THE ROLE OF FOREIGN EXPERIENCE IN ANALYSING THE THEORETICAL FOUNDATIONS OF THE AUDIT OF FINANCIAL LIABILITIES
DOI:
https://doi.org/10.5281/zenodo.20449605Keywords:
financial liabilities, audit, completeness assertion, unrecorded liabilities, external confirmation, International Standards on Auditing, provisions, risk-based audit, foreign experience.Abstract
This article examines the theoretical and methodological foundations of the audit of financial liabilities and the
role of foreign experience in advancing them. Unlike the audit of assets, which is dominated by the risk of overstatement
and the existence assertion, the audit of liabilities is governed by the risk of understatement or omission; the completeness
assertion is therefore central and calls for procedures aimed at the search for unrecorded liabilities. Drawing on the
International Standards on Auditing (ISA 315, 330, 500, 501, 505), the International Financial Reporting Standards (IAS
32, IFRS 9, IAS 37) and the approaches of the Anglo-American and CIS audit schools, the study offers recommendations
for adapting risk-based methodology, external-confirmation practice and the audit of estimated liabilities to national
conditions.
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