The Role of Internal Control Techniques in Sustainable Development to Improve Financial Performance

2021 ◽  
Vol 39 (11) ◽  
Author(s):  
Raed Naeem Rashid ◽  
Hayder Basim Kareem ◽  
Mohammed Hussein Ali ◽  
Mohammed Faez Hasan
Keyword(s):  
Sustainable Development ◽  
Financial Performance ◽  
Delivery System ◽  
Internal Control ◽  
Financial Control ◽  
Technological Revolution ◽  
Control Techniques ◽  
Government Institutions ◽  
Institutional Process

The study presents the internal control as the main catalyst for the success of the institutional process. The most recent methods are presented in detail in each method and methods of implementation to achieve the desired goal: to circulate the electronic attendance and delivery system through the complaints and suggestions box, conduct a random customer questionnaire that reflects the efficiency of the work . The technological revolution must be approved and dealt with, which benefits government institutions and ensures that institutions continue to progress and achieve the best results and the best services. The administrative and financial control is the evaluation that shows the strength of the mechanisms and the weakness on which the institution depends, where the services of the institution and its activities are improved, which increases the performance of the administration, which is subject to internal control

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.

ACCOUNTING AND ECONOMIC ANALYSIS IN CONDITIONS OF DIGITALIZATION AND GLOBALIZATION OF PUBLIC RELATIONS

2019 ◽  
Vol 6 ◽  
pp. 203
Author(s):  
Yaroslav Izmaylov ◽  
Iryna Yegorova ◽  
Evalds Viskers
Keyword(s):  
Sustainable Development ◽  
Public Relations ◽  
Economic Analysis ◽  
Internal Control ◽  
National Economy ◽  
Economic Activity ◽  
Accounting Information ◽  
Economic Relations ◽  
Analysis System

The aim of the research is to identify the directions of accounting and economic analysis in the context of globalization and electronic data processing. The role of accounting and economic analysis in managing sustainable development of the national economy and economic entities is determined. The theoretical and methodological design of improved systems of accounting and economic analysis of  enterprises’ economic activity including expanded and updated functions, tasks and principles in accordance with current conditions of digitalization and globalization of public relations is presented. It allows creating appropriate organizational and methodological provision of accounting and analytical support of managing enterprises’ activity to increase reliability and relevance of accounting information. The authors prove that  improved components of the accounting and economic analysis system of enterprises’ economic activity in the conditions of digitalization and globalization of economic relations will enhance application of  accounting techniques, procedures, methodological support, management and internal control.  

scholarly journals Examining the Effect of Budgetary Controls on the Financial Performance of Oman Telecommunication Company.

2021 ◽  
Vol 8 (6) ◽  
pp. 83-95
Author(s):  
Raya Mohammed AL Mahroqi
Keyword(s):  
Financial Performance ◽  
Organizational Performance ◽  
Survey Method ◽  
Top Management ◽  
Microsoft Excel ◽  
Control Techniques ◽  
Budgetary Control ◽  
Control Procedures ◽  
The Impact

The budgeting process and budgetary control are one of the most important activities that have great importance in the techniques used for planning and monitoring activities and all the administrative and financial functions of the organization. This study aims to assess the effect of budgetary control on the financial performance of the Oman Telecommunications Company and verify the effectiveness of budgetary control techniques in the company, in light of the support and role of top management for budgetary control techniques in the company. This study will allow financial managers in various companies to understand the nature of the work of budgetary control techniques, their importance, and the extent of the impact of each technique, and thus managers will be able to determine the best-used and appropriate techniques that will lead to raising efficiency in financial and organizational performance. As for the research methodology used in the study, the survey method based on questionnaires and interviews was used. Data were analyzed using frequency distribution, correlations, and regression analysis. Microsoft Excel was used to analyze the collected data. As for the interview, they were analyzed by descriptive and explanatory methods. The results indicated that there is a positive relationship between budgetary control and the financial performance of the company, the differential impact of budgetary control techniques, and the confirmation of the company’s use of the technique of variance analysis and accounting responsibility, as well as the importance of budgetary control procedures. The results also indicate the importance of support and the role of top management for budgetary control techniques. Several recommendations were made through the results of this study. The recommendation was made on the need to understand and implement the company’s adjustment of funds technique for its importance in improving and raising the company's financial performance significantly in the company. Keywords:      Budgetary Control, Organizational Financial Performance,                         Budgetary Control Techniques, Budgeting     

scholarly journals Budgeting as an Instrument of Increasing Competitiveness and Sustainability of Mining Enterprise

2020 ◽  
Vol 174 ◽  
pp. 04054
Author(s):  
Natalia Rebrowa ◽  
Alexandr Kovalev ◽  
Olga Frik ◽  
Gaik Sargsyan
Keyword(s):  
Sustainable Development ◽  
Financial Performance ◽  
Financial Planning ◽  
Structural Adjustment ◽  
The State ◽  
Planning Tool ◽  
Mining Companies ◽  
Mining Enterprise

