Current issues regarding the mandatory audit under conditions of quarantine restrictions

Abstract

In the conditions of quarantine restrictions there are many questions concerning maintenance of vital activity of the country, all spheres had to pass to new, hitherto unknown style of work. Entrepreneurs and business owners had to ensure the proper organization of work, hired staff had to follow the rules dictated by the pandemic. Currently, the period of quarantine restrictions, which led to the imbalance of the economic system in general, and certain elements of the financial sector of the economy, namely the feasibility and transparency of reporting and auditing, has not been suspended. The topic of the study is quite relevant due to the fact that the period of quarantine restrictions, which led to the imbalance of the economic system in general, and certain elements of the financial sector of the economy, namely the feasibility and transparency of reporting and auditing. Today, there are many developments in accordance with current legislation and international experience during the pandemic, but not enough attention is paid to the issue of mandatory audit in Ukraine, namely its organization by both business owners and auditors. There are already many developments in accordance with current legislation and international experience during the pandemic, but not enough attention is paid to the issue of mandatory audit in Ukraine, namely its organization by both business owners and auditors. In the study, the author made an attempt to reveal theoretical issues and provide practical recommendations for conducting a mandatory audit under quarantine restrictions. The organization of remote work of internal auditors has a number of significant obstacles, both for the auditors themselves and for companies. Thus, under quarantine conditions, auditors are not able to conduct any physical inspections and checks, entrepreneurs either did not work at all, or declared themselves bankrupt, or worked part-time or remotely. In addition, working from home, auditors may not have access to critical systems and databases of the organization, which makes it impossible to conduct a significant part of the planned tests and analyzes.