USING OF AUDIT PROCEDURES IN THE AUDIT OF INTANGIBLE ASSETS
The relevance of the study lies in the fact that innovative resources such as intangible assets are very important for the modern economy. They contribute to the formation of added value. Because of this, it is necessary to confirm the reliability of the financial statements of the entities regarding the intangible assets. The essential components of this process are the reasonable choice and proper use of audit procedures. The purpose of the article is to study the features of the choice and applying audit procedures to express the auditor’s independent opinion about financial statement assertions regarding intangible assets. The basis of the study is the dialectical method of scientific cognition and the systematic approach, abstract logic and theoretical generalization. Information modeling and grouping have become the basis for forming conclusions and recommendations. Tabular and graphic methods were the basis for the visual presentation of the key results. The article investigates the importance of audit procedures in the process of achieving the objective of the auditing of the intangible assets. The essence of the concept of “audit procedure” is systematized and analyzed. The classification of audit procedures according to the nature of their implementation is considered in view of the scope of their application in the audit of the intangible assets. The essence of the main procedures for obtaining audit evidence according to ISA 500 is investigated. The main factors that influence the choice of audit procedures are given. Audit procedures are grouped according to their applicability: for verification of management assertions regarding intangible assets balances at the end of the period, for assertions regarding classes of intangible assets and operations during the period, for assertions regarding the presentation and disclosure of the intangible assets. It is justified that inspections and analytical procedures are the most relevant for the verification of the intangible assets. The purpose of the analytical procedures, their importance and the key benefits in the audit of intangible assets are analyzed. The main problems in the procedural provision of the audit of the intangible assets and the ways of their solving are outlined.