Forms to Express an Independent Auditor's Opinion according to the Results of Compulsory and Initiative Audit in Ukraine

The preparation of the audit report is an extremely important stage of the audit. The audit report is a documentary evidence of the independent auditor's opinion on the reliability and compliance of accounting data and financial reporting indicators of an economic entity according to the current legislation. The purpose of the article is to investigate the audit reports based on the results of the compulsory and initiative audit and to assess the possibility of the type of audit influence (compulsory and initiative) on the modification of the independent auditor's opinion. The objectives of the auditor were disclosed in accordance with the International Standards on Auditing, one of which is the expression of the auditor's opinion in a written report. The history of the International Standards on Auditing in the part of the name, form and structure of the auditor's final document was studied. The norms of the International Standards on Auditing that regulate the procedure for drafting an audit report and expressing of an auditor's opinion were analyzed. The concept of unmodified and modified auditor's opinion and the circumstances under which such an opinion should be expressed were disclosed. The influence of the modified auditor's opinion on the structure of the audit report was evaluated. The grounds under which the auditor includes explanatory paragraphs in the audit report were defined. It was clarified that the inclusion of explanatory paragraphs in the audit final document is not a modification of the auditor's opinion. Based on the analysis of the reports of the Audit Chamber of Ukraine on the specific structure of audit reports on the results of compulsory and initiative audit, it was established that the largest share of modification of the auditor's opinion was observed based on the results of the compulsory audit. The main reason for this condition is the high level of demands of audit firms in the audit. Since enterprises, which are subject to compulsory audit, are objects of increased public interest.