Financial analysis for the auditor. How financial audit affects the company's efficiency and what is the essence of the procedure To analyze the financial situation, the auditor uses systems

The definition of financial audit means a comprehensive check of the economic condition of the organization, as well as an assessment of the prospects for its development.

In modern domestic practice, financial audit is more often seen as a very narrow concept, usually including only classical audit. financial reporting. Also close to the financial audit concept is an investment audit - an expert opinion on the target and maximum effective application investment resources of the company.

The purpose of such an independent audit is to assess the correctness of the maintenance accounting in the audited company, as well as verification of the reliability of financial statements. In addition, during the audit of the financial and economic activities of the organization, financial risks (tax, legal, administrative, economic) are identified and recommendations are issued to reduce them.

The strategic task of conducting an audit is to analyze the profitability and performance of the company in the light of its main, financial and investment activity. This task is achieved through a detailed analysis of the information that is presented in the organization's financial statements.

A general audit of the financial sphere of activity is carried out either at the initiative of the owner of the company, or for the purpose of an annual audit of the organization's reporting, the need for which is enshrined in law.

Who is this service for?

Financial audit services are primarily needed by managers of enterprises and organizations that seek to objectively evaluate the performance of their financial structures.

An audit of the financial condition will give an independent opinion on the solvency and profitability of the company, the turnover of its capital, etc. Based on the results of the audit, the manager will be able to receive a full report on all the factors of interest to him. In addition, the audit report must contain recommendations for eliminating the identified shortcomings and optimizing the financial activities of the organization.

According to experts, an independent financial audit is a great opportunity to take an objective look at the company's activities. The audit firm is designed to help the owner of the enterprise or other interested parties to impartially assess the overall financial performance of the business. In this case, this type of audit is the main tool and an integral element of the overall financial analysis.

In what cases will a financial audit be not only useful, but also necessary?

• Such independent reviews should be carried out periodically to superficially assess the competence and performance of in-house accountants in terms of proper bookkeeping.
• A financial audit of a company is carried out in the event of a change in the financial director, chief accountant or director of the enterprise.
• An audit of the financial condition of a company is performed to verify economic reporting before submitting it to government agencies and the statistics department.

What does a financial audit include?

• a comprehensive assessment of the financial condition of the enterprise;
• studying the efficiency of the company, as well as the financial results of its activities;
• detailed analysis of the used financial and economic strategies;
• study of stability, solvency and liquidity of the enterprise;
• assessment of the prospects for increasing business activity, as well as the effectiveness of the economic activity of the organization;
• recommendations for optimizing the financial strategy for a particular enterprise.

What should a firm that has committed itself to conducting a financial audit do?

• conduct a complete study of the structure of assets and liabilities of the audited company, income and expenses for each type and separately for each type of activity;
• consider financial ratios, the basis of valuation and the recognition of liabilities and assets,
• examine the impact of individual accounting policy factors, including imputations and estimates;
• identify and comment on the elements that underpin the company's reported business results for last years and have a significant impact on its financial results;
• explore the nature of the movement of funds in recent times, as well as those factors that have a significant impact on it;
• give comments on the forecasts of the company's management regarding the prospects for the development of the commercial activities of the enterprise;
• pay special attention to the correlation of these forecasts with the current sales volume and the overall financial condition of the company.

What are the main numerical indicators that play an important role in the course of a financial audit?

• Net income and net assets
• Turnover and profitability of the company
• Accounting for expenses and income, as well as the reliability of explanations to them
• All fixed assets of the enterprise, material and commodity stocks
• Accounts receivable and financial investments of the enterprise
• The presence of accounts payable on loans, credits or settlements with the company's suppliers
• Unrecorded liabilities
• The correctness of the organization's balance sheet
• Transactions with related parties
• Timeliness and reliability of the inventory of assets and liabilities of the enterprise, etc.
  

Which organizations require periodic mandatory independent audits?

