations with the organization that received the loan, it should be reflected as revenue with the accrual of all necessary taxes.

If an organization, every six months, concludes a loan agreement with an organization with which, in addition to these agreements, there are various contractual relations, for example, under a lease agreement, utilities are resold, and other services are provided, then in such a situation, the organization has the risk of tax authorities collecting VAT on amounts received under loan agreements, i.e. based on the mentioned tax norm, if a connection is established between organizations for settlements for goods, works and services, the amounts received will not be considered as a loan.

According to Art. 807 of the Civil Code of the Russian Federation, under a loan agreement, the lender transfers money or other things defined by generic characteristics to the ownership of the borrower, and the borrower undertakes to return to the lender the loan amount or an equal number of things of the same kind and quality received by him. The lender has the right to receive interest from the borrower on the amount of the loan in the amount and in the manner specified by the agreement. Due to the fact that settlements in the Russian Federation are made only in rubles, obtaining loans in foreign currency from resident organizations that are not banking institutions is prohibited. In respect of loans received from non-residents - non-banking organizations received in foreign currency, the same norms of currency legislation are applied.

The object of the loan are consumable things (goods, materials, etc.), therefore, not those things that were transferred are subject to return, but others - determined only by common generic characteristics with those things that were transferred. Under a loan agreement, property is transferred to the borrower. When transferring things from the lender to the borrower, the former has sales turnover for tax purposes, and when returning things, the borrower has a sales turnover. Borrowed cash VAT is not charged if their receipt is not related to payment for goods (works, services).

The auditor specifies in what form the loan was taken - about the form of money or a thing. In practice, there are cases when, under the terms of an agreement (especially a long-term one), an organization receives money, and after a certain time, returns the loan in property or securities, which is not allowed without changing the terms of the agreement.

When checking loan repayment operations, attention is paid to repayment of loans by selling securities at prices exceeding their face value, as well as checking the accounting of a loan against an issued promissory note; accounting for exchange rate differences on granted foreign currency loans and loans in the areas of their use.

The auditor establishes the correctness of the reflection in the accounting of interest payable for the use of loans.

A loan agreement, unlike a loan agreement, which is always paid, can be either paid (with interest) or free of charge.

The source of interest payment now does not depend on who the loan was received from, for what purposes it is intended, since PBU 10/99 “Organization Expenses” establishes a general procedure for writing off interest expenses on loans and borrowings.

When checking operations related to the return of a loan, the auditor should be guided by Art. 809 of the Civil Code of the Russian Federation, which establishes that if the agreement does not contain conditions on the amount of interest, then their amount is determined by the bank interest rate existing at the location of the lender on the day the borrower pays the amount of the debt or its corresponding part. Interest on a loan is not charged only in cases where it is expressly stipulated in the contract (interest-free loan) or other things are transferred to the borrower as a loan. Sometimes the issue of raising borrowed funds is resolved by concluding a loan agreement with an individual. For a borrowing organization, the procedure for recording the receipt and repayment of a loan and interest on it will be similar to the procedure for recording loans received from legal entities. However, in this case, the auditor should check whether income tax has been withheld from the amounts of interest paid to an individual under a loan agreement.

If the interest under the loan agreement is received by a person working in this organization, then the withholding income tax must be carried out by the accounting department of this organization.

When the amount in loan agreements is expressed in conventional units, the amount payable in rubles is determined at the official exchange rate of the relevant currency or in conventional units. monetary units on the date of payment, unless a different rate or other date of its determination is established by law or by agreement of the parties. In accounting, sum differences are accounted for on account 99 “Profit and Loss” as income and expenses not directly related to the production and sale of products, and are reflected in the income statement under the items “Extra-operating income and expenses”.

Thus, the following factors influence the presence of the risk of errors in received loans and borrowings:

lack of documents formalizing credit relations;

inclusion of interest on loans and borrowings in the cost of products (works, services);

violation of the principles of property valuation;

improper application of income tax relief on financing capital investments produced at the expense of loans;

violation of the principles of formation of financial results.

Summing up, the auditor draws conclusions about the ability of the organization to continue its activities in the future, i.e. determines how the organization observes the principle of a going concern, under this section, checks can be:

availability of credits and loans exceeding contractual limits;

non-repayment of credits and loans;

non-payment of interest;

the ratio of fixed and borrowed capital.

If borrowed funds exceed the amount of capital, then the organization exists only at the expense of loans. If the situation is reversed, then the interest on debts is low, therefore, the organization has enough profit to pay off shareholders and pay dividends.

When conducting an audit, the auditor should pay special attention to the fact that since January 1, 2002, Chapter 25 of the Tax Code of the Russian Federation came into force, which regulates the specifics of attributing interest on borrowed funds to expenses included in the cost of products (works, services) for the purposes of determining the basis for paying income tax.

