“INVENTORY AUDIT METHODOLOGY BASED ON FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS”

Abstract

this paper investigates the specific aspects of implementing International Financial Reporting Standards (IFRS) within the auditing process of inventories in economic entities. The primary focus is directed toward studying the impact of IFRS on ensuring the transparency and validity of financial data in the valuation, recognition, and accounting treatment of material assets. As a methodological framework, a case study approach was applied, based on the empirical analysis of a specific company that has implemented the IAS 2 "Inventories" standard.

Based on the findings, it is demonstrated that transitioning to international accounting formats mitigates accounting risks and drives an increase in audit efficiency due to the unification of valuation procedures. In the discussion section, a comparative analysis of the formulated conclusions with the works of domestic and foreign authors was conducted, which was allowed for the verification of the feasibility of integrating IFRS into national accounting systems. The practical significance of the study lies in the potential application of its results by practicing auditors, financial accounting specialists, and the scientific community researching the convergence of accounting standards.