Subject to mandatory financial audit:

• Enterprises that are built according to the organizational and legal form of an open joint stock company
• Enterprises that conduct credit or insurance activities
• Mutual insurance companies
• Commodity or stock exchanges
• Investment state non-budgetary funds
• Funds, the source of formation of the financial base of which is voluntary contributions of legal entities and individuals
• Organizations that are unitary state or municipal enterprises whose activities are based on the right of economic management
• Enterprises in respect of which periodic mandatory financial audit and reporting to regulatory authorities are provided for by law
• Companies that issue securities
• Organizations that privatize communal or state property
  

What gives an independent audit of the company's financial activities?

Based on the results of the financial audit, the customer is provided with:

1. An auditor's report that contains officially confirmed data on the reliability of the financial or accounting statements of the audited company provided for analysis. In addition, the auditor's report should include a reliable analysis of the financial position and performance of the organization for the period under study.
2. A written report that contains complete information about all violations and shortcomings found as a result of the financial audit. All found errors and violations must be classified in full accordance with the established rules of the current legislation. In addition to the list of deficiencies found, this document should also contain recommendations on how to eliminate the financial mistakes made.
3. A separate document drawn up on the basis of the results of the financial audit should contain recommendations aimed at improving the financial condition of the enterprise, as well as at increasing the efficiency of the company's financial management system.

In the modern business world, the conclusion of an independent auditor on the reliability of accounting and financial statements is the best confirmation of the reliability and honesty of the company. In addition, an audit report will be necessary to confirm the company's image and business reputation when concluding contracts and agreements with partners or various credit institutions.

Applying for a financial audit to our company, you guarantee yourself the services of top-class specialists, a quick and professional audit, as well as the most complete and objective information in the final report.

Financial audit is a check of the current economic condition of the enterprise and an assessment of the prospects for its development. The audit can be internal, in which case it is carried out by the company's employees, and external, it is carried out by independent experts. The financial audit of the organization is to study the financial activities of the company, and check the statements for accuracy. It is a broader concept than the audit of financial statements, as it includes the identification weaknesses in the financial sector, which may affect the further development of the business.

Now it is clear what a financial audit is, and why is it needed? An audit can take place as part of an annual mandatory audit, for organizations that have such a requirement by law, or it can be initiated by the owner of the company. When inviting an audit company, management usually pursues the following goals:

• Preparation for tax audit. An audit will allow you to identify errors or inconsistencies in tax accounting with legislation before they are found by the tax service and issue a fine. Periodic financial audit of the company will minimize the risks of litigation with tax authorities;
• Competence assessment of accounting staff. All must be checked accounting documents. The figures in the reporting must be supported by primary documentation. If some indicators appear in different reports, their values ​​must be identical. Also, an audit is a good panacea for the uncleanliness of employees;
• Analysis of the efficiency of the enterprise. For business owners, this is perhaps the most important purpose of the audit, to assess the profitability of the organization and its financial capabilities. This information will be needed by potential and current investors. The audit will show the profitability and solvency of the company, its current assets and liabilities;
• Identification of potential threats and areas for improvement. The auditor can predict legal, financial or tax risks and give his recommendations on how to avoid them.

Based on these goals, it is worth noting that an external independent review will be more effective. At the same time, the enterprise needs to develop and maintain high level and internal control.

A financial audit is often carried out after a change in financial managers (chief accountant, financial or CEO), their successors should have a clear idea in what state they got the company.

What does the check consist of?

Before starting the audit, the expert should familiarize himself with information about the company, the specifics of its activities and the region in which it is located. After that, a plan and program of verification is drawn up, which is agreed with the management of the audited entity.

During the audit, the inspector performs the following actions:

1. examines and analyzes all assets and liabilities of the organization. If the company has several types of activities, it is necessary to examine the figures for each separately;
2. analyzes financial ratios;
3. studies the movement of funds, identifies the factors that influenced this process;
4. gives an assessment of accounting policies, determines the factors that affect the financial condition;
5. gives its assessment of the predictive prospects for the development of the company, which the founders expect. Relates forecasts to current financials and sales;
6. verifies the accuracy of financial statements;
7. evaluates the accounting and tax accounting of the enterprise for compliance with the law.

