Monitoring of the System for Audit Quality Control in Foreign Economic Activities: Practical Aspects

  • О. Е. Lubenchenko State Economy and Technology University of Transport, Certified Auditor of Ukraine
Keywords: audit, quality of audit services, quality control, auditor, monitoring


The essential meaning of the quality of audit of foreign economic activities is studied. The need for high quality fulfillment of audit tasks by auditors is substantiated, as foreign users of national financial reports will require reliable and impartial information from national companies, confirmed by an external auditor. The regulatory documents of the Auditor Chamber of Ukraine regarding audit quality control are highlighted. It is proved that the quality of audit services needs to be assured at the level of auditor, audit firm and audit, in particular through establishing the system for quality control on the basis of the Code of Professional Ethics, International Standard of Quality Control “Quality Control for Firms Engaged in Audits and Supervisions of Financial Reports, and Other Tasks on Assurance and Related Services”, International Standard of Audit 220 “Quality Control for Financial Reporting Audit”, Provision from the national practice of quality control of audit services 1 “Organization of Quality Control System for Audit Services by Audit Firms and Auditors”, and other regulatory requirements. The essential meaning of the definitions “audit quality” and “audit quality monitoring” is highlighted. The components of quality control system by International Standard for Quality Control (ISCC 1) are analyzed: responsibility of managers for quality assurance within a company; ethics requirements; acceptance of a client and continuation of cooperation with him/her, and taking on specific tasks; labor resources; task fulfillment; monitoring of quality control system for auditor services. The scheme of correspondence between monitoring of the policy and the procedures of quality control for auditor services and International Standards of Audit is constructed. The test of quality control system, to be made up by an external auditor, is elaborated. It is proved that external impartial monitoring is capable to enhance the trust of investors in audit.


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LubenchenkoО. Е. (2016). Monitoring of the System for Audit Quality Control in Foreign Economic Activities: Practical Aspects. Statistics of Ukraine, (2(73), 90-100. Retrieved from