Audit and audit are engaged in the study of one and the same subject - financial and economic activity - using uniform teaching methods and procedures of financial and economic control. With the help of their tools, most of the negative phenomena in the functioning of an economic entity are detected with the aim of eliminating them and preventing them in future
periods. In other words, control and audit quite actively influence the identification of mismanagement and violations of the current legislation. They contribute to the compensation of damage caused by specific persons.
Control and audit use the same sources of necessary information - primary accounting documents, balance sheets and other statements of business entities, accounting registers.
However, there are significant differences between the above concepts. So, the audit is an independent financial and economic control, which is chosen by the head voluntarily with the specific wording of the questions put to the study to obtain reliable conclusions in order to improve their activities, accounting, marketing and on-farm control.
Control and audit should be in the interests of the shareholders and creditors of the enterprise, consisting in the correct distribution of the profits due to them. At the same time, the entrepreneur should have confidence in the correctness and timeliness of calculations with the budget. Therefore, in case of conflict with the tax service, he has reliable protection in the person of the auditor.
Control and audit of financial and economic activities study the object in dynamics after the implementation of certain business processes. A common characteristic for both audit and audit is the substantiation of conclusions on evidence supported by documents. Identified violations and deficiencies in the legislation responsible for the regulation of economic activity are targeted in terms of legal and material liability. In addition, audit, control and audit are based on specificity and targeting in determining the amount of damage, loss and shortage of values.
Another important feature of the audit is its implementation on the basis of legislation on enterprises. In this case, the owner sets the goal of determining the degree to which the head of the enterprise fulfills his will in economic activity.
In the production process there is a movement of fixed assets. Control and revision of fixed assets begins with the analysis and verification planned at the enterprise for the acquisition of fixed assets, as well as the implementation of capital investments and commissioning of updated production facilities. The auditor evaluates the system of planning the receipt of fixed assets with the validity of such plans. He uses mechanisms to compare the volume of capital investments with a certain increase in the volume of finished products and labor productivity.