Abstract:

In a developed market economy, the quality of financial information depends on the economic and economic decisions that determine the future of individual companies and / or people. In most countries, an independent type of financial control - auditing - is widespread. The main purpose of the audit is to check and give an opinion on the reliability of financial information used by interested users, such as owners (shareholders), investors, banks, exchanges and entrepreneurs. Business activity of auditors is not limited to testing and is so diverse that it allows drawing a certain parallel with other professions and to determine its features.

The legal experience of regulation of audit activities in foreign legislation will undoubtedly be useful for the Russian audit community, which is currently focused on international requirements. The Russian audit legislation does not contain clear criteria for the quality of audit services. Only the norms of civil law allow judging the proper or improper performance of the auditor's obligations under the contract. Hence there is a problem of assessing the quality of audit services and determining the responsibility of auditors for their erroneous judgment – audit opinion.