The role of international requirements in the internal control system organizing

Olga Starenka
Lecturer of Accounting and Auditing Department, Odessa National Economic University, Ukraine, e-mail: starenkajaolga@gmail.com, ORCID ID: https://orcid.org/0000-0003-4098-9872

Cite this article:

Starenka, O. (2019). The role of international requirements in the internal control system organizing. Ed.: M. Zvieriakov (ed.-in-ch.) and others [Rol mizhnarodnykh vymoh v orhanizatsii systemy vnutrishnioho kontroliu; za red.: M. I. Zvieriakova (gol. red.) ta in.], Socio-economic research bullttin; Vìsnik socìal’no-ekonomìčnih doslìdžen’ (ISSN 2313-4569), Odessa National Economic University, Odessa, No. 1 (69), pp. 129–138.

Abstract

The article considers the development features of internal control in developed countries. An international experience of internal control system functioning of the world leading countries and opportunity to adapt its most acceptable progressive achievements to the conditions of Ukrainian enterprises activity is investigated. An experience of various international organizations and documents, which they proposed for internal control system organization, are analyzed. It has been substantiated that in recent years these organizations either update already existing documents regarding internal control, or new documents appear, which are extension of previous ones. А comparative characteristic of internal control different concepts is given. It was revealed that in the future all concepts, which proposed by different organizations were improved and today these countries has an effective system of internal control, both in relation to government agencies and private structures. It has been proved that regarding to internal control at Ukrainian enterprises, it is advisable to use the document «Integrated concept of internal control», which in the future will be find wider application in the country. The integrated approach provides for penetration into all business processes with the further information compilation and its timely communication to individuals, who on its basis, must make management decisions, that aimed at maximizing of an enterprise activity efficiency. It is proposed to adapt the most acceptable progressive achievements of foreign experience of internal control systems functioning of the world leading countries to the conditions of Ukrainian enterprises activity.

Keywords

control; internal control; internal control system; internal control concept; international requirements; enterprise.

JEL classification: М420; DOI: https://doi.org/10.33987/vsed.1(69).2019.129-138

UD classification: 657.633:006.032

This work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

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