The authors conducted a study of the concept and essence of budgeting as a financial planning tool for mining companies to secure their sustainable development. The role of budgeting in increasing the competitiveness and sustainability of the organization is shown. The importance of information on the state of budgets is shown. This information provides the company management with the opportunity to analyze the financial performance of the structural divisions of the company, identify promising areas of activity, as well as areas of differentiation of activities or structural adjustment.

scholarly journals Analysis of factors of external and internal influence on the efficiency of the functioning of the internal control system

2019 ◽  
Vol 9 (2) ◽  
pp. 37-56
Author(s):  
Костянтин Кустріч ◽  
Анатолій Лойшин
Keyword(s):  
Control System ◽  
Internal Control ◽  
Internal Audit ◽  
Armed Forces ◽  
International Standards ◽  
Financial Control ◽  
Internal Factors ◽  
Starting Point ◽  
Internal Control System

The article is of interest to internal control specialists who carry out their activities, both within the system of the Ministry of Defense of Ukraine and the Armed Forces of Ukraine, as well as in other bodies of state power, institutions and organizations of any form of ownership. Also, the results of the study will be useful to the audit team as a service that is directly involved in the process of assessing the effectiveness of the functioning of the internal control system. In the article, through review of normative legal documents, an analysis of the formation and functioning of the internal control system, both in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine, as well as in the state as a whole, was conducted. The place and role of internal control in the general system of state internal financial control, in addition to the internal audit and the harmonization unit within the Ministry of Finance of Ukraine, have been established. The role of the main international standards of state internal control in the development of state internal financial control in Ukraine is determined. It is formulated that the system of internal control in the process of its functioning, like any other system, is exposed both by external and internal factors. The list of existing factors influencing the functioning of the internal control system through analysis in three directions is determined: analysis of the guidelines and the main international standards governing the functioning of the internal control system, the analysis of scientific articles, scientific works in the relevant field, interviewing with specialists of internal control of the Ministry of Defense of Ukraine. The above made it possible to distinguish external and internal factors in the context of the problems of this article. Internal and external factors have been investigated in the context of managed and unmanaged factors. The results of this research are the starting point for solving the scientific task of substantiating the scientific and methodical apparatus for assessing the effectiveness of the functioning of the internal control system in the system of the Ministry of Defense of Ukraine and the Armed Forces of Ukraine.

scholarly journals Historical Analysis of the Role of Governance Systems in the Sustainable Development of Biofuels in Brazil and the United States of America (USA)

2021 ◽  
Vol 13 (12) ◽  
pp. 6881
Author(s):  
Zaman Sajid ◽  
Maria Aparecida Batista da Silva ◽  
Syed Nasir Danial
Keyword(s):  
United States ◽  
Sustainable Development ◽  
Renewable Energy ◽  
United States Of America ◽  
Agricultural Land ◽  
The United States ◽  
Raw Material ◽  
The Sustainable Development ◽  
Government Institutions

The United States of America and Brazil are the world’s first and second-largest biofuels producers. The United States (U.S.) has dedicated a significant portion of agricultural land for crops to produce biodiesel, while Brazil has been using sugar cane as raw material to produce ethanol. To make the world’s top producers in global biofuel markets, various institutions in each country have played significant roles. These institutions include renewable energy legislators, bioenergy policymakers, and energy ministries of their governments. This study delineates the historical role of these institutions responsible for the sustainable development of biofuel industries in both countries. It also provides an overview of economic impacts as a result of institutional decisions. The study reveals that systematic legislations and sustainable and robust renewable energy policies of government institutions have helped the U.S. and Brazil to boost their bio-economies. As both countries intend to keep expanding their biofuel productions, the role of key government institutions is vital in the sustainability of biofuels.

scholarly journals Firms’ Sustainability: Does Economic Policy Uncertainty Affect Internal Control?

2019 ◽  
Vol 11 (3) ◽  
pp. 794 ◽  
Author(s):  
Fang-Nan Liao ◽  
Xiao-Li Ji ◽  
Zhi-Ping Wang
Keyword(s):  
Sustainable Development ◽  
Economic Policy ◽  
Internal Control ◽  
Policy Uncertainty ◽  
Causal Inferences ◽  
Firm Level ◽  
Exogenous Shock ◽  
Economic Policy Uncertainty ◽  
Insight Into

This paper studies whether economic policy uncertainty (EPU) influences internal control (IC). Exploiting EPU as an exogenous shock and using unique internal control index data at the firm level from China, we can make causal inferences about the EPU effect on IC, and provide new insight into firms’ sustainability. Our results show that firms tend to cope with higher EPU by improving IC, indicating their efforts to ensure sustainability development. We also find that this trend is intensified for firms localized in regions with a lower marketization degree, state-owned firms, or firms with fewer analysts following. Further analyses show that EPU significantly reduces the internal control auditing fees, hence backing up the association between EPU and IC. Unlike the previous literature, this paper shows the important role of internal control for firms in coping with EPU, which is of crucial significance to how firms seek to adhere to sustainable development and how economic policy works best.

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