Debt obligations are understood as loans, commodity and commercial loans, loans or other borrowings, regardless of the form of their registration.

At the same time, interest accrued on any type of debt obligation is recognized as an expense for determining the base for paying income tax, provided that the amount of interest accrued by the taxpayer on the debt obligation does not significantly deviate from the average level of interest charged on debt obligations issued in the same reporting period on comparable terms.

Debt obligations issued on comparable terms are understood to mean debt obligations issued in the same currency for the same terms, with collateral of similar quality and falling into the same credit risk group.

When determining the average level of interest on interbank loans, only information on interbank loans is taken into account.

At the same time, a significant deviation in the amount of accrued interest on a debt obligation is considered to be a deviation of more than 20% upwards or downwards from the average level of interest accrued on a debt obligation issued in the same quarter on comparable terms.

In the absence of debt obligations issued in the same quarter on comparable terms, the maximum amount of interest recognized as an expense is taken equal to the refinancing rate of the Central Bank of the Russian Federation, increased by 1.1 times - when registering a debt obligation in rubles, and by 15 percent - for loans in foreign currency.

If the amount of debt obligations outstanding by a taxpayer - a Russian organization, provided by a foreign organization, is more than 3 times (for credit organizations and organizations engaged in leasing activities - more than 12.5 times) exceeds the difference between the amount of its assets and the amount of liabilities (hereinafter for purposes of this paragraph - equity) on the last day of each reporting (tax) period, then the following rules apply when determining the maximum amount of interest to be included in expenses.

When determining equity capital, debt obligations in the form of debts on taxes and fees, including current debt on payment of taxes and fees, sums of deferrals, installments, tax credit and investment tax credit are not taken into account.

If a taxpayer - a Russian organization has an outstanding debt under a debt obligation to a foreign organization that directly or indirectly owns more than 20 percent of the authorized (reserve) capital (fund) of this Russian organization (hereinafter in this article - controlled debt), then the taxpayer is obliged on the last day of each of the reporting (tax) period, calculate the maximum amount of interest recognized as an expense on controlled debt by dividing the amount of interest accrued by the taxpayer in each reporting (tax) period on controlled debt by the value of the capitalization ratio calculated as of the last reporting date of the corresponding reporting (tax) period.

In this case, the capitalization ratio is determined by dividing the amount of the relevant outstanding controlled debt by the amount of equity corresponding to the share of direct or indirect participation of this foreign organization in the authorized (share) capital (fund) of a Russian organization, and dividing the result by three (for credit institutions and organizations engaged in leasing activities - by twelve and a half).

Introduction

In the process of production and economic activity, many organizations need borrowed funds to ensure their plans and projects. You can get a loan from credit organizations, as well as from enterprises, having drawn up an appropriate agreement.

The purpose of the audit is to express an opinion on the reliability of the financial (accounting) statements of the audited entities and the compliance of the accounting procedure with the legislation of the Russian Federation. At the same time, reliability is understood as the degree of accuracy of financial (accounting) reporting data, which allows the user of these reporting, based on its data, to draw correct conclusions about the results of economic activity, financial and property status of audited entities and make informed decisions based on these conclusions.

Currently, many enterprises and organizations have a need for borrowed funds. It is not always possible to implement the plan with own funds, and then the enterprise is forced to seek help from various kinds of loans: individuals, enterprises with a stable financial position, having free cash.

Getting a loan is a very important and responsible step for a company. The importance of obtaining a loan lies in the fact that with its reasonable use, the enterprise gets the opportunity to further develop, increase sales of products (works, services), and responsibility lies in the emergence of new obligations, consisting not only in the timely and full repayment of the loan, but also in the payment of interest. for the use of loans.

The relevance of this work is explained by the fact that the correctness of accounting for short-term and long-term loans in an enterprise is of great importance and largely affects the reliability of the financial statements of an enterprise.

The subject of the research is the methodological, methodological and practical issues of organizing short-term and long-term loans.

The object of the study is operating system audit of short-term and long-term loans in Russian organizations.

The purpose of the study is to consider the theoretical and practical issues of auditing short-term and long-term loans in the light of the current regulatory framework.

To achieve the goal, the following tasks were set: to study the concept, goals and objectives of the audit of short-term and long-term loans, evaluate the internal system, preliminary planning and drawing up a general plan for the work of the auditor, drawing up an audit program for short-term and long-term loans of the organization, identify errors and violations during the audit, and examine the auditor's report.

1. Theoretical foundations of the audit of short-term and long-term loans of the organization

1.1 The concept of auditing short-term and long-term loans of an organization

audit long-term loan control

In addition to bank loans, organizations use other opportunities to raise borrowed funds by obtaining loans from lenders - not banks, selling securities, issuing bills (Table 1).

