Transformation Processes of Audit in Covid-19 Conditions

Abstract

The article examines the features of the financial audit traditional forms transformation in the context of the COVID-19 pandemic. The peculiarities of conducting a financial audit in compliance with quarantine restrictions are considered. The advantages and prospects of implementing agile-audit in Ukraine are analyzed. The need to introduce the institute of electronic audit as one of the methods to reduce the impact of the COVID-19 pandemic on the economy of Ukraine has been identified. It is noted that one of the elements of combating the consequences of COVID-19 is the use of digital technologies in compliance with tax legislation, namely electronic audit of business entities. It is determined that the content of electronic audit is the use of a specialized tax file Standard Audit File for Tax, which will allow auditors to freely obtain information for tax audits. The current normative and legal regulation of the functioning of the institute of electronic audit in Ukraine is studied, as well as draft laws aimed at improving the normative regulation of electronic audit. A number of measures have been proposed to improve audit processes to prevent the consequences of the pandemic and the full implementation of electronic audit in the traditional system of verification and tax payers activities. It is concluded that the quarantine audit can no longer be performed by traditional methods and it is determined that them a inform of audit is remote audit, which, despite the restrictions, should be conducted in accordance with established international standards, considering pandemic restrictions. It is proposed to consolidate the concept of “electronic audit” at the legislative level to start the functioning of electronic audit in Ukraine; at the regulatory level to determine the structure of the Ukrainian version of the specialized tax audit file SAFTUA, to form a phased procedure for electronic audit; develop an accurate plan for the implementation of electronic audit institute; develop appropriate software for auditors. Among other things, it was deemed necessary to provide special training courses for auditors in order to acquaint the latter with the new audit procedure. It is concluded that conducting an agile audit can allow for an effective audit and become a key element of business success.