Періодичні видання НАСОА

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Browsing Періодичні видання НАСОА by Subject "assurance engagement"

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    Audit of non-fi nancial reporting: what standard should be used?
    (Національна академія статистики, обліку та аудиту, 2023) Lubenchenko O.; Shulha S.
    A business entity of whatever kind seeks to operate in long-term perspective by achieving the strategies set out by it, including the strategies pertaining to social justice, environmental protection, friendly use of natural resources and their renewal. It is also a matter of the society’s concern. It is for this reason that non-fi nancial reporting for sustainable development, provided by business entities, is demanded by users. The verifi cation of non-fi nancial information is assigned to independent auditors. Although auditors use the International Standard 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” for the verifi cation purposes, the International Standard 3410 “Assurance Engagements on Greenhouse Gas Statements” can also be applied for specialized spheres. When non-fi nancial information is submitted together with fi nancial reporting, the International Standard 720 (revised) “The auditor’s responsibilities relating to other information” will be applicable. On the request of international donor organizations, an auditor is allowed to use the International Standard 4400 “Agreed-upon procedure s engagements”. Given that the International Standard 3000 is the most demanded among the auditors, the International Auditing and Assurance Standards Board provided a guidance on its application. The phases of non-fi nancial reporting audit and their content were clarifi ed on the basis of the International Standard 3000. The choice of an international standard depends on the conditions of an engagement and relies on the professional judgment of an auditor. Irrespective of a chosen standard, an auditor bears the responsibility for the assessment of published non-fi nancial reports for sustainable development. Realizing the responsibility before users of non-fi nancial reporting, an auditor must assure the quality of his services in keeping with the requirements of the International Standard on Quality Management (ISQM 1). The working document of an auditor “Quality assessment of assurance engagements other than audits or reviews of historical fi nancial information (non-fi nancial reporting)” was elaborated, which would help assure the internal control of auditing at engagement level. This document is standardized and can be used in the auditing practice.
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    Sustainable Development Reporting: Challenges or Opportunities for Auditors?
    (Національна академія статистики, обліку та аудиту, 2025) Lubenchenko О . Е .
    The Directive of the European Parliament and Council from December 14, 2022 No . 2022/2464/EU on corporate sustainability reporting and the adoption of the European Sustainability Reporting Standards (ESRS) require that business entities and audit firms adapt their organizational processes of reporting and verifications to the new requirements . Ukraine demonstrates its propensity to the European choice by joining the strategies on the way towards Sustainable Development Goals . Hence, an important challenge for domestic enterprises is learning the sustainability reporting requirements, and for domestic auditors it is mastering the techniques for assurance engagements on this reporting . The article contains a review and systematization of the requirements of European legal acts on sustainability reporting, with detailing the structure of report in compliance with ESRS 1; a review of the Recommendations of the Committee of European Auditing Oversight Bodies on assurance engagements and main challenges faced by audit firms in implementing European standards for sustainability reporting, as well as opportunities opened by this practice . The definitions of terms “reasonable assurance” and “limited assurance” were examined . The author analyzed the need for adapting the auditing procedures to new requirements . For the limited assurance engagement, the following procedures were outlined: questioning of business entity’s staff, analytical substantive procedures, tests of control measures, assessment of the evidence from external (alternative) sources . Organizational approaches to the limited assurance engagement on sustainability were proposed, the phases in determining the impact materiality were outlined . A structure of the report on limited assurance on sustainability to be made by the auditor / independent practical specialist was developed . The author’s propositions can be used as a framework for ensuring quality of assurance engagements performed on legal grounds or on request of investors or other stakeholders . European innovations in the sustainable development field, while charging audit firms with a heavy responsibility, open up before them new perspectives and new markets, enhance the auditors’ role in ensuring the resilience and transparency of companies, foster new skills and competences in the domain of sustainability audit .