SALES REVENUE AS A KEY AUDIT ISSUE IN RUSSIA (PART 2)
Abstract and keywords
Abstract (English):
Organizations whose securities are traded with the organizers of trading in the securities market, which include public joint stock companies, are subject to mandatory audit. Th e auditor’s reports, in accordance with the requirements of International Standard on Auditing 701, issued to such organizations, must disclose key audit matters. Very oft en, auditors opt for such a key issue as “revenue recognition”. Th e article discusses situations when the choice of the topic of the key question on revenue seems insuffi ciently justifi ed, and the wording of the key questions is as identical as if their text was standardized, while the adoption of standard 701 had the opposite goal — information transparency, specifi city and reflection of the characteristics of the activities of each audited entity.

Keywords:
key audit issues, auditor’s report, sales proceeds, materiality of error, international auditing standards
References

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