Amir Khudaykulov
Trainee researcher at Tashkent State University of Economics
Email: amir7x@mail.ru; a.xudayqulov@tsue.uz; xudoyqulova@tersu.uz
ORCID: 0000-0001-8915-5962
Abstract. In this article, the processes occurring in the practice of calculating the control risk, which are part of the determination of the overall audit risk in the Republic of Uzbekistan today, are analyzed on a situational basis. The goal is to achieve effective use of international auditing standards and software on auditing risk in the audit of financial statements prepared in accordance with International Financial Reporting Standards in the Republic of Uzbekistan. Today in the Republic of Uzbekistan, the national standards of audit activity have been abolished and passed to the international standards of audit. This requires auditors to study the requirements of international auditing more broadly and make effective use of them. The article examines the practice of calculating audit risk from the experience of developed countries in the field of accounting and auditing, and tries to analyze in detail the effectiveness of control risk identification and software use in order to determine the control environment in the enterprise, which is an integral part of auditing risk. In the process of audit, the Auditor compiles a questionnaire on control tests in determining the control risk of the client[1]enterprise and fills out the questionnaire on these control tests by himself. The reason for this is to prevent sub-approaches in auditing by the employees of the client-enterprise. In the control tests developed by the auditor, the upper, middle and lower classes of risk assessment are highlighted, classified on the basis of business transactions that have taken place and are taking place in the business entity. In accordance with the questionnaire, the auditor determines the control risk indicators based on the evidence collected by the client-enterprise, inquiries, primary accounting documents, general ledger and items of financial statements. In this case, the “1” number is placed on the correct description of the control risk identified by the auditor. This”1″ number is assigned to only one of the upper, middle or lower descriptions in the description of exactly one control risk. The other two, the description that the auditor finds to be incorrect in determining the control risk, are numbered “0” (Table 1). The article used intuitive, quantitative, forecasting, forecasting, determining the levels of audit risk, determining the level of importance, determining the level of control risk, Scientific Journal of “International Finance & Accounting” Issue 3, June 2022. ISSN: 2181-1016 3 comparing, calculating, planning, analyzing and synthesis techniques.
Key words: audit risk, control risk, materiality, client enterprise and its business, internal control and accounting system, risk levels.