Developing a methodology of internal control of settlement transactions

2021 ◽  
Vol 22 (1) ◽  
pp. 94-114
Author(s):  
Guzaliya S. KLYCHOVA ◽  
Alsu R. ZAKIROVA ◽  
Aigul' S. KLYCHOVA ◽  
Il'dus M. GIMADIEV
Keyword(s):  
Internal Control ◽  
Systems Approach ◽  
Control Process ◽  
Information Support ◽  
Credit Policy ◽  
Information Base ◽  
The Face ◽  
Control Procedures ◽  
Key Indicators

Subject. This article deals with the issues of internal control of economic entities' settlement operations in the face of increasing receivables and payables. This is influenced by various objective and subjective factors. Objectives. The article aims to improve the methodological support of internal control of settlement operations in order to improve the quality of checking and provide the information received to the company's management for operational and strategic management decisions. Methods. For the study, we used a systems approach, comparison, and the methods of data systemization and generalization. Results. The article presents certain developed working documents of internal control of settlement operations, verification of contracts and confirmation of the state of settlements with counterparties. The article also proposes to rate the reliability of receivables on the basis of a system of key indicators, during the internal control process. Conclusions and Relevance. The peculiarity of internal control of settlement operations is due to the variety of regulatory and information support of verification. The approaches developed can be used to define the information base, set targets and define control objectives, select control procedures rationally, and apply working documents in the internal control of settlement operations. The presented method of rating counterparties can be used to develop a credit policy to reduce the amount of doubtful debt and improve the efficiency of the company.

Developing a methodology of internal control of settlement transactions

2021 ◽  
Vol 22 ◽  
pp. 186-205
Author(s):  
Guzaliya S. KLYCHOVA ◽  
Alsu R. ZAKIROVA ◽  
Aigul' S. KLYCHOVA ◽  
Il'dus M. GIMADIEV
Keyword(s):  
Internal Control ◽  
Systems Approach ◽  
Control Process ◽  
Information Support ◽  
Credit Policy ◽  
Information Base ◽  
The Face ◽  
Control Procedures ◽  
Key Indicators

Subject. This article deals with the issues of internal control of economic entities' settlement operations in the face of increasing receivables and payables. This is influenced by various objective and subjective factors. Objectives. The article aims to improve the methodological support of internal control of settlement operations in order to improve the quality of checking and provide the information received to the company's management for operational and strategic management decisions. Methods. For the study, we used a systems approach, comparison, and the methods of data systemization and generalization. Results. The article presents certain developed working documents of internal control of settlement operations, verification of contracts and confirmation of the state of settlements with counterparties. The article also proposes to rate the reliability of receivables on the basis of a system of key indicators, during the internal control process. Conclusions and Relevance. The peculiarity of internal control of settlement operations is due to the variety of regulatory and information support of verification. The approaches developed can be used to define the information base, set targets and define control objectives, select control procedures rationally, and apply working documents in the internal control of settlement operations. The presented method of rating counterparties can be used to develop a credit policy to reduce the amount of doubtful debt and improve the efficiency of the company.

scholarly journals Internal control of transactions operation in the sustainable management system of organizations

2021 ◽  
Vol 258 ◽  
pp. 12009
Author(s):  
Alsou Zakirova ◽  
Guzaliya Klychova ◽  
Angelina Dyatlova ◽  
Gamlet Ostaev ◽  
Elena Konina
Keyword(s):  
Internal Control ◽  
Control Process ◽  
Information Support ◽  
Practical Significance ◽  
Audit Planning ◽  
The Status ◽  
Control Procedures ◽  
Definition Of ◽  
Key Indicators