The auditor uses a variety of methods to collect information. Among them:

• inventory (checking the actual condition of the property with its reflection in the reporting documents);
• inspection (study of documents related to the financial sector);
• observation (assessment of the quality of performance by employees of the financial service of their official duties);
• analysis (identifying patterns and relationships between individual elements);
• recalculation (checking the accuracy of arithmetic calculations);
• request (collection of information from competent persons who may be located both inside the audited company and outside it);
• confirmation (obtaining information upon request).

Upon completion of the audit, the auditor provides the owner of the business with a report on the work done, a conclusion and recommendations for improving the company's activities.

All found errors and violations are reflected in a written report, they are classified according to the established norms of the law. In addition to listing the shortcomings, the report should also contain recommendations for the inspector to eliminate them.

In conclusion, the auditor expresses his opinion on the reliability of the financial statements presented. It can be unconditionally positive or modified. The latter, in turn, is divided into 3 types:

1. negative. The auditor can express such an opinion in case of serious disagreements with the company's management on accounting policies and the procedure for carrying out the financial activities of the enterprise;
2. Disclaimer of Opinion. The auditor has the right to issue such an opinion if incomplete financial documentation is provided to him. Superficial check does not allow the auditor to define reliability of the reporting;
3. Qualified opinion. A qualified opinion is issued if the auditor has encountered the problems described above, but they are not significant enough to warrant an adverse opinion or disclaimer of opinion.

When issuing a modified opinion, regardless of type, the auditor must identify the reasons that led him to make such a decision.

The conclusion should also contain an analysis of the financial performance and property status of the organization for the period under study.

The final document, provided after the audit, contains expert advice on developing the financial position of the enterprise and improving the internal control system.

Financial audit is a comprehensive check of the economic and financial condition of the organization, verification of the reliability of information in the financial statements of the organization, as well as analysis and assessment of the prospects for its development, which can be carried out both by specialists of the organization itself (internal audit) and by third-party audit companies commissioned by management ( independent audit).

In practice, financial audit is often viewed as a very narrow concept, usually including the classic statutory audit of financial statements.

The main purpose of an independent audit is to assess the correctness of accounting in the audited company, as well as to verify the reliability of financial statements.

During the audit of the financial activities of the organization:

• financial risks (tax, legal, administrative, economic) are identified;
• recommendations are made to reduce them.

The task of conducting an audit is to analyze the profitability and efficiency of the main, financial and investment activities of the company. To accomplish this task, a detailed study, analysis and evaluation of the information presented in the financial statements of the organization is necessary.

Internal financial audit of the organization

In our country, internal audit of financial statements is given less attention than it deserves. Internal financial audit is a type of activity of an organization that, on the basis of internal documentation, controls the levels of management and various areas of the company's financial activities.

The internal financial audit is carried out by a special department that works as part of the audited company. Such a check is necessary for management to be able to study and analyze the real state of affairs in their organization. Based on the information obtained during the financial audit, management develops ways to improve the organization's performance. The activities of internal auditors are advisory in nature.

For an objective analysis of the financial and economic activities of the organization and obtaining an impartial report, it is better to use the services of third-party audit firms.

The significance of the audit report for the company

The best confirmation of the reliability and honesty of the company in the modern business world is the conclusion of an independent auditor on the reliability of financial and accounting statements. In addition, an audit report is necessary to confirm the company's image and business reputation when concluding contracts and agreements with partners or various credit institutions.

Audit report - a document intended for users of the accounting (financial) statements of audited entities, which contains the expressed opinion of an audit organization, an individual auditor on the reliability of the accounting (financial) statements of an audited entity (Article 6 of the Federal Law "On Auditing Activities" dated December 30, 2008 No. 307-FZ).