The loan agreement is regulated by Art. 807 of the Civil Code of the Russian Federation. According to this article, under a loan agreement, one party (lender) transfers money or other things defined by generic characteristics to the ownership of the other party (borrower), and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things received by him of the same kind and quality. Loans, like loans, are divided into short-term (up to one year) and long-term (more than one year).

When starting to check borrowed funds, the auditor must select the necessary procedures (methods) of verification that are most appropriate for the organizational structure, technological processes, etc. of the audited enterprise.

The outcome of these procedures will influence the formation of the auditor's opinion:

· on the level of internal control over the correctness of the reflection in the accounting of operations on borrowed funds;

· completeness of reflection;

· the presence in the accounting of transactions with borrowed funds without sufficient grounds. For example, an organization includes in its balance sheet borrowed funds, which are actually advance payments for the delivered products. Such errors lead to overestimation of reporting indicators and distortion tax reporting value added tax;

· observance of the principle of temporal certainty of the facts of economic activity.

· Errors may be related to the incorrect distribution of transactions by reporting periods. So, in practice, there is a reflection in the accounting of interest for the use of borrowed funds at the time of payment, and not at the time of accrual;

· the correctness of the reflection of borrowed funds in the relevant accounts based on the results of the inventory.

These operations are identified by examining the debt on the basis of reconciliation of entries in the accounting registers with the data of the submitted contracts, monetary documents and reconciliation with the persons who provided the borrowed funds.

During the review of loans, auditors will determine:

· whether the loan agreements are properly drawn up;

· whether the principal amount of the debt and interest on loans were repaid in a timely manner;

· whether transactions on loans received were correctly recorded in accounting, including the accrual and transfer of interest;

· reliability of analytical and synthetic accounting of loan payments.

When examining loan agreements, auditors should pay attention to the presence in them of instructions on the loan repayment period, its form, the presence of collateral, the amount of interest and the procedure for their payment.

When examining a loan agreement with an individual, it is checked whether the agreement is notarized. It is necessary to check the legitimacy and validity of the loans received.

If the auditor has doubts about the reality of such an agreement, then in this case it is advisable to make a request to the organization that provided the loan in order to confirm the debt on the loan, agree on the amount of debt and repayment terms. If it turns out that the organization that provided the loan does not have this amount in its accounts, then after reconciliation of the calculations with the organization that received the loan, it should be reflected as revenue with the accrual of all necessary taxes.

In practice, there are cases when, under the terms of an agreement (especially a long-term one), an enterprise receives money, and after a certain time, returns the loan in property or securities, which is not allowed without changing the terms of the agreement. Therefore, the auditor specifies in what form the loan was taken - in the form of money or things.

The auditor establishes the correctness of the reflection in the accounting of interest payable for the use of the loan.

1.2 Legal regulation of accounting for short-term and long-term loans of the organization

Audit in the Russian Federation is carried out in accordance with regulatory documents that have different status. Some of them are mandatory, others are advisory in nature.

The regulatory system in Russia consists of four levels of documents. The first group of documents includes:

· Federal Law "On Accounting" dated November 21, 1996 No. 129-FZ (as amended on September 28, 2010 No. 243-FZ). The federal law applies to all organizations located on the territory of the Russian Federation, registered as a legal entity in accordance with the legislation of the Russian Federation. The rules contained in other federal laws and affecting the issues of accounting and financial statements must comply with the Federal Law. In the event of conflicts with the content of other federal laws, the norms of law that are the subject of the Federal Law shall have priority.

· Federal Law "On Auditing Activities" dated December 30, 2008 No. 307-FZ (as amended on December 28, 2010 No. 400-FZ). It defines the legal framework for the regulation of audit activities in the Russian Federation.

· The Russian Federation. Government of the Russian Federation. Decree on the approval of the federal rules (standards) of audit activity dated September 23, 2002 N 696 (as amended on January 27, 2011 N 30).

· tax code RF, which defines the concept of expenses and the procedure for their recognition for the purposes of tax accounting; established taxes levied on agricultural enterprises and included in the cost of production.

· Civil Code RF, which regulates the legal basis of credit relations. Contains the procedure for concluding and terminating civil law contracts.

The second group of documents is regulated by the Ministry of Finance of the Russian Federation and other executive authorities. The documents of the second level include provisions regulating the principles and rules for accounting for individual objects of accounting supervision, which constitute a system of national standards focused on International Financial Reporting Standards. At present, in Russia, the system of national standards - accounting regulations includes 22 provisions, of which:

· Regulation on accounting "Accounting policy of the organization" RAS 1/2008 of 06.10.08 N 106n (as amended by the Order of the Ministry of Finance of the Russian Federation of 08.11.2010 N 144n). This provision establishes the basis for the formation and disclosure of the accounting policies of organizations that are legal entities according to the legislation of the Russian Federation. The regulation specifies the procedure for the formation of accounting policies, i.e. by whom it is drawn up and approved, while it is said what documents are approved, disclosure and change of it.

