RISK-BASED AUDIT OF BIOLOGICAL ASSETS: A CLASSIFIER OF TYPICAL MISSTATEMENTS AND INTERNAL CONTROL INDICATORS

Abstract

The paper proposes a risk-based methodology for auditing the biological assets of agricultural enterprises, whose share in total assets rose from 10–32 to 19–40 per cent in the three Uzbek enterprises studied over 2022–2025. Drawing on IAS 41, ISA 315 and ISA 540, biological transformation, valuation uncertainty and internal control weaknesses are treated as one system of audit risks within a four-stage audit sequence. A classifier of five types of typical misstatements and a system of nine internal control indicators with measurement units and control frequency are developed. The results have been adopted by the Ministry of Agriculture of Uzbekistan.