РОЛЯТА НА СЪЩЕСТВЕНОСТТА И ПРАВИЛНАТА ОЦЕНКА НА ОДИТОРСКИЯ РИСК ПРИ ИЗДАВАНЕ НА КАЧЕСТВЕН ОДИТОРСКИ ДОКЛАД
THE ROLE OF MATERIALITY AND THE CORRECT ASSESSMENT OF AUDIT RISK IN ISSUING QUALITY AUDIT REPORT

Summary/Abstract: The Certified Public Accountant (CPA) has to take an oath before the independent financial audit may commence. Everyone has to comply with the code of ethics, perform a quality and independent work. This paper is aimed at supporting the work of auditors by providing theoretical knowledge and illustrative examples on the definition and use of audit materiality. Each of us is a user of financial statement information, however we may not always understand from the audit report if there is an unqualified (clear) opinion (in terms of volume). This is due to the fact that the audit materiality is stated in the audit file and not considered valuable in the audit report. In addition, the audit materiality is not a public information and any errors below the level of materiality remain in the audit file. What is the level of materiality determined by the auditor, what are the rules that have led to define it? This remains confidential information. The core of the audit is to determine the audit risk, the level of materiality and gathering audit evidence. Quality work performed by the auditor ensures audit quality. It is difficult to determine audit quality as this does not get clear from the auditor's report. Therefore, in order to better inform users of financial statements, it is required additional disclosures to be made in the audit report presented as recommendations in the study.

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