AUDIT OF SETTLEMENTS WITH SUPPLIERS, BUYERS AND CUSTOMERS AS A TOOL FOR ASSESSING THE FINANCIAL CONDITION OF AN ENTERPRISE
Abstract
The article explores the role of auditing settlements with suppliers, buyers, and customers as a crucial tool for assessing a company's financial position. The audit of settlements not only verifies the accuracy of financial statements but also helps identify potential risks that may affect the efficiency of management decisions. Given the growing complexity of business transactions and the increasing regulatory requirements, a comprehensive and systematic audit plays a vital role in ensuring financial stability. The study examines the key stages of the audit process, including planning, execution, and documentation of results. The planning phase involves defining the audit objectives, assessing risks, and developing an audit program that outlines the scope and methodology of the audit. The execution stage includes detailed verification of accounting records, reconciliation of balances, and analysis of financial documents to detect discrepancies or irregularities. The final stage involves summarizing the findings, preparing an audit report, and formulating recommendations for improving financial management and internal controls. The article highlights the primary sources of information used in the audit, such as primary financial documents, accounting registers, and contractual agreements. It also identifies the main objects of verification, covering all financial transactions related to settlements with counterparties. Particular attention is given to detecting overdue payments, unrecorded liabilities, and discrepancies between accounting data and actual financial flows. The study underscores the importance of timely identification of issues in settlements, as such problems can lead to liquidity shortages, distort financial planning, and negatively impact decision-making. Furthermore, the article emphasizes that audit procedures ensure compliance with applicable accounting standards and legal requirements. Adherence to regulatory norms is critical for businesses operating in a dynamic and competitive market, as non-compliance can result in financial penalties and reputational risks. In this context, systematic audits contribute to strengthening financial discipline and improving corporate governance.
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