Based on the results of the audit report, the head of the organization decides on the need for specific actions. As a rule, after the measures taken, the tax authorities do not impose fines during scheduled inspections. Thus, companies manage to avoid significant financial losses.

Who is authorized to audit financial statements

Audit services can be carried out:

• audit organizations - commercial legal entities;
• Individual auditors are individual entrepreneurs with an auditor's qualification certificate.

At the same time, in order to engage in auditing, such companies and individual entrepreneurs must be members of one of the self-regulatory organizations of auditors. Auditing services can be provided from the date of entering information about the relevant legal entity or individual entrepreneur into the register of auditors and audit organizations of the self-regulatory organization of auditors.

Auditing activities are carried out in accordance with the International Standards on Auditing (ISA), which are mandatory for audit organizations, auditors, self-regulatory organizations of auditors and their employees.

Who is entitled to order a financial audit of an organization

The audit report is submitted by an audit organization, an individual auditor only to the person who has entered into an agreement for the provision of audit services - to the management (owners) of the company. Depending on the form of activity of the organization, these can be:

• participants of the meeting of shareholders;
• Board of Directors;
• members of a production cooperative;
• supervisory board;
• executive bodies.

An independent financial audit is necessary for the heads of organizations for an objective assessment of the effectiveness of financial activities and business.

If a company is subject to a mandatory audit of financial and accounting statements, it is its responsibility to obtain an audit opinion.

The criteria for a mandatory audit of financial statements are contained in Art. 5 of the Federal Law of December 30, 2008 No. 307-FZ "On Auditing".

In particular, organizations that require periodic mandatory financial audits:

• organizations that have the organizational and legal form of a joint-stock company;
• organizations that conduct credit or insurance activities;
• mutual insurance companies;
• commodity or stock exchanges;
• investment state off-budget funds;
• organizations in respect of which periodic mandatory financial audit and reporting to regulatory authorities are provided for by law;
• organizations that issue securities.

The need for a financial audit

In addition to the mandatory audit of financial statements, in practice there are often situations in which a financial audit of a company is desirable:

• to assess the competence and performance of in-house accountants in terms of proper bookkeeping;
• in case of change of financial director, chief accountant or director of the organization;
• to check economic financial statements before submitting them to government agencies and the statistics department;
• in anticipation of a tax audit;
• if desired, reduce litigation risks;
• in the event of debts and high production costs;
• if management plans to sell or acquire a running business;
• before attracting additional third-party investment.

Composition and results of the financial audit of the organization

A company that has undertaken to conduct a financial audit provides the audited organization with the following services:

• a complete study of the structure of assets and liabilities of the audited company, income and expenses for each type and separately for each type of financial activity;
• analysis financial ratios, valuations and recognition of liabilities and assets;
• examination of accounting policies, including imputations and estimates;
• identification of the elements underlying the company's financial results in recent years and having a significant impact on its financial results;
• analysis of the movement of financial resources in recent years, as well as factors that have a significant impact on it;
• development of comments on the forecasts of the company's management regarding the prospects for the development of its financial activities;
• correlation of these forecasts with the volume of sales and the general financial condition of the company.

According to the results of the financial audit of the organization's statements, its management receives:

• independent expert opinion on the solvency, profitability of the company, the turnover of its capital;
• a full report on all factors of interest to him (the value of the company's net assets, the state of receivables and payables, including loans and credits, long-term and short-term financial investments, transactions with related parties, unrecorded liabilities, sales volume and inventories, etc.) .

Thus, the audit of the financial activities of the company allows you to objectively assess the overall financial performance of the business, determine where and in what volumes the company's cash flows go, optimize financial activities, as well as assess the competence of the internal financial service, and eliminate shortcomings.

