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Development of Audit of Foreign Economic Transactions According to Dynamics of Current Processes in Fiscal Control Area

Author

Listed:
  • Olena Vakulchyk

    (University of Customs and Finance, Dnipro, Ukraine)

  • Valeriya Fesenko

    (University of Customs and Finance, Dnipro, Ukraine)

Abstract

The article defines transformational changes and trends in development of foreign economic commercial transactions audit in the context of dynamic current processes in fiscal control. The types of audit of the foreign economic commercial transactions have been summarized in two conceptual areas of focus: audit as a form of independent fiscal control with regard to owners and acquirers of business; audit as a form of state fiscal control. The key transformation changes have been defined in customs, taxation and independent foreign audit of foreign economic commercial transactions that result in an intensified informational interaction among the audit entities and in a reduced informational asymmetry. The development stages of the audit system of foreign economic commercial transactions in Ukraine have been specified. The major types of foreign economic transactions have been specified which audit has fundamentally changed due to international integration of Ukraine, which made it possible to analyze current audit processes and explain in more detail the lines in improvement of audit methodology of foreign economic commercial transactions.

Suggested Citation

  • Olena Vakulchyk & Valeriya Fesenko, 2017. "Development of Audit of Foreign Economic Transactions According to Dynamics of Current Processes in Fiscal Control Area," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 133-140, June.
    • Handle: RePEc:iaf:journl:y:2017:i:2:p:133-140
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    File URL: http://www.afj.org.ua/pdf/482-rozvitok-auditu-zovnishnoekonomichnih-operaciy-vidpovidno-do-dinamiki-suchasnih-procesiv-u-sferi-finansovogo-kontrolyu.pdf
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    File URL: http://www.afj.org.ua/en/article/482/
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    More about this item

    Keywords

    audit; foreign economic activity; financial control; transactions between related persons; offshore zones; transfer prices; controlled operations;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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