Audit and economical analysis

Review of auditors' conclusions. Audited reports.

Auditors' conclusions are one of the most important legal documents. In the conclusion, one-year financial and economic activity of the undertakings is assessed.

There are two kinds of auditors 'conclusions: There are two types of auditors' opinions: a) a positive auditor's report; b) Negative auditor's report. In a positive auditor's report, the auditor approves the accounting balance sheet and the reliability of financial reporting. As a rule, a positive auditor's report should be made at the time when the auditor concludes that the financial statements of an entity's business entity are convincing evidence of its financial condition and compliance of the financial and economic transactions with the requirements of the legislation of the Republic of Uzbekistan. The negative auditor's report does not provide reliable information about the financial position of the financial statements and is compiled at the time the accounting report and its financial and economic performance are not complied with the existing statutory requirements. Failure to comply with these errors may be misleading from users of financial reporting.

The essential assurance that the analysis has reliable sources of information depends primarily on whether the financial statements are audited or audited.

The auditor should evaluate the business entity as a result of an audit²⁹:

- receiving adequate and appropriate evidence to provide an opinion in accordance with the legislation on audit activity;

- unrecorded distortion, whether separately or collectively, is relevant in accordance with the legislation on audit activity;

-conformity of the accepted accounting policy and its compliance with the requirements of the legislation on accounting;

- reliable, comparable, understandable and reasonable information reflected in the financial statements;

- compliance of the financial statements with the requirements of the regulatory and legal acts on accounting and financial reporting.

The auditor's conclusion may be expressed by a positive or modest view of an audit firm.

When the financial statements of the undertaking have been substantially reflected in all significant relationships, it reflects its financial position, financial implications and provides a positive opinion in the event of compliance with the accounting legislation.

Modified ideas will be reported in the following cases:

- the financial statements, which are generally considered on the basis of the auditor's evidence, have significant distortions.

If the audited financial statements are not available to obtain reasonable audit evidence to determine whether the financial statements are free from material misstatement.

The analytical section of the audit report should include a summary of the auditor's audit report and the auditor's findings and the results of the following:

account policy applied; the internal control system of the undertaking; accounting system and financial reporting structure; observance of the legislation on accounting in the implementation of financial and economic activities; Accurate calculation and payment of taxes and other obligatory payments; ensuring the safety of assets; accounting and analysis of fiscal ratios.

Calculation and analysis of financial coefficients include:

- fiscal estimates based on the financial statementscoefficients analysis;

- information about the financial condition of the undertaking subject to the results of the analysis.

Selection of the financial coefficients for accounting and analysis shall be carried out by the audit organization in consultation with the auditor of the auditor.

In case of significant breaches of the financial statements of the undertaking and their non-elimination by the business entity, the auditor's conclusion shall contain a negative opinion on the auditor's opinion where the financial reporting may mislead the users .

It also expresses a negative view when:

- financial and economic operations carried out by a business entity are clearly reflected in the financial statements, but do not meet the requirements of the legislation;

- the management of a business entity does not agree to amend the financial statements in order to eliminate the revealed violations.

If the entity fails to eliminate violations revealed during the audit, the negative opinion is not disclosed.

Auditors' report should be prepared in writing. The opinion of the auditor shall be enclosed with a copy of the financial statement signed and signed by the undertaking in accordance with the legislation on accounting.

Obtaining an Auditor's Concession is not a requirement for everyone.

Many companies that address external accountants or specialized outsourcing services do not always have access to audit services because audit is required to make certain financial expense. In such cases analysts face a number of tasks:

- how experienced and inexperienced the developers of financial reporting;

- the reliability, completeness and completeness of the financial statements;

whether other commitments are taken into account;

- the extent to which the independence of the financial statements is compiled by qualified specialists;

- permanent establishment of the financial statements by the founders of the financial statements;

- the extent to which the financial statements are based on the objective assessment of the value of assets and liabilities accounting;

- evaluation of the impact of the head of the company on the preparation of the financial statements.

Non-audited information sources include tax reports, individual accumulative pension funds, insurance premiums, and other information sources.