· Regulation on accounting "Accounting for expenses on loans and credits" PBU 15/2008 of October 6, 2008 N 107n (as amended by the Order of the Ministry of Finance of the Russian Federation of November 8, 2010 N 144n). Establishes the features of the formation in accounting and financial statements of information on the costs associated with the fulfillment of obligations on loans and credits received by organizations that are legal entities under the legislation of the Russian Federation.

The documents of the third level include the Chart of Accounts for accounting of the financial and economic activities of the organization and the Instructions for its application, approved by order of the Ministry of Finance of the Russian Federation of October 31, 2000 No. 94n (as amended on November 8, 2010 N 142n), form the basis for organizing accounting at all enterprises, regardless of subordination, forms of ownership, organizational and legal form. The chart of accounts is a scheme for registering and grouping the facts of economic life in accounting and contains the names and codes of accounts. The Instructions for the Application of the Chart of Accounts provide a brief description of the accounts, disclose their structure and purpose, the economic content of the facts generalized on them, and the accounting procedure for the most common transactions.

The third level also includes instructions and guidelines developed and put into effect in the context of individual Accounting Regulations.

Documents of the fourth level are developed by the enterprise and approved by the head of the organization. These include:

Charter of the enterprise;

Order "On the accounting policy of the organization";

Working Chart of Accounts of the organization;

Documentation schedule.

The main tasks of the audit of loan settlements include:

study of loan agreements;

study of the lawful use of loan proceeds;

assessment of the state of synthetic and analytical accounting of loans;

establishing the legitimacy of reflection on the accounts and in the financial statements of loans;

verification of timely and full repayment of loans;

analysis of accrual of interest for use and their write-off.

2. Planning and organization of the audit of short-term and long-term loans of the organization

.1 Assessment of the internal control system

Before checking specific areas of accounting, the auditor must assess the state of the control environment, the effectiveness of building an accounting system, as well as the reliability of the organization's internal control system. This is necessary to determine the likelihood of misstatements in the client's accounting and build further work of the auditor.

The control environment is circumstances and factors that are not directly related to accounting, but have a significant impact on its effectiveness.

The auditor studies the control environment from the moment of the first acquaintance with the enterprise (its manager, accountant). The main points he needs to find out are:

· The influence of the organizational structure, type and scale of the enterprise on the features of accounting;

· The structure of the management system, the division of powers and responsibilities;

· Features of the relationship of owners with direct managers of affairs, between the director and the chief accountant, the degree of mutual trust;

· The attitude of the administration, directors and owners of the organization to accounting issues;

· The attitude of accounting personnel to their duties.

The necessary information on the above issues is obtained as a result of observation, personal conversations, familiarization with the constituent documents. Subjectively evaluating the environment in which the accounting system operates, the auditor examines the accounting system itself. Particular attention should be paid to the level of professionalism of accountants, to determine their competence and, if possible, honesty. To a greater extent, it is these qualities that determine the effectiveness of the robots of the entire accounting system.

The internal control system is a set of organizational measures, methods and procedures used by the management of the audited entity as a means for the orderly and efficient conduct of financial and economic activities, ensuring the safety of assets, identifying, correcting and preventing errors and misrepresentation of information, as well as timely preparation of reliable financial (accounting) statements. ICS as a process is organized and carried out by representatives of the owner, management, as well as other employees of the audited entity in order to provide sufficient confidence in the achievement of goals in terms of the reliability of financial (accounting) statements, the efficiency and effectiveness of business operations and the compliance of the activities of the audited entity with regulatory legal acts .

The internal control system is based on:

1.division of duties. To prevent abuse and theft, it is necessary to separate the responsibilities for storing material assets, making transactions and accounting. In addition, if each department keeps a complete record of its activities, then the risk of providing them with false data in order to improve performance increases.

2.the existence of effective procedures for the authorization of transactions. For the implementation of operations, it is necessary to have the decision of the responsible persons, the fulfillment of all formalities.

.timely and proper documentation of transactions. With a large time interval between the transaction and the fact of its accounting, the probability of an error increases.

.actual control over property and documentation. That is, the use of technical means and procedures that prevent the loss, seizure or unlawful change of accounting documentation.

.carrying out independent audits. This is one of the functions of internal audit.

The auditor should study and understand each of the elements of the internal control system in this enterprise. Thus the auditor should take into account two aspects: what methods and procedures are provided at the enterprise and whether they are applied in practice.

