1. International audit standards contain the basic principles, necessary procedures, recommendations for the application of principles and procedures; include:
• An introduction that reflects the purpose of the standard and the tasks facing the auditor;
• sections that describe the essence of the standard;
2. Working standards - the rules that auditors follow when performing audit tasks (planning, supervision and control, the collection of reliable information, as well as the relevant study and evaluation of the internal control system), reporting standards and audit conclusions (rules regarding form, content, placement and transfer materials based on the results of the audit). The conclusion should indicate whether the financial statements comply with the requirements of accounting.
3. There is a close relationship between the standards of accounting and auditing. Accounting standards, like audit standards, are developed at the international and national levels. At the international level, the leading countries in the field of accounting and auditing standards are the United States and Great Britain, which is determined by the role of these countries in international financial markets.
National standards of accounting and reporting are developed by each country independently. For example, in the United States, such standards are called Generally Accepted Accounting Principles and are developed by the American Institute of Certified Public Accountants, the Financial Accounting Standards Board, the Accounting Standards Committee for Public Authorities, the Securities and Exchange Commission, the American Accounting Association , Institute of Financial Directors. National Association of Accountants, etc.
In France, standards are developed by organizations such as the National Accounting Council, the Securities Commission, the Organization of Accounting Experts and Qualified Accountants under the Ministry of Justice and the National Institute of Auditors of the Ministry of Economics and Audit.
4. Currently, the development of the MCA is taking place in line with the measures that have been recognized and legislated in a number of countries to ensure the credibility and reliability of financial reporting. In recent years, the MCA has made significant changes in connection with the revision of the concept of corporate internal control. This was due to the use of a new concept for identifying audit risks based on an analysis of the internal control of organizations whose accounts the auditor considers. The precondition for the application of this concept was the particular importance of combating unreliable financial reporting for interested users.
5. The audit standards formulate uniform international fundamental prescriptions defining the standards of quality and reliability of the audit and providing certain guarantees for the results of the audit when they are observed.
The International Committee on Audit Practices has issued auditing standards consisting of international standards and standards for the provision of related services.
International audit standards are systematized in nine sections depending on the characteristics and purpose.
6. There is a close relationship between the standards of accounting and auditing. Accounting standards, as well as audit standards, are developed at the international and national levels.
7. In recent years, the MCA has made significant changes in connection with the revision of the concept of corporate internal control. This was due to the use of a new concept for identifying audit risks based on an analysis of the internal control of organizations whose accounts the auditor considers. The precondition for the application of this concept was the particular importance of combating unreliable financial reporting for interested users.
8. MCA are intended for use in the audit of financial statements, as well as when auditing other financial information and providing related services to the audit. The auditor may depart from the requirements of the MCA, but only necessarily giving reasons for such withdrawal. MCA should only be applied to issues of significant importance.
9. Along with the standards, KMAP issues Regulations on International Auditing Practice (PMAP). These documents detail the provisions of international audit standards and do not have the force of standards, although the expression "MCA document system" is usually used to denote the aggregate of the actual MCA and the corresponding PMAPs forming a single system.
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