Management and Economics
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DOI: Methodological Aspects Of Determining The Levels Of Significance And Risk In Planning An Audit
Shokhrukh Akromov , Kimyo International University in Tashkent, Shota Rustaveli street, 156, 100121 Tashkent, UzbekistanAbstract
The identification of materiality and risk is essential for auditors to use their practical skills and experience properly. It depends on how the auditor applies data and data analysis, as well as what tests and tests he performs. A proper explanation of importance and risk is essential to making calculations effective. The audit of the financial statements of the economic entity and its related financial information determines the reliability and accounting of the audited financial statements and related financial information. will be conducted by the auditing organization in order to determine compliance with the legislation (Law of the Republic of Uzbekistan "On audit activity" (new edition), 2021). During the audit process, the auditor should consider the reliability of the audit and the risk of the audit. The concepts of materiality and audit risk are interrelated, and the results of audits, which are subjectively determined by the auditor, are related to the reliability of the financial statements or, in fact, confirms that there are no material misstatements in the financial statements. In order to properly plan and organize the audit, the auditor needs to understand not only the assessment of audit risk, but also the relationship between its components and the level of materiality. The auditor's determination of materiality is a matter of professional judgment and the auditor's consideration of the financial information needs of users of financial statements depends on how you understand it" (International Standard on Auditing (IAS) 320 "Materiality in planning and performingan audit"). At the time of planning the purpose of the audit, the auditor should consider the standards used for the financial reporting of economic entities is a designation. Before starting the audit, the auditor needs to determine what type of client he is.
Keywords
Planning an audit, materiality in planning, risk and IAS
References
Law of the Republic of Uzbekistan "On audit activity" (new edition)
International Standard on Auditing (IAS) 320 "Materiality in planning and performingan audit"
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