The procedure for auditing the financial activities of the company

When conducting a financial audit of an organization, the main stages can be distinguished:

• preliminary planning - getting to know the audited company, determining the scope and types of work, developing audit tasks, determining the cost of audit services, signing a contract;
• drawing up an audit plan, including the sequence and nature of work, developing an audit program;
• direct audit - analysis of accounting and financial statements, checking them for compliance with the norms and standards of legislation with the distribution of responsibilities between specialist auditors according to the approved program;
• drawing up an audit report - a document containing complete data on all violations, deviations, omissions, errors and shortcomings, tax risks discovered during the financial audit, as well as conclusions and recommendations of auditors for their elimination and reduction;
• issuance of an auditor's report - a formal assessment of the reliability of information presented in the company's financial statements.

The auditor's report is signed by the head of the audit organization or a person authorized by him who has an auditor's qualification certificate; individual auditor.

The main purpose of the audit is to assess the reliability of accounting and financial statements of an economic entity. However, at present, another type of audit services is becoming increasingly important - financial analysis.

Analysis as a category that characterizes the method of studying a phenomenon is widely used both in science and in practice. Financial analysis is a method of understanding the financial mechanism of an enterprise, the processes of formation and use of financial resources for its operational and investment activities.

The main goal of financial analysis is to identify significant relationships and characteristics of the company's financial condition in order to develop an optimal management decision. This goal is achieved by obtaining a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the composition of assets and liabilities, settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the company and its projection for the near future or a more distant period.

According to the results of the reporting period, users of accounting (financial) statements require the most complete information about the financial position of the enterprise, income and their use. Analysis of financial statements can be carried out with varying degrees of detail. In this regard, express analysis and in-depth financial analysis are distinguished.

Traditionally, an audit is carried out in three stages:

• ? preparation and planning of the audit;
• ? auditing;
• ? preparation of an auditor's report.

Also, information can be obtained as a result of a comprehensive audit of an economic entity using a scientifically based and proven methodology, including direct auditing and financial analysis.

Let's consider each stage in more detail.

1. Financial analysis at the stage of audit planning. At the first stage, according to PS AD No. 3 “Audit Planning”, the auditor collects primary information about an economic entity in order to clarify the features of its financial and economic activities, the nature of the external and internal environment, which have both direct and indirect impact on its activities, as well as the system of accounting and internal control. When drawing up the overall plan, the auditor establishes the degree of materiality and acceptable audit risk.

During the initial acquaintance with the preliminary accounting (financial) statements, the auditor conducts analytical procedures with elements of a simplified financial analysis. The goals of these procedures at this stage are to clarify atypical and significant fluctuations, to determine the nature, content and time limits of the audit.

Analytical procedures include:

• 1) consideration of financial and other information about the audited entity in comparison:
  • ? with comparable information for previous periods,
  • ? the expected results of the activities of the entity being audited, such as estimates or forecasts, as well as the auditor's assumptions,
  • ? information about organizations engaged in similar activities (for example, comparing the ratio of the sales revenue of the audited entity to the amount accounts receivable with industry averages or with other organizations of comparable size in the same sector of the economy);
• 2) consideration of relationships, in particular:
  • ? between elements of information that are expected to match the predicted pattern, based on the experience of the entity being audited,
  • ? between financial information and other information (for example, between labor costs and the number of employees).

Analytical procedures can be carried out different ways(simple comparison, complex analysis using complex statistical methods, etc.). They are carried out in relation to the consolidated financial statements, financial statements of subsidiaries, divisions or segments and certain elements of financial information. The choice by the auditor of analytical procedures, methods and level of their application is a matter of professional judgment.

Analytical procedures at the "Audit planning" stage, carried out in accordance with PS AD No. 20 "Analytical procedures", are reduced to comparison processes:

• ? current (reflected in preliminary reporting) data with planned and forecast data (defined by an economic entity);
• ? current data with data on reporting of previous periods;
• ? indicators of accounting (financial) statements with non-accounting (non-financial) ones;
• ? reporting indicators with industry average data;
• ? current data with normative (basic).

