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Improvement of Methods for Detection of Signs of Errors and Omissions in the Financial Statements Based on Analytical Procedures

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  • Kostyantyn Bezverkhiy

    (Kyiv National University of Technologies and Design, Kyiv, Ukraine)

Abstract

Analytical work within enterprises aimed to prevent omissions of financial reporting data should play a leading role in the work program of accountant, analyst and auditor. The article is devoted to the improvement of methods for detection signs of errors and omissions in the financial statements by applying analytical procedures. It was established that the main issues at implementation of the concept of financial statements control in the enterprise are the lack of adopted methods to detect signs of errors and omissions in the financial statements based on analytical procedures and determining of their content. The sources of non-financial information that enables detection of analytical features of omissions in the financial statements are proposed. The characteristic is given to the indicators that alarm about the possible omissions of information in the financial statements. For identifying errors and omissions in the financial statements in the implementation practice of analytical procedures it is recommended to use Z-model of E. Altman for the purpose of checking the facts and receiving additional evidence of omissions of these financial statements.

Suggested Citation

  • Kostyantyn Bezverkhiy, 2014. "Improvement of Methods for Detection of Signs of Errors and Omissions in the Financial Statements Based on Analytical Procedures," Oblik i finansi, Institute of Accounting and Finance, issue 4, pages 8-16, December.
    • Handle: RePEc:iaf:journl:y:2014:i:4:p:8-16
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    More about this item

    Keywords

    financial statements; control; information; methods; omissions; errors; analytical procedures;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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