Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches

Internal control delivers guarantee and trust for investors, clients, suppliers, but also for the entity’s employees and other interested parties. As a result, an effective internal control system has a significant impact on the credibility of a modern entity and its activities, which is ensured by...

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Autores principales: C.V., E.G.
Formato: article
Lenguaje:EN
PL
RU
UK
Publicado: Zhytomyr Polytechnic State University 2021
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Acceso en línea:https://doi.org/10.26642/pbo-2021-2(49)-19-28
https://doaj.org/article/d7009f286dcb400290b472b480b982f8
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spelling oai:doaj.org-article:d7009f286dcb400290b472b480b982f82021-11-23T09:31:35ZInternal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approacheshttps://doi.org/10.26642/pbo-2021-2(49)-19-281994-17492708-4957https://doaj.org/article/d7009f286dcb400290b472b480b982f82021-08-01T00:00:00Zhttp://pbo.ztu.edu.ua/article/view/240080https://doaj.org/toc/1994-1749https://doaj.org/toc/2708-4957Internal control delivers guarantee and trust for investors, clients, suppliers, but also for the entity’s employees and other interested parties. As a result, an effective internal control system has a significant impact on the credibility of a modern entity and its activities, which is ensured by the entity’s management, through an appropriate process of evaluating the effectiveness of internal control. On the basis of those exposed, we sustain the opinion shared by many experts in the field, that the primary role in evaluating the internal control system is attributed to internal audit, because in line with current development trends, it supports the entity in maintaining effective controls by evaluating efficiency and effectiveness. As well as by promoting biased business actions. In this connection, the authors approach the study of the basic aspects of the internal control evaluation process in the light of the identification of the method, establishing and interpreting the indicators used in the evaluation, as well as determining the criteria and practical tools for evaluation. As a method of evaluation of internal control the systematic method of authors is proposed, which involves the evaluation of each component of it. This approach permits internal auditors to make an integrated consideration of the effectiveness of internal control in the entity of the internal control system in the good functioning of the entity, which contributes to the fulfillment of its strategic objectives. In addition, the research carried out highlights the performance of the assessment tool – the corresponding questionnaire, which was developed to evaluate the control environment of the entity and applied in the activity of public interest entities in the Republic of Moldova. This study offers the possibility to recognize the deficiencies within the control environment established at the entity and offers the possibility to the management of the entity to improve its functioning mechanism.C.V. E.G. Zhytomyr Polytechnic State Universityarticleinternal auditinternal controlcontrol environmentAccounting. BookkeepingHF5601-5689ENPLRUUKПроблеми теорії та методології бухгалтерського обліку, контролю і аналізу, Vol 2, Iss 49, Pp 19-28 (2021)
institution DOAJ
collection DOAJ
language EN
PL
RU
UK
topic internal audit
internal control
control environment
Accounting. Bookkeeping
HF5601-5689
spellingShingle internal audit
internal control
control environment
Accounting. Bookkeeping
HF5601-5689
C.V.
E.G.
Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
description Internal control delivers guarantee and trust for investors, clients, suppliers, but also for the entity’s employees and other interested parties. As a result, an effective internal control system has a significant impact on the credibility of a modern entity and its activities, which is ensured by the entity’s management, through an appropriate process of evaluating the effectiveness of internal control. On the basis of those exposed, we sustain the opinion shared by many experts in the field, that the primary role in evaluating the internal control system is attributed to internal audit, because in line with current development trends, it supports the entity in maintaining effective controls by evaluating efficiency and effectiveness. As well as by promoting biased business actions. In this connection, the authors approach the study of the basic aspects of the internal control evaluation process in the light of the identification of the method, establishing and interpreting the indicators used in the evaluation, as well as determining the criteria and practical tools for evaluation. As a method of evaluation of internal control the systematic method of authors is proposed, which involves the evaluation of each component of it. This approach permits internal auditors to make an integrated consideration of the effectiveness of internal control in the entity of the internal control system in the good functioning of the entity, which contributes to the fulfillment of its strategic objectives. In addition, the research carried out highlights the performance of the assessment tool – the corresponding questionnaire, which was developed to evaluate the control environment of the entity and applied in the activity of public interest entities in the Republic of Moldova. This study offers the possibility to recognize the deficiencies within the control environment established at the entity and offers the possibility to the management of the entity to improve its functioning mechanism.
format article
author C.V.
E.G.
author_facet C.V.
E.G.
author_sort C.V.
title Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
title_short Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
title_full Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
title_fullStr Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
title_full_unstemmed Internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. Theoretical characteristics and practical approaches
title_sort internal audit in the period of economic changes and its role in evaluation of the entity’s internal control. theoretical characteristics and practical approaches
publisher Zhytomyr Polytechnic State University
publishDate 2021
url https://doi.org/10.26642/pbo-2021-2(49)-19-28
https://doaj.org/article/d7009f286dcb400290b472b480b982f8
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