During the study of internal control, the auditor needs to take into account the inherent flaws in any system of internal control. No system can be 100% efficient. The most obvious limitation is due to the need to keep reasonable, i.e. economically limiting the costs of conducting control procedures, so that these costs are not disproportionate in relation to the identified losses from errors and fraud. Factors that hinder the effectiveness of internal controls include: focusing most internal controls on expected types of transactions rather than rare transactions; the possibility of an error that may be made by internal control personnel due to negligence, absent-mindedness, confusion or misunderstanding of instructions; the likelihood that the person responsible for exercising control may abuse his position. Finally, internal controls can be bypassed through collusion by a number of individuals, both within the enterprise and with the participation of external parties.

However, despite the flaws inherent in any control system, the presence of even simple types of control can help the auditor achieve confidence that all transactions are properly recorded in the accounting registers. In evaluating internal control, the auditor's goal is to determine the level of confidence that he can give to this control. The results of the study of the internal control system influence the determination of the type, timing and extent of independent audit procedures.

Control risk assessment procedures include:

· obtaining information from employees of the audited entity;

· monitoring the functioning of specific;

· means of control;

· verification of documents and reports (inspection);

· tracking the reflection of business transactions in information systems related to the preparation of financial (accounting) statements, etc.

A comprehensive assessment of the risks of material misstatement of information (the risk of economic activities and the risk of controls) is carried out by the auditor on the basis of professional judgment. As a result of a comprehensive assessment of the risks of material misstatement of information (risk of economic activities and risk of controls) at the level of prerequisites for the preparation of financial (accounting) statements, the auditor must reduce the risk of the possible presence of material misstatement of information to an acceptably low level. To do this, the auditor performs substantive procedures to obtain the necessary audit evidence about the existence of material misstatements.

In the event that the auditor determines that the risks of material misstatement of information in relation to the financial (accounting) statements cannot be reduced to an acceptably low level, he should express an appropriate opinion on the reliability of the financial (accounting) statements.

The assessment of audit risk made at the audit planning stage may change. Questions to ask the auditor to the management of the economic entity at the time of planning the loan audit program. Changing the risk assessment obliges the auditor to make changes to the planned substantive procedures and working documents of the auditor (general plan and audit program).

.2 Pre-planning and overall work plan

In accordance with the approved Decree of the Government of the Russian Federation No. 696 dated September 23, 2002, the Federal Rule (Standard) of Auditing Activities “Audit Planning” (clause 10), in the process of planning an audit, an audit program must be drawn up and documented - a document defining the nature , time frame and scope of planned audit procedures required to implement the overall audit plan.

Audit planning is one of the most important processes in the implementation of an audit.

The audit planning process includes:

Determination of its strategy and tactics;

Drawing up a general audit plan;

Development of an audit program;

Determination of specific audit procedures;

Assessment of the scope of the audit.

In accordance with the standard, an audit organization or an individual auditor must plan an audit even before writing a letter of commitment and concluding an agreement with an economic entity to conduct an audit, during a preliminary acquaintance with a potential client.

A high-quality audit is impossible without developing a general strategy for further work and a detailed approach, determining the timing and scope of audit procedures. The scope of planning depends entirely on the size of the audited enterprise, the complexity of the audit, previous audit experience in the enterprise and knowledge of the client's activities.

The time spent on planning is 5-10% of the time spent on a non-first check when working with a given client. In cases where the audit is carried out at the enterprise by this audit firm for the first time, the time spent on planning can be up to 20%. The main reason for this is that audit planning should be based on knowledge of the client's activities, a thorough study of its features and the conditions of the economic environment surrounding the client.

During the implementation of the audit program, audit evidence is generated and reflected in the working documents.

Audit evidence in accordance with FSAD No. 5 "Audit evidence" can be carried out in two forms:

Detailed tests evaluating the correctness of the reflection of transactions and the balance of funds on the accounts of accounting;

analytical procedures.

Audit evidence must satisfy two requirements - the sufficiency of audit evidence for reasonable conclusions and the appropriate nature of the collected audit evidence.

Sufficiency is a quantitative measure of audit evidence.

Appropriate nature is the qualitative aspect of audit evidence. It is this characteristic that determines the coincidence of the obtained audit evidence with a specific premise for the preparation of financial (accounting) statements and its reliability.

Audit evidence is generally not exhaustive because the auditor generally finds it necessary to rely on evidence that only provides evidence in support of a particular conclusion. Therefore, auditors mainly collect (obtain) audit evidence from various sources or from documents of different content in order to confirm the same business transaction or a group of similar business transactions.

2.3 Drawing up an audit program for fixed assets

Starting the development of a general plan and audit program, the audit organization should use prior knowledge of the economic entity, as well as the results of the analytical procedures performed.

Using analytical procedures, the audit firm should identify areas of significance to the audit. The complexity, volume and timing of the analytical procedures of the audit organization should vary depending on the volume and complexity of the financial statements of the economic entity.