In modern conditions one of the main problems of economic entities is the increase in accounts receivable and payable, which is influenced by objective and subjective factors. In this connection the role of internal control of settlement operations is increasing. The aim of the article is to improve methodological support of internal control of settlement operations for increasing the quality of audit, providing information about the state of settlements with contractors to the management of enterprise for making operational and strategic management decisions. The proposed methodological support is based on stage-by-stage audit of settlement operations including the following main stages: audit planning; implementation of control procedures; execution of audit results. the peculiarity of internal control of settlement operations is determined by a variety of normative and information support of the audit. For the purpose of improvement of control procedures in the course of the study working documents of internal control have been developed. The working document «Verification of the availability of the agreement with a separate counterparty» can be used by the controller to identify errors arising in the preparation of the contract, as well as to determine the completeness and timeliness of the parties to fulfill their obligations, With the proposed in the study working document «Confirmation of the status of settlements with counterparties» can identify cases of fraud and misstatement of data contained in the financial statements. In the course of the study it was proposed to perform a point-rating assessment of debtor reliability based on a system of key indicators in the internal control process. The suggested rating estimation of counterparties will make it possible to carry out their comparative analysis and grouping as well as to identify those counterparties that have a high probability of non-payment of existing debts. The practical significance of the study lies in the possibility of using the developed approaches to determine the information base, to set the purpose and definition of control tasks, to the rational choice of control procedures, to the use of working papers in the process of internal control of settlement operations.

scholarly journals FINANCIAL CONTROL FOR THE FUNCTIONING OF THE SYSTEM AND MECHANISM OF THE STATE FINANCIAL POLICY

2020 ◽  
pp. 38-41
Author(s):  
Natalia Botvina
Keyword(s):  
Control System ◽  
Internal Control ◽  
Agricultural Sector ◽  
Systems Approach ◽  
Financial Control ◽  
Financial Policy ◽  
Financial Flows ◽  
Financial Decisions ◽  
Control Procedures

The functioning of the financial control system should be aimed at achieving the goals set by the financial policy. The role of the financial control system is to monitor the efficiency of financial resources, the optimality of financial flows, the creation of an information base for financial decisions to address deficiencies or regulate the objectives of financial policy. Based on the application of the systems approach in the study, it should also be noted that the system of financial control does not operate in isolation, but is a subsystem of a more complex system. It is also possible that it should be distinguished between smaller subsystems. The purpose of the article is to reveal the main problems of financial control over the functioning of the system and the mechanism of financial policy. The article substantiates the functions of financial control, which should contribute to the formation and strengthening of entrepreneurship, further developed the principles of the financial control system, by substantiating the principle of limitation of the application of control procedures. Determining the place of the system of financial control in the implementation of financial policy to ensure sustainable development of the agricultural sector, we concluded that the system of internal control is a subsystem of financial policy.

scholarly journals The Control Process Effectiveness: Organization Versus Customer

2013 ◽  
Vol 11 (8) ◽  
pp. 345
Author(s):  
Ofer Barkai
Keyword(s):  
Quality Of Service ◽  
Customer Service ◽  
Internal Control ◽  
Service Providers ◽  
Control Process ◽  
Point Of View ◽  
Large Organization ◽  
Control Processes ◽  
Telecommunication Company

This research project, which was implemented in an organization whose primary function is providing service (Telecommunication company), studies the scope of the correlation between the quality of service from the customers point of view (customer survey) and the organization (Telecommunication company systems). The research is important both for economic and scientific reasons. It involves many organizational control units which require significant monetary investments. From a scientific point of view, the research is important because it can shed light on the asymmetrical point of view existing between customers and organizations. Organizations that are service providers place high importance on the quality of service and their image as perceived by their customers. Quality of service is measured through internal control processes and from there is passed on to the staff who are directly involved in customer service. In this study, we focus on a large organization which implements control processes and then provides service to customers. Therefore, the activities of this organization are judged first and foremost on the basis of the service quality provided. The existing internal control processes of the organization, which measure the standard of service provided on the basis of organizational benchmarks are separate from those that measure customer satisfaction. In this project, we analyze the correlation between the outlook of the customer and the results of internal control processes.

