Shalimova, N.Androshchuk, I.Шалімова, Н. С.Андрощук, І. І.2019-02-122019-02-122018Shalimova, N. Approaches to the Interpretation of the Term "Historical Financial Information" as the Criterion of the Classification of Audit, Review and Other Assurance Engagements / N. Shalimova, I. Androshchuk // Baltic Journal of Economic Studies. – 2018. - Vol. 4, No. 3 June. – P. 333-342.2256-0742 (PRINT)2256-0963 (ONLINE)https://dspace.kntu.kr.ua/handle/123456789/8460The criterion "underlying subject matter" and the associated criterion "subject matter information" is an essential element of the assurance engagements and the basis for distinguishing their different types. The purpose of the study is to define the charac-teristics of "historical financial information" and the forms of its structured representation as a defining criterion for the classification and differentiation of audit, review and other assurance engagements. The subject of the study is the term "his-torical financial information" in the context of its use in International Standards on Quality Control, Auditing, Review Engagements, Assurance Engagements, and Re-lated Services. Methodology. To achieve the goal set in the work, a complex of gen-eral scientific methods (analysis, synthesis, induction, deduction, abstraction) and methodical techniques (systematization, generalization, review, comparison) was used. In the study of the historical stages of using the terms "financial statements" and "historical financial information", the method of system analysis, historical and logical methods were used. The study of their essence as mandatory elements of the assurance engagements was based on the provisions of the dialectical method of knowledge of processes and phenomena in their interconnection and development. In developing approaches to the interpretation of the term "historical financial informa-tion", the algorithm for selecting engagements for different types of objects and di-rections of standardization a method of modeling was applied. Results. Based on the systematization of the historical stages of the use of the terms "financial statements" and "historical financial information" in IAASB International Standards, it is substan-tiated that the interpretation of the term "historical financial information" is not spe-cific, allows the ambiguity of interpretations, which complicates the processes of identifying the type of engagements, agreeing its conditions, lead to dissatisfaction of users with the results of auditors' work. It is substantiated that prior to the definition of the term "historical financial information" as the main criterion for distinguishing between audit, review and other assurance engagements two approaches can be ap-plied: narrow when the term "historical financial information" is limited to a com-plete set of financial statements, a separate financial statement, an account, an article or item of financial statements, and a broad one, which stipulates the allocation of different forms of structured presentation on the basis of specification of required characteristics of historical financial information. The problems of their influence on application of International Standards are generalized. Practical implications. Based on the proposed approaches, an algorithm for selecting objects that can be the subject of various assurance engagements has been elaborated. it is useful for both auditors and for responsible parties, intended user, clients and will increase the effectiveness of their cooperation, and reducing the "expectations gap". The problems of the impact of "narrow" and "broad" approach to the interpretation of the essence of the term "historical financial information" on the content and directions of improvement of In-ternational Standards and national regulatory documents have been systematized. Value/originality. The research developed a theoretical approach to distinguishing types of audit services based on the specification of the scope of the application of International Auditing Standards (ISAs) and Assurance Engagements (ISAEs). It has been substantiated the possibility of using narrow and broad approaches to under-standing the term "historical financial information" as an subject matter, definition of possible forms of structured representation of historical financial information as an subject matter information and the key condition for the delineation of audit, review, and other assurance engagements.enassurance engagementsaudit engagementshistorical financial informationfinancial statementsArticle