Akademik Məlumat İdarəetmə Sistemi
37th International Scientific Conference on Economic and Social Development - Socio Economic Problems of Sustainable Development, Baku, Azerbaijan, 14 - 15 February 2019, pp.813-821
Taking into account the frequent changes in the global economic market conjuncture in recent years, it is worth paying particular attention to the factors preconditioning the effectiveness of audit procedures for the purpose of taking them into consideration when integrating audit into corporate practices. The article builds up its structure starting with conceptual substance and theoretical facets of corporate audit practice. The theoretical part puts up the conceptual basis of audit in the order of understandability. Definitions, tasks and functions that were introduced first are followed by conceptual differentiation of internal and external audit and their scope and purposes. With determination of auditor's competencies control over corporate activities, methods and means of applying those controls are explained after which factors of effectiveness of audit were revealed. Based on these factors the practical part interviewed the practitioners in the practice. The thesis aims to assess important factors that impact the audit quality through comparative analysis of regulatory requirements and industry practices prevalent in corporate audit. The thesis directly applies comparative analysis methodology to the case using auditing standards (US vs. Europe) from qualitative standpoint and does not occupy quantitative (regression or any statistical methods) approach due to the fact that factors affecting audit quality are analyzed and compared in the regulatory framework of existing auditing standards and confirmed through interviews with real practitioners, and then synthesized to build an evidence-based record of the suitability of the methodology used. In the end, the thesis makes grounded conclusions with respect to the aims and goals of the research in theoretical and practical dimensions.