Functional System of Auditing Companies and Modern Management Technologies

The functional system of audit companies can be presented as a unity of those processes, procedures, human resources, infrastructure and devices (including hardware and software) intended to ensure the functioning of audit companies. Issues related to the functional systems of auditing companies are insufficiently covered in the special scientific literature. Thus, the effectiveness of functional systems and the challenges they face remain understudied. The research aims to identify the general framework of the functional system of audit companies and audit procedures in accordance with international audit standards. The auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or other error. According to the research findings, the functional system of the companies is established in the form of certain provisions and modern management technologies, the use of which improves the quality of the audit and enables the identification of opportunities for the use of automation and analytics.