Impact of Non-Financial Factors on the Effectiveness of Audits in Energy Companies

The purpose of this study is to assess the impact of non-financial factors in the structure of a financial audit on its quality in energy companies. To assess the impact of the audit on performance indicators of companies under study, it is proposed to use the authors’ method by determining the length of the integrated audit vector as well as analysis of variance. The study was carried out on the basis of materials from five large energy (oil and gas) companies from different countries. Santos’ conversion of oil well pumps to solar power has clear environmental benefits. Gazprom’s social responsibility has, although stable, the lowest results. When conducting a financial audit, this component of performance does not have a significant impact. This explains the company’s focus on financial performance. The most effective corporate social responsibility is characteristic of Pioneer Natural Resources (PNR). In Gazprom and E.ON, despite the annual increase in financial indicators according to the classical audit option, the integrated audit vector has lesser value. Changes in the conditions for the formation of efficient activities of energy companies in the context of not only the financial component, but also sustainable development and social responsibility require the transformation of a financial audit in the context of its integration.