scholarly journals Faktor-Faktor Yang Mempengaruhi Kualitas Prosedur Pengendalian Internal Dan Perannya Dalam Memoderasi Hubungan Persepsi Keadilan Organisasi Terhadap Employee Fraud

MAKSIMUM ◽  
2020 ◽  
Vol 10 (1) ◽  
pp. 85
Author(s):  
Ika Hariyanti
Keyword(s):  
Risk Management ◽  
Organizational Justice ◽  
Internal Control ◽  
Internal Audit ◽  
Sampling Technique ◽  
Management Training ◽  
Management Level ◽  
Control Procedures ◽  
Employee Fraud

This research aims to analyze the perception of organizational justice on employeefraud moderated by the quality of the internal control procedures of manufacturecompany in Semarang. The factors which affect the quality of internal controlprocedures is ethical corporate environment, risk management training, internalaudit activities, suitability compensation and power leadership. The population ofthis research is the top management level at the manufacture company in Semarang.The sampling technique is random sampling. 32 samples used in this research andOLS regression analysis with SPSS 19 version program. The results of this researchverify that quality of internal control procedures positively moderate the relationbetween perception of organizational justice and employee fraud. Ethical corporateenvironment and risk management training has a positive and not significant to thequality of internal control procedures. Internal audit activities has positive andsignificant to the quality of internal control procedures. Suitability compensationand power leadership has a negative and significant to the quality of interna controlprocedures.

scholarly journals The Influence of COSO Organizational Framework Implementation on the Quality of Internal Control in Group of Companies Dani Prisma Mitra (DPM)

2018 ◽  
Vol 2 (1) ◽  
pp. 16-24
Author(s):  
Siswo Akhmad Nurhidayat
Keyword(s):  
Risk Management ◽  
Hypothesis Testing ◽  
Internal Control ◽  
Internal Audit ◽  
Management Training ◽  
Control Procedure ◽  
Control Procedures ◽  
Organizational Framework ◽  
Finance Department

This study analyzed the perception of organization members of the group of company in Dani Prisma Mitra (DPM) about the influence of COSO organizational framework consisting of company ethical environments, risk management training and internal audit activities on the quality of internal control procedures. Population in this research is all employee in finance and non-finance department with the level of supervisor and upward at DPM. Hypothesis testing used multiple regression analysis with a discussion of contingency theory. Hypothesis testing concluded that company ethics environments and internal audit activities have the positive and significant influence on the quality of internal control procedure, while risk management activities have a positive but not significant effect on to the quality of internal control procedure.

scholarly journals HIGHER EDUCATION INSTITUTIONS IN THE FACE OF COMPETITIVE CHALLENGES

2021 ◽  
Vol 71 (2) ◽  
Author(s):  
Olesia Kanash ◽  
Olena Zhukova ◽  
Volodymyr Parsiak
Keyword(s):  
Higher Education ◽  
Industry 4.0 ◽  
Business Models ◽  
Educational Process ◽  
Educational Services ◽  
New Business ◽  
The Face ◽  
Training Quality ◽  
Key Indicators

The article presents the results of observing the events that have taken place in the highly competitive market of educational services in our country over the past years and consequences of their influence on domestic higher educational institutions. The most significant among these results are the next: a decrease in the number of students who come from Ukraine for high quality and less expensive education, than in their countries, the curtailment of the national cluster of the formation of professional competencies centers and also the number of scientific and pedagogical personnel reduction, their training quality, who are meant for maintaining the intellectual capital of the nation at the proper level, that is especially alarming. Identified negative trends are in contradiction with the views of the key states of the planet regarding the role of education in the era of Industry 4.0 establishment. And the impressive statistics of countries that are at the forefront of the implementation of Industry 4.0 products and the quality of education are proof of this. The rapid diffusion of innovative technologies created by Industry 4.0, new business models requires consequently a new quality of workforce. It is suggested that many problems appeared due to the special content of state policy in the economic sphere. Alas, it does not contribute to such a required growth of business and, as a result, leads to a chronic budget deficit and a decrease in spending on social programs and on higher education, in particular. In these circumstances, it looks quite attractive to encourage students to receive educational services in our country from those regions where there is a torrentially growing desire for academic migration among young people. Regardless on the true motives of the growth in the popularity of it. There is an urgent need to analyze the current situation of education in Ukraine, to study the dynamics of key indicators to identify the challenges facing the modern education system. The results of the analysis will help to look soberly at the problems, overcoming which will be a priority for reformers of the educational process.

