The audit of management accounting: mechanisms of organization and optimization

The growing significance of the management accounting determines the strengthening of the independent audit role in the issues of not only control, but also selection of the best options for accounting and analytical activities in the enterprise. This fact necessitates the detailed development of the methodological approaches to the implementation of the mentioned area of the audit activity. Today the managerial accounting system is not only an effective instrument of the revenue and expenditure management, the pricing management of the company, but also an important tool used to cope with the strategic tasks. On this premise, it should be noted that the information management data should meet the following requirements: responsiveness, conciseness, adequacy, usefulness, target orientation, profitability and comparability. The industry specialization of a company have a strong impact on the management accounting, consequently, the auditors have to spend considerable amount of time to study the company’s local acts and examine their compliance with the current legislation. At present the successful development of the management accounting audit is hampered by the lack of a unified approach to the concept and the content of the management accounting audit in the specialized literature, so the author suggests to formalize the “audit of management accounting” in the relevant legislation. The main objective of this formalization is the preventing of rendering of the audit services by those organizations or individuals who are not members of any self-regulatory organization of auditors.