Transformation of the auditor's report under the influence of reforming the legislative base of Ukraine

Research subject. The subject of the study is the main legislative changes regarding the
methodology of using the analytical procedures of audit, the formation of the audit opinion and its
presentation in the report of the independent auditor.
The purpose of the article is to study the key issues of the audit report, taking into account the
requirements of the International Standards on Auditing. Consideration of the main changes in the
content of the audit report that took place in domestic practices since the entry into force of the Law
of Ukraine «On Auditing of Financial Reporting and Auditing» No. 2558 – VIIІ of 21.12.2017.
Methodology of work – the methodological basis of the study are general scientific and special
methods. In particular, the dialectic method of cognition, modification of the auditor’s report and its
regulation of presentation in International Standards on Auditing. The following methods were used:
analysis and synthesis, generalization and scientific abstraction, observation – in the study of the
genesis of the audit report, in accordance with the challenges of society; comparison, formalization
– to determine the prospects for the transformation of Ukrainian legislation to European standards.
Abstract–logical method – when formulating the conclusions.
The results of the work – the issues of the evolution of «opinion of the auditor» and its reflection
in the audit standards are considered. The material is presented in the context of normative changes
concerning the structure and content of the audit report. Specifies the presentation of the auditor’s
report, both for ordinary enterprises and for enterprises of public interest. Features of each section of
the audit report, in particular: coverage of the issue of the continuity of the business entity; key audit
issues; list and structure of additional reports, which are formed on demand of a wide range of users.
Conclusions – the importance of the audit report as one of the main outcome documents of the
auditor is unconditional. Therefore, in order to ensure its qualitative compilation over a long period of
time, changes and improvements to national audit standards are taking place – bringing them into
line with international requirements. Thus, the audit report that will steal under the new legislative
requirements will be more detailed, transparent and meaningful, which will increase the level of trust
of users of financial reporting.