scholarly journals DEVELOPMENT OF THEORETICAL BASIS OF THE INTERIOR CONTROL OF ENTERPRISE FINANCIAL RESULTS

2020 ◽  
Vol 15 (3) ◽  
pp. 99-106
Author(s):  
Alsu Zakirova ◽  
Guzaliya Klychova ◽  
Angelina Dyatlova ◽  
Al'fiya Yusupova ◽  
Ildus Gimadiev
Keyword(s):  
Control System ◽  
Internal Control ◽  
Management System ◽  
Agricultural Sector ◽  
Control Process ◽  
Information Support ◽  
Effective Management ◽  
Economic Activities ◽  
Management Decisions ◽  
Internal Control System

The presence or absence of an efficiently functioning internal control system at an enterprise has a significant impact on the success of business development, increasing competitiveness, developing an information system, improving the quality of accounting and analytical support for the enterprise management system. Internal control is the basis for effective management of enterprises in the agricultural sector of the economy. In this case, the following basic conditions must be met: the activities of the enterprise must comply with the adopted strategy and mission; it is necessary to ensure the financial and economic stability of the enterprise; primary information should contribute to successful leadership and effective management decisions. With the help of the internal control system, directions for improving the financial and economic activities of the enterprise are determined, procedures are determined that allow maximizing profits, and rational distribution of costs is ensured. To develop the theoretical foundations of internal control, the article proposes a conceptual model of the internal control system for financial results. An effectively functioning organizational model of internal control includes a set of goals, objectives, principles, subjects, objects, tools, standards of internal control, its regulatory and information support, documenting the control process, information support of the management system, and making effective management decisions. The toolkit for internal control of financial results is a complex mechanism that integrates and coordinates specific tools (methods) for the formation of information support for the management system. The results of research can be used to create and improve the internal control system aimed at ensuring the efficient and continuous operation of the enterprise; conceptual provisions can be applied in the development of regulations, methods and procedures for internal control.

scholarly journals The Risk-Oriented System of Financial Provision in the Face of Globalization Changes

2020 ◽  
Vol 12 (515) ◽  
pp. 411-416
Author(s):  
O. V. Ptashchenko ◽  
Keyword(s):  
Internal Control ◽  
Structural Changes ◽  
Business Processes ◽  
Business Environment ◽  
High Tech ◽  
Labor Costs ◽  
The Face ◽  
Strategic Goals ◽  
Control Procedures ◽  
Oriented System

The article examines the main features of the risk-oriented system of financial provision, identifies the groups of risks arising in the business environment of the company, and focuses on the possibility of a risk-oriented system of financial provision in the context of globalization changes. Modern technologies play a crucial role in ensuring positive dynamics of social processes and causing structural changes in the social sphere. Recognition of high-techness as the basis of socio-economic development requires the introduction of modern management methods and instruments, including through the development of effective communication strategies for high-tech enterprises. The procedure for organizing internal control, including the duties and powers of the company’s divisions and employees, is determined by both the nature and the sphere of the company’s activities, the peculiarities of the management system. The basic principle should be: everyone be careful and compare labor costs with the results during the control. It must be noted that the organization and evaluation of the internal control system can be carried out with the participation of the company itself and/or external consultant. Control procedures are an integral part of the company’s business processes, and their goal is to exclude (reduce) the likelihood of risks falling into the scope of checkpoints and to link risk factors of business processes to the company’s strategic goals.

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