Features of internal financial audit as an element of the internal control system
Abstract. The importance of internal financial audit in the activities of an economic entity is steadily increasing. This is due to the fact that in the current economic situation, which is characterized by various exports, companies strive to work efficiently, increase their competitiveness, which requires minimizing the costs of producing products and services, and improving their quality. This can be realized thanks to a well-organized internal financial audit as an element of the internal control system, the result of which is information for making operational and strategic management decisions. The purpose of this study is to develop theoretical provisions on the internal financial audit of a commercial organization, which allows to form control, analytical, evaluation and monitoring information about a specific audit object. The following methods were used in the course of the study: analysis, synthesis, deduction and observation. The results of the study are aimed at developing theoretical provisions on the place and role of internal financial audit in the formation of information in the management system of a commercial organization, on the establishment of the principles of its organization, on the systematization of objects, techniques and analytical procedures used during the audit. The research materials can be useful to practitioners and researchers in the field of internal financial audit and control, teachers, graduate students, undergraduates and students of higher educational institutions.
Keywords: internal control, internal financial audit, objects of internal financial audit, analytical and control procedures, auditor, audit
Highlights:
♦ the role and place of internal financial audit in the internal control system of a commercial organization are defined;
♦ the principles of the organization of the internal financial audit are substantiated;
♦ objects of the internal financial audit are systematized;
♦ the techniques and methods of the internal financial audit are highlighted.
Vera A. Manyaeva - Samara State University of Economics, Samara, Russia; Julia V. Reznikova - LLK «Ancubera Global», Samara, Russia, yulya.reznikova.15@list.ru