AUDIT PROCEDURES OF FINANCIAL RESULTS OF A COMMERCIAL ORGANIZATION AND DIRECTIONS OF ITS ACTIVITIES

Abstract

The development of the audit sphere of activity and improving the quality of audit services provided is a priority not only for the audit companies themselves and the owners of audit clients, but also for government agencies, since the high-quality provision of services by audit companies significantly reduces the risk of financial fraud and falsification in the state economy. The relevance of the study of this topic is explained by the constant expansion and development of the sphere of entrepreneurship, an increase in the capital market and, as a result, an increase in demand for high-quality audits. In the modern economy, the audit has acquired a system-oriented nature, which is formed on an integrated approach to improving the quality of audit services. This means increasing the efficiency of not only external audits, but also assessing the internal control system in audited organizations and the operational management systems of the organization as a whole. The result of all these systems together is the financial result of the company's business, which has a large list of stakeholders and entities that can be influenced by it. A reliable reflection of the financial result can affect the cash flows of an entire region. The profit indicator is the main indicator of the company's development in a market economy. The financial result collects the effect of many factors affecting the company, such as: production efficiency, labor productivity, cost level, volume and quality of products produced, and so on. Therefore, it is so important to qualitatively check all aspects of the company's activities - all of them ultimately affect the financial result, which determines the further vector of the company's development.