Strategies and mechanisms for the effective functioning of the internal control and audit system in vertically integrated systems (for example, Fosun Pharma)

2021 ◽  
pp. 16-27
Author(s):  
Tatyana Petrovna Krivetskaya ◽  
Ge Chunting ◽  
Zhou Jincheng
Keyword(s):  
Internal Control ◽  
Medical Industry ◽  
Integrated Systems ◽  
Effective Mechanism ◽  
Audit System ◽  
Effective Functioning

The article discusses the issues of internal control and audit of a vertically integrated company in the medical industry, identifies ways to improve the effective mechanism of the company in vertically integrated systems, internal control and audit systems.

scholarly journals Methodological Approaches to Establishing the System of Internal Control in Agricultural Companies

2020 ◽  
Vol 7 (5) ◽  
pp. 69-79
Author(s):  
I. V. Alekseeva ◽  
V. A. Mosentseva
Keyword(s):  
Control System ◽  
Internal Control ◽  
Agricultural Enterprises ◽  
Effective Functioning ◽  
Control Functions ◽  
Internal Control System ◽  
Effective System ◽  
Internal Standardization ◽  
Specific Regulation ◽  
Control Service

The system of internal control (ICS) plays an important role in the management of agricultural enterprises. Methodological support of internal control is a key to their effective functioning. Regulatory framework in this area is lacking which calls for the clear industry-specific internal standardization including the standard to regulate control functions. To make the study and substantiate the results the following general scientific methods and instrumental technologies of scientific knowledge were used: logical and comparative analysis, modeling, retrospective, systemic, process, process-oriented approaches. The article provides the structure and content of the optimal (reference) version of the Provision for the effective functioning of the internal control system to unify the internal industry-specific regulation and improve the work of the internal control service. It requires the comprehensive approach to improving the quality of the internal control system based on methodological developments in question. The proposals within the framework of this study are the basis for setting up an effective system of internal control. Methodological developments and the standard itself can be integrated into a software product used in an agricultural company, which will increase the effectiveness and efficiency of the internal control service.

scholarly journals Internal control and audit system in the Ministry of Defense and Serbian Armed Forces

2020 ◽  
Vol 62 (2) ◽  
pp. 157-173
Author(s):  
Miodrag Radivojević ◽  
Branko Tešanović
Keyword(s):  
Internal Control ◽  
Armed Forces ◽  
Audit System

scholarly journals Analysis of the process of internal audit in Ministry of defense of Ukraine

2019 ◽  
Vol 9 (1) ◽  
pp. 40-59
Author(s):  
Andriy Ignatenko ◽  
Mikhail Lysenko ◽  
Anatolii Loishyn ◽  
Sergey Mazka
Keyword(s):  
Internal Control ◽  
Internal Audit ◽  
Professional Community ◽  
Armed Forces ◽  
Practical Experience ◽  
Financial Control ◽  
Audit System ◽  
Guidance Documents ◽  
And Control ◽  
Military Units

The article is of interest to specialists of internal audit, internal and financial control, and heads (commanders) of structural subdivisions of the Ministry of Defense of Ukraine and the Armed Forces of Ukraine, military units, institutions and organizations in the systems, which directly organize internal control. The article substantiates the lack of preliminary coverage in the scientific works of the retrospective development of the system of internal audit and financial control. The scientific task of structuring existing information with the use of guidance documents and practical experience for the hierarchical construction of the transformation of approaches and views on the activities of structural units that monitored the effective management of state property and resources in the system of the Ministry of Defense and the Armed Forces of Ukraine was formulated. The article focuses on the delineation of internal control and internal audit. The necessity of implementation of internal control and its effectiveness is substantiated. The study analyzed the guidance documents that regulated the activities and the establishment of internal audit and internal control at the stages of its formation. The meeting covered the issues of transformation of financial control bodies in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine, their main directions of activity and tasks were determined. Three stages of reforming financial and control bodies in the Ministry of Defense of Ukraine were identified, in which there were changes in approaches to the construction of the internal control and internal audit system. The article presents a retrospective analysis of the evolution of views on the purpose and objectives stated in the relevant provisions of the financial control bodies of the Ministry of Defense of Ukraine during the period of Ukraine's independence from the standpoint of implementing the declared goals of Ukraine's integration into the international professional community. The introduction of internal audit as an independent activity is aimed at improvement of the control system, prevention of the facts of illegal, inefficient and inefficient use of budget funds, errors occurrence or other deficiencies in military units and budget institutions, improvement of internal control, and the adoption of sound management decisions in modern conditions.

scholarly journals Kozhukhova T.V., Lezhnenko L.I., Liadska V.V. EXPORT OPERATIONS OF MANUFACTURING ENTERPRISES AS AN OBJECT OF ACCOUNTING AND AUDITING

2021 ◽  
pp. 91-97
Keyword(s):  
Internal Control ◽  
Research Process ◽  
Practical Significance ◽  
Manufacturing Enterprises ◽  
Audit System ◽  
Industrial Enterprises ◽  
Audit Firms ◽  
Separate Area ◽  
Definition Of ◽  
Goals And Objectives

Objective. The objective of the article is to determine the export operations of manufacturing enterprises as an object of accounting and audit. Methods. In the research process the following general scientific methods and techniques of cognition were used: methods of comparison, generalization and analogies to substantiate the definition of export operations of industrial enterprises as an object of accounting and audit; abstract-logical — to justify the separation of export operations into a separate audit area in order to improve the quality of audit control. Results. Based on the results of the research, the differences between export operations and operations carried out by manufacturing enterprises in the domestic market have been determined; the goals and objectives of accounting of export operations have been clarified; it is substantiated that the audit of export operations of manufacturing enterprises is a separate area in the general audit system; detailіzation and systematization of general audit tasks was carried out in terms of export operations auditing of manufacturing enterprises to assess the effectiveness of the accounting and internal control system, to confirm compliance with current legislation and the reliability of reporting; the goals and objectives of the audit of export operations have been determined; the need to develop a methodology for export operations auditing of manufacturing enterprises-exporters have been substantiated. The practical significance of the results is the possibility of their use in the practice of audit firms. Key words: export operations, accounting of export operations, audit of export operations, manufacturing enterprises, audit firms.

scholarly journals An analysis of audit committee effectiveness at the largest listed companies in South Africa from a CFO and audit committee perspective

2009 ◽  
Vol 9 (1) ◽  
Author(s):  
Ben Marx
Keyword(s):  
South Africa ◽  
Financial Reporting ◽  
Internal Control ◽  
Financial Literacy ◽  
Audit Committee ◽  
Listed Companies ◽  
Audit Committees ◽  
Chief Financial Officers ◽  
Subject Field ◽  
Effective Functioning

Purpose: The purpose of the study is to investigate and analyse the effective functioning of audit committees at the largest listed companies in South Africa.Problem investigated: The modern audit committee is often seen as the panacea of the corporate world and as such is looked upon to cure all the financial reporting and control-related problems of entities. