IJASOS- International E-journal of Advances in Social Sciences

Abstract

The subject of this
publication is to substantiate the vector of transformation of the traditional
audit model for public interest enterprises in Ukraine, taking into account the
synergy of qualitative characteristics of the evolution of audit in world
practice, the specifics of the establishment of an audit institute in Ukraine,
the need to synthesize a system-oriented and risk-oriented audit methodology.
An integrated audit model has been substantiated and proposed with the
expansion of the subject area for evaluating systems that generate information
not only about the state and results of public interest enterprises, but also
about their ability to ensure business continuity, value increment and
sustainable development for the future under conditions of uncertainty. The
advantages of using an integrated model in the practice of auditing public
interest enterprises are demonstrated, which are associated with a substantial minimization
of the gap between the expectations of stakeholders and the results of the
audit, as well as information risks when making economic (in particular,
investment) decisions.

The purpose of the study was to
substantiate the relevance, nature and elements of an integrated audit model of
public interest enterprises as the main goal of transformational
transformations by identifying the methodological features of audit steps in
world practice, identifying and systematizing the signs of an institutionalized
audit in Ukraine, establishing the specificity of the expanded subject area and
the audit procedures.

Sources and research methods: The information base of the study was the International Standards for
Quality Control, Audit, Review, Other Provision of Confidence and Related
Services (2016-2017) of the Council on International Standards on Auditing and
Providing Confidence of the International Federation of Accountants; Model COSO
ERM (2004, 2013, 2017); International Integrated Reporting Standard; EU Directives
2006/43/EU, 2013/34/EU, 2014/56/EU and Regulation (EU) 537/2014 regarding the
regulation of the audit of financial statements of public interest enterprises;
official statistics on the development of audit activities in Ukraine;
scientific publications; personal observations of the author.

The study used
methods of analogy and synthesis; systematic approach and systematization;
dialectical, historical, logical, hypothetical-deductive, economic-statistical
methods.

Results and practical importance: the obtained results allow us to conclude that the traditional model of
auditing is ineffective for enterprises of public interest in Ukraine; the
consistency of the synthesis of the methodology of systemic and risk-based
auditing in an integrated audit model for such enterprises, which provides
qualitative transformations to eliminate gaps in the development and
development of the audit institute in Ukraine. At the same time, the results of
the study are interesting from the point of view of the formation of modern
ideas about how to minimize the gap of expectations of stakeholders in the
practice of auditing public interest enterprises.

Keywords: institute of audit, public interest
enterprises, integrated audit model, gap of stakeholder expectations, business
continuity, sustainable development.