In the process of preparing the general plan and audit program, the audit organization evaluates the effectiveness of the internal control system (ICS) that an economic entity has and assesses its risk (control risk). The ICS can be considered effective if it warns in a timely manner about the occurrence of inaccurate information, and also reveals inaccurate information. When evaluating the effectiveness of the ICS, the audit organization should collect a sufficient amount of audit evidence. If the audit firm decides to rely on the ICS and the accounting system to obtain a sufficient degree of confidence in the reliability of the financial statements, it should adjust the scope of the forthcoming audit accordingly.

When preparing the overall plan and program of the audit, the audit organization should establish an acceptable level of materiality and audit risk for it, allowing the financial statements to be considered reliable. When planning audit risk, the audit organization determines the intra-economic risk of financial statements and the risk of control that are inherent in these statements, regardless of the audit of an economic entity. With the help of the established risks and materiality level, the audit organization identifies areas that are significant for the audit and plans the necessary audit procedures. During the audit, circumstances may arise that affect the change in audit risk and the level of materiality established during planning.

When drawing up a general plan and audit program, the audit organization should take into account the degree of automation of processing accounting information, which will also allow it to more accurately determine the scope and nature of audit procedures.

The audit organization, if necessary, may agree with the management of the audited economic entity certain provisions of the general plan and audit program. At the same time, the audit organization is independent in the choice of audit techniques and methods reflected in the general plan and program, but is fully responsible for the results of its work in accordance with this general plan and this program.

The results of the procedures carried out by the audit organization in preparing the overall plan and program should be documented in detail, as they are the basis for planning the audit and can be used throughout the audit process.

The overall plan should guide the implementation of the audit program. During the audit, the audit organization may have reasons to revise certain provisions of the general plan. Changes made to the plan, as well as the reasons for the changes, should be documented in detail by the auditor.

In general, the audit organization determines the method of conducting an audit based on the results of a preliminary analysis, an assessment of the reliability of the internal control system, and an assessment of the risks of the audit. In the case of a decision to conduct a selective audit, the auditor forms an audit sample.

An integral part of the overall plan are the provisions for planning the management and quality control of the audit being performed. In general, it is recommended to provide:

Formation of the audit team, the number and qualifications of auditors involved in the audit;

The distribution of auditors in accordance with their professional qualities and job levels for specific areas of the audit;

Instructing all team members about their responsibilities, familiarizing them with the financial and economic activities of the economic entity, as well as with the provisions of the general audit plan;

Supervision of the head over the implementation of the plan and the quality of work of the auditor's assistants, their maintenance of working documentation and the proper execution of the audit results;

Clarification by the head of the audit team of methodological issues related to the practical implementation of audit procedures;

Documentation of a dissenting opinion of a member of the audit team (performer) in the event of disagreement in the assessment of a fact between the head of the audit team and its ordinary member.

The audit organization defines in general terms the role of internal audit, as well as the need to involve experts in the audit process.

The audit program is a development of the overall audit plan and is a detailed list of the content of the audit procedures necessary for the practical implementation of the audit plan. The program serves detailed instructions for assistants to the auditor, and for the heads of the audit organization and the audit team - at the same time as a means of monitoring the quality of work.

The auditor should document the audit program, designate each audit procedure performed with a number or code in order to be able to refer to them in his working papers in the course of work.

The audit program should be drawn up as a program of tests of controls and as a program of substantive audit procedures.

The control test program is a list of a set of actions designed to collect information about the functioning of the internal control and accounting system. Tests of controls help identify significant deficiencies in the controls of an economic entity.

Depending on the conditions of the audit and the results of the audit procedures, the program may be revised. The reasons for and results of changes should be documented.

Essentially, audit procedures are a detailed check of the correct reflection in accounting of turnovers and balances of accounts. The audit procedure program is essentially a checklist of the auditor's actions for such detailed, specific audits. For substantive procedures, the auditor should determine which areas of accounting he will audit and draw up an audit program for each section of accounting.

The auditor's conclusions for each section of the audit program, documented in the working documents, are the actual material for the preparation of the audit report (written information to the management of the economic entity) and the audit report, as well as the basis for the formation of an objective opinion of the auditor on the financial statements of the economic entity.

At the end of the audit planning process, the overall plan and audit program should be documented and endorsed in the prescribed manner.

The audit program for short-term and long-term loans of the organization is presented in table 2. (Appendix 2).

3. Audit of short-term and long-term loans of the organization

.1 Identification of errors and irregularities during the audit

The auditor evaluates the state of internal control of the audited entity using a specially compiled questionnaire (questionnaire), gives a preliminary assessment of the state of internal control over borrowed funds, determines the most vulnerable places in terms of violations and abuses, and plans the composition of the main procedures (audit procedures on the merits).

The composition of the procedures may be different depending on when the audit begins - during the reporting period, the reporting for which will be confirmed by the audit report, or after the end of this reporting period.

