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Improving Auditor Relationship with Highly Autohrized Customer Representatives


  • Svitlana Drach

    () ('Svetlana – Audit' Private Auditing Firm)


In the absence of any detailed comments on practical application of the International Auditing Standards 260 and 265, auditors in their sole professional judgment determine the number of persons who will be notified of significant issues and assess the level of materiality of the intended for notification information. In Ukraine, this process is being complicated due to the auditors' lack of sufficient experience in drafting working documents in the course of business entities audit. The Article provides possible variants for business entities organizational structure and ways of assigning supervisory and management functions. It will allow an auditor to distinguish management staff from those who are vested in high powers. The role of the audit committee has been determined in fulfilling supervisory duty over financial reporting data formation of the financial statements and reducing the risks of their material misstatement. The efficiency of auditor relationship with those vested in high powers has been substantiated. The information the auditor is to provide for those vested in high powers has been systematized. Examples have been given of working documents in oral and written form of the information reported to those who are vested in high powers and which can be used by audit firms as working documents. The content of these documents is not exclusive and solely depend on the auditor's opinion.

Suggested Citation

  • Svitlana Drach, 2013. "Improving Auditor Relationship with Highly Autohrized Customer Representatives," Accounting and Finance, Institute of Accounting and Finance, issue 4, pages 107-113, December.
  • Handle: RePEc:iaf:journl:y:2013:i:4:p:107-113

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    More about this item


    report for auditing committee; essential audit result; highest authority; discussion record; information reporting forms;

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing


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