METHODOLOGY OF AUDITING THE IMPAIRMENT OF LONG-TERM ASSETS OF AN ENTERPRISE

Abstract

This article examines the theoretical and methodological aspects of auditing the impairment of fixed assets and intangible assets in enterprises. In the context of global economic instability, financial crises, and rapidly changing market conditions, proper accounting and auditing of asset impairment play a crucial role in ensuring the reliability and transparency of financial statements. The study analyzes internal and external factors influencing asset impairment, key directions of audit procedures, and sources of audit evidence. Particular attention is paid to the audit of fixed asset movements, valuation, revaluation, and inventory processes. Based on the requirements of International Financial Reporting Standards, especially IAS 36 “Impairment of Assets,” the sequence of audit procedures related to asset impairment is developed. As a result of the research, an audit plan, audit program, and working papers for auditing asset impairment are proposed. The findings of the study contribute to improving the quality of financial reporting, reducing audit risk, and enhancing audit practices in compliance with international standards.