Audit of Financial Statements Prepared in accordance with IFRS

Audit of Financial Statements Prepared in accordance with IFRS by the transformation method is becoming an increasingly popular service among Russian companies. This type of audit has its own characteristics and requires appropriate information and methodological support, which was developed in this research. As part of the work, a review of scientific literature and legislative sources was conducted, which resulted in the identification and analysis of existing methods for assessing the level of materiality, audit risk and its elements, internal control systems and audit sampling. Based on the available methods, recommendations for their improvement and author's developments were proposed. Developed information and methodological support for the audit of IFRS reporting was illustrated on the pharmaceutical company LLC "Pharm" for 2019. To do this, the economic characteristics of the enterprise were given, internal and external factors that affect the company's activities were identified, and the business transformation process was described based on employee interviews. After that, the level of materiality and elements of audit risk were calculated. Based on the results obtained, significant operations were identified to reflect transformational adjustments and audit procedures were tested. In conclusion, the author offers recommendations for improving the system of internal control over the business process of transforming reporting into the IFRS format. The key recommendation is to create and implement the company's business transformation process regulations, which will have an impact on a significant number of possible risks.