METHODS AND PROCESSES OF THE AUDIT OF THE FINANCIAL STATEMENTS

Zoran Todorović

Abstract


The objective that the author wanted to achieve in this paper is to highlight the responsibilities of auditors and management of legal persons that appear in the audit of financial statements. Independent audit plays a key role in the organization markenting economy and is an essential factor in preserving the stability of economic and political system country. Audit was promoted the first time in the Montenegrin legislation  regulations on 2005. The Law on Accounting and Auditing introduces audit institution in: companies, banks, insurance companies, stock exchanges and stock. Changes and amendments to the Law on Accounting and Auditing MNE were published in the Official Gazette of Montenegro (Official Gazette of RM 69 / 05 and Official Gazette of Montenegro 80/08, and 32/11), that compliance with EU Directives and IAS / IFRS and ISA, as well as the Code of Ethics of IFAC. Special attention in this paper addresses the analysis and the basic components of the audit process: claims management on the financial statements, audit evidence as a basis for the audit opinion; procedures used to obtain audit evidence as well as working papers of audit procedures performed.

Keywords


audit, audit evidence, working papers, review procedures, ISA

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References


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