Conflict of interest in the audit activity

This article presents an analysis of the problems of conflict of interest in the field of audit. Conflicts of interest in audit activities arise when professional obligations to several clients with conflicting goals pose a threat to independence, or when the personal interest of the auditor affects the objectivity in the provision of services. This situation requires the identification and minimization of risks in order to comply with the principles of professional ethics. According to the Federal Law "On Audit Activities," audit organizations (individual auditors) are not entitled to carry out actions that entail a conflict of interest or create a threat of such a conflict, which confirms the relevance of the study. According to the results of the study, it was revealed that during the practical audit no one is immune from a conflict of interest and it is in such conditions that the auditor is obliged to objectively and impartially form a professional judgment.