Tourism Risk Audit Under the Covid-19 Impact

Abstract

The aim of the article is to investigate main changing trends of tourism industry development in Ukraine under the impact of COVID crisis, to identify risks that tourism business faced during the crisis and proposed the main vectors of such risk management via the audit procedures implementation to minimize the negative impact on tourism business and country economy in general. The article investigates the main trends and performance of tourism industry development in Ukraine under the impact of COVID crisis. There were analyzed risks tourism business faced during the crisis and proposed the main vectors of such risk management via audit procedures implementation to minimize the impact on tourism business. Business strategy development of tourism under crisis impact requires balanced system of measures to overcome the crisis and become more strange by the help of quality business KPIs analysis and performing stable and permanent business goal updating by the help of audit risk management. There were proposed recommendation how to deal with the crisis business risk implementing audit risk assessment approach for domestic Ukrainian tourism business as well as tourism business in general. During the crisis companies should switch focus on domestic tourism, as foreign visitors stay away due to COVID-19; inbound arrivals decline by 44% to 7.5 million in 2020, while outbound departures decline by 48% to 10 million; recovery will be driven by domestic tourism in the shorter term; inbound arrivals to record a 16% volume CAGR over the forecast period, while outbound departures will record a 19% CAGR. To identify and manage crisis business crisis companies should focus on internal audit as instrument to minimization business losses. It should cover issues of identifying such risks, assessment it in order to estimate business result in case in nearest future company will faced crisis and give recommendation and procedures that should be focused on minimization tourism industry losses as a vital segment of country economy.

Tax Audit to Ensure Business Prosperity: Trends and Perspectives

“…These studies have highlighted the importance of robust internal control systems and proper documentation to ensure tax compliance. However, our results add novelty to the existing body of knowledge by taking a broader perspective on the topic and supplementing the previous ones, including our research [20][21][22][23][24][25][26][27][28][29][30][31][32].…”

Development of the hospitality industry during the pandemic of COVID-19

“…Review of literature. Socio-economic development of business entities in the hospitality industry, in particular in the restaurant business, is described in the works of many domestic and foreign researchers, among them by the following authors: I. Anhelko et al [1], N. Balats'ka [2], N. Bohdan and D. Korchahina [3], D. Denkov et al [4], N. Popadynets et al [5; 6], O. Korkuna et al [7], R. Mukha [8], K. Nazarova et al [9], T. Skrypko et al [10], A. Sokolenko and K. Onopriienko [11], A. Yakymchuk et al [12] and others.…”

“…The following should be noted among the issues considered by these scientists: theoretical and methodological principles of tourist attractiveness of territories [1]; problems and directions of transformation of development models of restaurant business in the context of the coronavirus pandemic [2]; factors of tourist attractiveness of the destination in relation to the hotel and restaurant business [3]; analysis and modeling of factor determinants for Ukraine hotels and tourist sphere [5]; green tourism as a factor of development of united territorial communities in Ukraine [7]; the state of the hotel and restaurant industry of Ukraine and the impact of the COVID-19 pandemic on it [8]; tourism risk audit under the Covid-19 impact [9]; analysis and modeling of the impact of factor determinants on functioning of hotel economy in Ukraine [10].…”