Methodology for an Audit of Institutional Projects in the Energy Sector

Abstract

Auditing activity, in the last decade, is one of the most dynamically changing types of economic activity, on the one hand, due to an increase in the number of state projects implemented by many countries, and on the other hand, due to technological innovations and digitalization. Russian auditing practices are also being actively reformed. For example, the Ministry of Energy is updating their audit methodology. The subject of this study is to ensure the efficiency of spending public funds for the implementation of strategic projects. The object of this study is the methodology of a state audit. An analysis of the currently used Russian and international standards for public audits shows that there are many opportunities to improve the methodology for conducting financial, strategic and performance audits. First of all, there is a need to solve methodological problems in monitoring the efficiency of investment developments, since partnerships between private investors and government bodies for the implementation of strategic projects have expanded. The main difficulty of audit methodology is the definition of a system of target criteria in long-term projects. Quite often it is difficult to determine the main expected result, for example, financial, or social efficiency or the adequacy of multi-unit tariffs. All these circumstances determine the relevance of methodological changes. The aim of this study is to develop a new audit methodology as, first of all, a management technology. We use a result-oriented approach that is based on the developed system of indicators, to evaluate the effectiveness of an institutional project and to evaluate the effectiveness of environmental costs and technological innovations to reduce anthropogenic emissions and to create a single Asian energy space.