Cutting edge-science2022 Shawnee, usa

CUTTING EDGE-SCIENCE 
2022 Shawnee, USA October 
we recommend that in the conclusions issued by the audit organization to the audited 
entities, each page of the entity's financial report should be stamped with the content 
of "verified". This, in turn, enables users of financial statements to use financial 
statements whose reliability is guaranteed by auditing organizations. 
In accordance with the current international audit standard No. 320 "Significance 
in Audit Planning and Execution", financial reporting indicators are also used for the 
purposes of determining the level of importance during the audit, where the absolute 
and relative values of the level of importance are calculated based on financial 
reporting indicators. 
In our opinion, the concept of importance means the highest value of the 
financial statement that negatively affects the conclusion about the reliability of the 
financial statement of the audited enterprise or the decision-making based on the 
information of the report. In practice, the level of importance is calculated in 
absolute and relative values, and based on this indicator, the degree of violation of 
the reliability of the auditor's opinion is evaluated in terms of value. That is, the 
value of the level of importance is the highest level (value) of the error that the 
auditor may make in the examination or of the distortion of the financial statements 
that was not detected by the auditor. This value is determined by performing 
subjective calculations by auditors during the preliminary stages of audit planning 
or audit
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. 
Indicators used to determine the level of importance in global auditing practice 
are selected from among the most important indicators of the audited entity's 
financial statements based on the auditor's personal judgment or determined by 
performing certain arithmetic operations, and these indicators are selected based on 
the characteristics of the audited enterprise. The materiality level is used as the main 
factor in reducing the existing risk of the financial statement audit, which ensures 
the reliability of the auditor's opinion or allows to reduce the auditor's errors during 
the audit. It can be seen that the auditor not only determines the reliability of the 
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Dusmuratov R.D. Fundamentals of auditing. Textbook. - T.: National Encyclopedia of Uzbekistan, 
2003. 74 p. 15. 

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ISBN 978-1-64945-234-4
DOI
https://doi.org/10.5281/zenodo.7509018
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