Modern approaches to the assessment of the reliability of the internal control system during external audit
Relevance and novelty of the work. The rationale for the amount and quality of information check by auditors is a very actual problem. The novelty of the work lies in the author’s testing of the internal control system, allowing to measure the risks of information distortion and to adjust the level of reliability of the internal control system during the audit process. Purpose of work. To demonstrate the author’s methodical approach of estimation of reliability of the internal control system of the organization in order to rationalize the measurement of the elements of audit risk. Materials and methods. The author in his reasoning is based on the requirements of international and national auditing standards and practical experience of the author’s work in the audit firms, using the estimated structural and abstract-logical methods of research in combination with the methods of economic logic. Results. The author proposes a method of measuring the reliability of the internal control system and its elements at the planning stage. The method of adjustment of these values at the end of the test, and use these data to determine the final values of the risk of distortion of information through its components.