Current conditions and methodological approaches in the audit of operations with derivatives

Abstract

Nowadays in the Republic of Belarus the derivatives market is still evolving and its volume is not suitable for the needs of the innovative economy, however, economic conditions stimulate the organizations to use the available ways to reduce the risks caused by market factors to an acceptable level. In this regard, the audit of transactions with derivatives can be considered as an important and promising direction of research. Because the positive audit opinion with other necessary documents can have a significant meaning in the decision-making of the main users of accounting (financial) statements of the organization. The purpose of the study is to research the current state of the audit of the transactions with derivatives and to develop the methodological approach to the audit of this type of operations. The article considers the current methodological approaches to the audit of operations with derivatives. Here are presented the purpose, objectives and information support of the audit of these operations. Justified the model of the proposed objectbased approach of segmenting the accounting data and the accounting reporting in the process of auditing transactions with derivatives in the organizations in the Republic of Belarus, which will allow to estimate the impact of derivatives on the financial statements of the audited entity fully and reliable, would help to express the reliable opinion in the audit report. CZU: 657.6:336.763.4(476).