On the early stages analytical procedures allow you to determine the specifics of the client's activities, outline an audit strategy, assess the degree of audit risk, and identify problems in the formation of financial information. At this stage, the time frame, the depth of verification of the factual material, the procedures that it is advisable to apply to effectively solve the audit problems are planned.

The preliminary information obtained in this way is the main reference point in the course of the implementation of the main audit program.

2. Financial analysis at the stage of the audit. The second stage of a traditional audit is an audit. At present, methods have been developed for conducting such an audit, the use of which allows to minimize the time of the audit without reducing its quality and, therefore, without increasing the degree of acceptable audit risk. However, in each specific case, the methodology must be adjusted taking into account the audited business entity.

At each check, the auditor needs to form his own opinion on the organization of accounting, the reliability and objectivity of accounting data, and the effectiveness of internal control. To this end, according to FSAD 7/2010 "Audit Evidence", he must collect a sufficient amount of confirming or refuting audit evidence. This rule(standard) establishes a certain number of methods for obtaining this evidence.

The only method in which the research methods of financial analysis are used are analytical procedures. They, although they precede more in-depth checks, play an important role at the stage of both the preparation and planning of the audit, and the audit.

The use of financial analysis techniques allows you to compare the initial indicators obtained at the stage of preparation and planning of the audit (effective indicators) with the data of primary documents and registers of accounting (financial) accounting (factorial indicators). In this case, causal relationships between the compared indicators should be taken into account.

These procedures are multi-purpose in nature, but their main purpose is to identify the presence or absence of unusual or misrepresented facts and results of business activities that identify areas of potential risk and require special attention auditor. It should also be noted that the use of analytical procedures allows the auditor to identify typical omissions, errors in accounting and reporting, as well as signs of abuse. In addition, performance indicators may have errors not only explicitly, but also in a veiled form. As a result of analytical transcripts, it is possible to identify either distorted reporting items, or individual elements of these items.

• 3. Financial analysis at the final stage of the audit. At the final stage of the audit, before drawing up an audit report, the auditor systematizes and analyzes the results of the audit in the following main areas:
  • ? assessment of the accounting policy of an economic entity;
  • ? checking the correctness of accounting for individual sections and accounts, as well as compliance with tax laws;
  • ? analysis of the financial condition of an economic entity.

Of the greatest importance is the verification of compliance by the economic entity with tax legislation and the analysis of its financial condition.

An analysis of the financial condition conducted by the auditor at the final stage of a traditional (general) audit is a so-called express analysis. Its purpose is a generalized assessment of the results of financial and economic activities and the financial condition of an economic entity. It is carried out mainly with a small degree of detail.

The essence of express analysis is to select a small number of the most significant and relatively simple indicators and determine their dynamics. AT general view it provides for the analysis of resources and their structure, the results of financial and economic activities and the effectiveness of the use of own and borrowed funds.

Currently developed a large number of methods of express analysis, which, despite some differences, have common features. Their application allows the auditor to solve the tasks assigned to him.

Express analysis is performed in three stages:

• 1) preparatory - preparation of the necessary information for the analysis (the availability and completion of reporting forms is determined);
• 2) preliminary review of financial statements - given general characteristics the enterprise and its financial condition, the qualitative change in the main indicators of the company's financial condition is investigated, the main trends in the enterprise's activities are identified;
• 3) economic "reading" of financial statements and analysis, i.e. assessment of the overall financial condition of the enterprise without appropriate calculations.

Regardless of what methodology for express analysis of financial statements the auditor uses and what methods of financial analysis research he uses, he should always study the most important aspects of the financial condition of the audited entity and its financial and economic activities i awn:

• ? assessment of the financial condition and changes in financial indicators for the reporting period;
• ? analysis of market stability, balance sheet liquidity and solvency of a business entity;
• ? analysis of the capital structure and efficiency of the use of borrowed capital;
• ? analysis of the use of assets, etc.