Signs of the absence or insufficiency of internal control over the state of borrowed funds at enterprises are:

the presence of signs of a formal inventory of borrowed funds - the appointment of the same persons in the commission for inventory of obligations, the absence of working records of the audit commission attached to the act;

granting the right to sign a loan, additional agreements to them to persons whose official powers are not reflected in the orders (orders) of the head of the enterprise;

attraction of borrowed funds in amounts leading to a significant decrease in the financial stability of the enterprise;

attraction of borrowed funds under unjustified high interest;

missed deadlines for repayment of borrowed funds, payment of interest on them.

Responsibility for the timely repayment of loan obligations rests with the heads of the enterprise, so the auditor receives from them the necessary explanations and clarifications.

Internal control in each organization and each enterprise is organized in such a way as to prevent any specific violations (unintentional or intentional) that may occur during business transactions. The organization of internal controls and operations on the movement of loan funds are no exception to this rule.

It is impossible to prevent all violations. The means of internal control are aimed at identifying those violations that have already happened and the reasons and conditions that allowed them to happen are clear.

The list of typical violations when recording operations related to obtaining loans in accounting records:

Lack of documents

No loan agreement

Lack of accounting references-calculations for the accrual of interest on loan agreements.

The absence of additional agreements to the loan agreement that change the interest rate, loan repayment terms and other terms of the agreement. Lack of analytical accounting for overdue loans.

Assignment to tax expenses interest on loans that cannot be included in them

Inclusion in tax expenses of accrued interest for the use of borrowed funds, but not actually paid to the lender at the end of the reporting period (cash basis)

No formation of deferred tax liabilities

No formation of deferred tax assets

Inclusion in tax expenses of interest on loans that exceed the standard amount of interest

Inclusion in tax expenses of interest on loans that exceed the average level of interest charged on debt obligations issued on comparable terms.

3.2 Auditor's report

the main objective audit- this is the formulation of an objective opinion on the reliability of the accounting (financial) statements of the organization, which is drawn up in the content of the audit report.

An auditor's report is an official document intended for users of financial (accounting) statements containing the opinion of an audit organization or an individual auditor, expressed in the established form, on the reliability of the accounting (financial) statements of the audited entity and the compliance of its accounting procedures with the legislation of the Russian Federation.

The auditor is obliged, within the period established by the contract for the provision of audit services, to transfer the audit report to the audited entity that has concluded the contract for the provision of audit services. The content and procedure for issuing an audit report is determined by the FSAD No. 1/2010 "Auditor's report on financial (accounting) statements and the formation of an opinion on its reliability."

Mandatory elements of the auditor's report:

1.The name of the document is "Auditor's report".

2.Name (name) of the addressee: the person provided for by the legislation of the Russian Federation and (or) the audit agreement. As a rule, the audit report is addressed to the owner of the audited entity (shareholders), the board of directors and.p.

.information about the auditor: name of the organization, state registration number, location, name of the self-regulatory organization of auditors, of which the specified audit organization is a member, number in the register and audit organizations of the self-regulatory organization of auditors.

.information about the audited entity: organizational and legal form and name, location, number and date of the certificate of state registration.

.The composition of the audited financial statements

.part "Responsibility of the audited entity for the financial statements":

a) an indication of the persons authorized by the audited entity responsible for the preparation and reliability of financial statements in accordance with the legislation of the Russian Federation;

b) a description of the responsibility of these persons for the preparation and reliability of financial statements in accordance with the reporting rules.

7.part "Audit Responsibility"

a) the auditor's responsibility is to express an opinion based on the audit;

b) the audit was conducted in accordance with federal auditing standards, and that these standards require compliance with applicable requirements for the professional ethics of auditors, planning and conducting the audit in such a way as to obtain reasonable assurance that the financial statements are reliable in all material respects.

C) the auditor believes that the evidence obtained during the audit provides a sufficient and appropriate basis for expressing the opinion.

8.the date of the auditor's report;

9.auditor's signature.

The auditor's report is prepared in the number of copies agreed upon by the auditor and the audited entity. Moreover, the auditor and the audited entity must receive at least one copy of the audit report with financial statements.

There are two main types of audit opinion on the reliability of financial (accounting) statements: unmodified and modified.

Unmodified is that the financial statements present fairly, in all material respects, the financial position of the entity being audited and its results. financial activities in accordance with reporting rules.

The modified auditor's report may be:

Qualified: A qualified opinion should be expressed when the auditor concludes that it is not possible to express an unqualified opinion, but the effect of a disagreement with the entity's management or a limitation on the scope of the audit is not significant or profound enough to warrant an adverse opinion, or refrain from expressing an opinion. It must contain wording. "Except under circumstances..."

§ negative: an adverse opinion should only be expressed when the effect of any disagreement with the entity's management is so material to the financial statements that the auditor concludes that the inclusion of a disclaimer is not adequate to disclose the misleading or incomplete nature of the financial statements .

