QUALITY, EFFICIENCY, AND RESPONSIBILITY OF AUDITORS: THEORETICAL AND PRACTICAL ASPECTS

Audit quality and responsibility of auditors for rendered services are two concepts closely correlating with each other. The owners and management of a company under auditing, when concluding a contract for audit, concern about getting reliable financial information on the economic status and actual financial effect, as well as about the absence of the risk of being held liable to fines and penalties of tax service in future. For society in general, high-quality audits of economic entities propel the investment processes and the economic efficiency improvement. The content of the concepts of audit quality, audit efficiency considered by the scientific community as the interdependent categories is revealed in the paper concerning the importance of these definitions for an audited person, auditing organization, society, and the state in general. The main goal of the study is the systematization of types and measures of auditors’ responsibility concerning the quality of rendered services and public significance of an auditor profession. As a result of the study, the authors recommended: to enshrine in the law on auditing activity the persons who are other persons granted the right to lodge a claim for recognition of an audit report to be deliberately false; to place disputes on the recognition of an audit report under the arbitration court jurisdiction that is in agreement with Article 27 of Arbitration Procedural Code of the Russian Federation; taking into account the specificity of financial information, which tends to get old rather quickly, it is logical to set a limitation period of one year concerning the recognition of audit report to be deliberately false.

measures of criminal influence, measures of disciplinary influence, audit quality, responsibility types, International Standards of Auditing, measures of civil influence