Impact Of New Isa Introduction On Uzbekistan's Auditing Environment

Abstract

The International Audit and Certification Standards Committee (IAASB) has released the Revised International Audit Reporting Standard (IAA) to mitigate the expected differences in financial statement sacries and improve the value of the audit report. In this study, a survey of 128 certified public accountants was conducted in order to predict the impact of New ISA on the audit environment in Uzbekistan and to prepare for them.

The results of the study are as follows: First, the key audit matters in the audit report claimed that the quality of the audit financial report ingested would be improved. It appears that specific regulations are needed through the domestic working guidelines, yet they are not recognized as important. Second, whether or not it is positive to distinguish between management and auditor responsibilities for continued enterprises, it is believed that these results did not provide an accurate answer, since there was no accurate information on this. Third, it is not known whether the audit time will increase if the auditor's other information verification procedures are strengthened, but it is said that it is highly likely to lead to an increase in audit fee. Fourth, although the disclosure of the executive director’s name was said to improve the quality of the audit, it was necessary to exclude the obligation to disclose executive director’s name through the enactment of domestic laws.

There is a contribution to this study that the New ISA sifts through the impact of audit quality, financial reporting quality, information value, etc. on the audit environment and provides prior knowledge of the problems that may arise after implementation.