Accounting, Audit, and Business Analysis Methodical Tools to Implement the Needs of Financial Information Users

Inna Raikovska, Oleksandr Kostenko and Vadim Ugnivenko
Additional contact information
Inna Raikovska: Kyiv Cooperative Institute of Business and Law, Kyiv, Ukraine
Oleksandr Kostenko: Kyiv Cooperative Institute of Business and Law, Kyiv, Ukraine
Vadim Ugnivenko: Kyiv Cooperative Institute of Business and Law, Kyiv, Ukraine

Oblik i finansi, 2024, issue 4, 76-83

Abstract: To make informed decisions, users of financial information need to achieve a certain level of trust in its indicators. The main means of ensuring such trust is verifying information through accounting, audit, and business analysis procedures. The article aims to analyze a system of methods that will increase financial data's accuracy, objectivity, reliability and transparency, which is the basis for making management decisions. Awareness of economic changes has become the basis for recognizing financial information as a constantly changing object. In the context of growing requirements for its reliability and sufficiency for making management decisions in conditions of uncertainty, financial information formed in the accounting system becomes an important object of audit and business analysis. The article identifies the main types of financial information studied in its users' interests, such as historical, forecast and hypothetical financial information. In addition, the work presents the substantive characteristics of financial information for making effective management decisions on economic activities. The results of the study indicate that effective management decisions of users of financial information are possible due to proper assessment of the procedures for creating appropriate media by responsible persons according to criteria related to compliance with the requirements for systematization of objects characterized by financial information, as well as compliance with the procedures for timeliness and completeness of providing access to it. The information needs of users of financial information are formed and simultaneously affect the type of consumer behaviour (random, basic, target, evaluative, functional), the timely identification and consideration of which are essential when planning and conducting an audit of financial information.

Keywords: methodical tools; accounting; audit; business analysis; users' needs; financial information; financial statements; financial performance analysis (search for similar items in EconPapers)
JEL-codes: D70 (search for similar items in EconPapers)
Date: 2024
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.afj.org.ua/pdf/1107-metodichniy-instrum ... sovoi-informacii.pdf (application/pdf)
http://www.afj.org.ua/en/article/1107/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:iaf:journl:y:2024:i:4:p:76-83

DOI: 10.33146/2307-9878-2024-4(106)-76-83

Access Statistics for this article

Oblik i finansi is currently edited by Valeriy Zhuk

More articles in Oblik i finansi from Institute of Accounting and Finance Contact information at EDIRC.
Bibliographic data for series maintained by Serhiy Ostapchuk ().