Development of Ideas on the Essence of Audit

The article analyses the essence of audit as a professional practice, which appeared and is developed in the system of triangular relationship. It considers triangular relationship as an objective form of audit existence. This approach allowed tracing changes in understanding audit in connection with changes of the character of relations, which are established between the user and responsible party. Main metamorphoses occur in the result of development of property relationship and control relationship from the direction of the user towards the responsible party. Implementation of audit in the countries of post-totalitarian economy took place under conditions that correspond with a low level of organisation of "user - responsible party" relationship, namely: domination of property relationship and direct control of users with respect to the responsible party. This type of organisation of "user - responsible party" relationship had an objective consequence of formation of audit tasks through delegation of a part of control functions to an independent subject - auditor. This explains the method of separation of audit from other types of control through application of the "independent" property in wording of its essence. Development of "user - responsible party" relationship resulted in loss of property relationship and control relationship. This type of relationship forms a new content of audit tasks - reduction of information risks through conduct of independent assessment of financial information. Thus, the article identifies a conflict between historical views on audit as a form or method of independent financial control and its actual state as a form of assessment of financial information and method of reduction of information risks.