IMPROVING ACCOUNTING AND AUDIT OF FINANCIAL INSTRUMENTS IN JOINT-STOCK COMPANIES: THEORETICAL AND PRACTICAL PERSPECTIVES
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This paper examines the theoretical foundations and practical challenges in accounting for financial instruments (e.g., investments, debt, equity, derivatives) within joint-stock companies, and proposes ways to enhance audit processes in relation to them. We analyze the relevant provisions of IFRS 7 and IFRS 9, identify common accounting and audit issues, and based on empirical data derived from sample joint-stock companies, we develop recommendations for improving transparency, reliability, and audit quality. The methodology includes document analysis, comparative study, regression modeling, and empirical observation. The results show a positive correlation between financial instrument portfolio size/diversity and audit quality, and our recommendations emphasize internal controls, use of modern audit technology (e.g. data analytics, AI), and adoption of more stringent audit standards. Implementation of these proposals may strengthen investor confidence and corporate governance.
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