The results of the financial express analysis, as well as the information obtained at the first two stages, are reflected by the auditor in the final audit report.

4. In-depth financial analysis during the audit.

At the present stage of development of market relations, auditors face more serious tasks than simply confirming the reliability of accounting (financial) statements. The purpose of in-depth financial analysis is:

• ? an objective assessment of the financial condition and development trends of an economic entity;
• ? in-depth study of factor and performance indicators of financial and economic activities, finding cause-and-effect relationships between them to develop evidence-based recommendations;
• ? search for ways for an economic entity to reach the optimal trajectory of its development;
• ? analysis of the effect of the rational use of reserves in financial and economic activities, etc.

To solve these problems, there is a need for a deeper and more detailed financial analysis. A comprehensive audit differs from a traditional (general) one. Its essence is as follows. After performing the second stage (audit), the auditor systematizes the information received and draws preliminary (intermediate) conclusions about the state of accounting and reporting based on the results of the audit. Then an in-depth financial analysis is carried out using a full set of both traditional, mathematical, and mathematical and statistical methods of financial analysis.

An in-depth financial analysis is more time-consuming and detailed, along with calculations and estimated indicators, it uses the following areas:

• ? building a system of interrelated indicators and tables;
• ? detailed analysis of individual indicators and balance sheet items with the involvement of current reporting data;
• ? the use of factor analysis (using the methods of integral calculus, the method of differences, as well as factor models);
• ? application of trend and other functions of cost analysis, formulas of mathematical statistics.

An in-depth analysis includes the following steps:

• 1) a preliminary review of the economic and financial situation of the enterprise, a description of the general direction of economic activity, the identification of "sick items" (losses, loans and loans not paid on time);
• 2) assessment and analysis of the economic potential, assessment of the property status of the enterprise, construction of an analytical net balance, namely:
  • ? vertical balance analysis,
  • ? horizontal analysis,
  • ? analysis of qualitative shifts in balance sheet items;
• 3) assessment of the business activity of the enterprise:
  • ? capital productivity,
  • ? volume of products sold (sales volume),
  • ? profit and profitability (growth and growth rates),
  • ? indicators of turnover of working capital;
• 4) assessment of the financial position of the enterprise:
  • ? assessment of financial results (profit, profitability),
  • ? calculation of financial ratios (liquidity, solvency, financial stability, autonomy, etc.);
• 5) general assessment of the financial condition of the enterprise:
  • ? determination of the creditworthiness of the enterprise (solvency or bankruptcy), financial stability,
  • ? summary table of financial condition.

The results of the audit are reflected in the auditor's opinion on the reliability of the accounting (financial) statements and a number of scientifically based recommendations on the conduct of financial and economic activities of the audited entity in a non-traditional audit report. The unconventionality lies in the fact that the conclusion includes an additional block of a report on a detailed financial analysis with all the results of the research, analytical notes, conclusions and recommendations.

Each subject of analysis studies information based on their interests in managing finances and other types of assets. The analysis of financial statements by the auditor is carried out in order to obtain a basis for making an optimal management decision, therefore, an in-depth analysis is intended for the internal user - the administration and the owner, who manage the capital of the enterprise. External users - suppliers, buyers, shareholders without the right to participate in management and other categories - use the results of financial analysis with the consent of internal users and in the form established by them.

The significance of the audit from the point of view of the owner (investor) is not only in obtaining information about the reliability of the financial results of the enterprise and the compliance of the accounting policy with the current legislation, but also in mastering analytical information for the validity of the investment management decision.

As a result of the audit, it is important for the executive administration to determine the reserves for growth in the efficiency of commercial activity, factors for profit growth, and loss reduction.

Financial analysis as component The audit provides answers to these and other questions. We can safely say that the quality of the decisions made depends entirely on the quality of the analytical justification.

Thus, under market conditions, the role of financial analysis not only increased, but also changed qualitatively, i.e. it has become the main method for evaluating financial and economic activity.