§ Disclaimer of Opinion: A disclaimer of opinion occurs when the limitation on the scope of the audit is so significant and profound that the auditor cannot obtain sufficient evidence and, therefore, is unable to express an opinion on the fair presentation of the financial statements.

The date of signing of the auditor's report should correspond to the date when the audit was completed, but not earlier than the date of signing or approval of the financial statements of the entity being audited. Events after the reporting date - events occurring from the end of the reporting period until the date of signing the auditor's report, and facts discovered after the date of signing the auditor's report.

The management of the audited entity is responsible for the content of the financial (accounting) statements and making changes to them in the event of occurrence of facts that significantly affect their reliability. The auditor is responsible for expressing an opinion on the evaluation of these events.

The auditor's report must contain signatures the following persons:

§ the head of the audit organization or other authorized person;

§ the head of the audit, indicating the number, type of qualification certificate and its validity period.

The audit report must be signed by the head of the audit organization and the head of the audit (the person who conducted the audit) indicating the number and validity period of his qualification certificate or by the auditor-entrepreneur. Signatures are sealed with the seal of the audit organization.

Conclusion

The relevance and necessity of considering this topic is justified by the fact that at present most enterprises have a need for borrowed funds, and they are forced to seek help from credit organizations, individuals, enterprises with a stable financial position with free cash.

Loans are a system of economic relations arising from the transfer of property in cash or natural form from one organization or persons of another organization on the terms of return, urgency and payment.

Loan relations are formalized by agreement. Audit of settlements on loans consists in checking the correctness of registration and reflection on the accounts of accounting transactions for the return of the loan; confirmation of intended use; verification of the validity of the establishment and correctness of the calculation of the amounts of payments for the use of the loan and their write-off from the relevant sources; the correctness of registration and reflection on the accounts of loans received from other organizations and individuals.

The working documents of the auditor during the audit are: a questionnaire for planning the audit of the organization's obligations in loans, the auditor's working documents for the section, areas of the audit, the questionnaire for checking the obligations of the organization.

Typical errors and non-standard situations identified during audits include:

lack of internal regulatory and administrative documentation;

inclusion in the cost of products (works, services) of interest on loans that cannot be included in it;

violation of the principles of property valuation;

violation of the principles of formation financial results.

When checking the issues of obtaining and using a loan, the auditor must evaluate the effectiveness of the invested funds for the activities for which they were intended.

Thus, accounting fully reflects the functions of loans as a measure of the effectiveness of the economic activity of the organization and as a means of stimulation.

Bibliography

1.Civil Code of the Russian Federation (part 1) dated 30.11. 1994 No. 51 - Federal Law (as amended on February 11, 2013) (as amended and supplemented, effective from March 1, 2013)

2.Civil Code of the Russian Federation (Part Two)" dated January 26, 1996 N 14-FZ (as amended on June 14, 2012)

.Tax Code of the Russian Federation (part two) dated 08/05/2000 N 117-FZ (as amended on 04/05/2013)

.Federal Law No. 129-FZ of November 21, 1996 (as amended on November 28, 2011) "On Accounting"

.Order of the Ministry of Finance of the Russian Federation of July 29, 1998 N 34n (as amended on December 24, 2010) "On Approval of the Regulation on Accounting and Accounting in the Russian Federation"

.Melnik, M.V. Audit: Textbook / Ed. M.V. Miller. - M.: Economist, 2004. - 412 p.

.Sotnikova, A.V. Accounting and audit / A.V. Sotnikova - M.: Accounting, 2002. - 288 p.

.Parushina N.V. Credits and loans // Accounting. - 2003

.Sotnikova L.V. Audit check of accounting of credits and loans. -M.: UNITI, 2004

.Varlamova, E.N. Stages of conducting an audit: features of the audit of wholesale trade organizations / E.N. Varlamova // International Accounting.-2012.-№4.-P.45-51.

.Kovaleva, O.V. Accounting and audit of financial statements of commercial enterprises./ O.V. Kovaleva. - Rostov n / a: Phoenix, 2010. - 512s.

.Selezneva, N.N. Financial analysis: textbook. allowance / N.N. Seleznev. - M.: UNITI - DANA, 2009. - 479 p.

Tutoring

Need help learning a topic?

Our experts will advise or provide tutoring services on topics of interest to you.
Submit an application indicating the topic right now to find out about the possibility of obtaining a consultation.

MAIN CATEGORIES OF THE AUDITOR'S REPORT

TYPES OF AUDITOR REPORTS

POSSIBLE RISKS

THE SIGNIFICANCE OF THE EXPLANATORY NOTE

Audit report.

Tutoring

Loans

Credit history

Mortgage

For business

Miscellaneous about finance

Contributions, deposits

Finance and more

Getting cards