IMPACT OF THE AUDIT ON THE SOCIAL, ECONOMIC AND INNOVATIVE DEVELOPMENT AND INTERNATIONAL RATINGS
NATALIIA SHALIMOVA
Doctor of Economic Sciences, Professor
Dean of the faculty of Economics
Central Ukrainian National Technical University
Kropyvnytskyi, Ukraine
ORCID ID https://orcid.org/0000-0001-7564-4343
E-mail: nataliia.shalimova@gmail.com
HALYNA KUZMENKO
PhD in Economics (Candidate of Economic Sciences), Honored Economist of Ukraine, Associate Professor
Chief Researcher of the Research Institute of Economic Development
SHEI “Kyiv National Economic University named after Vadym Hetman”
ORCID ID https://orcid.org/0000-0003-2792-1320
e-mail: galina.leda@gmail.com
Abstract
The purpose of this study is to substantiate the impact of the audit on social, economic, innovative development and the possibility of assessing this impact in international rankings.
The taking into account of the impact of audit in the international ratings is analyzed, in particular, when assessing the institutional environment in general and the protection of minority investors as well. It is substantiated that audit is either completely ignored, for example, in such ratings as Doing Business, Sustainable Development Index, or is mentioned only as one of the elements of assessing the complexity of the market in the Global Innovation Index. In fact, the audit institution is taken into account only in Global Competitiveness Index as part of the assessment of institutions as an element of the enabling environment. The comparative analysis of such indicator of Ukraine and Georgia has been conducted. It was stated that the low position of Ukraine on this indicator, despite the achievements in the field of audit in the context of the application of International Standards and compliance with European requirements, proves the existence of a large gap in expectations concerning user perception of audit results.
It is substantiated that the complexity of this problem is enhanced by the lack of a unified approach to defining the audit goal and the requirements for it, as well as information inconsistency between the auditor, clients and other intended users.
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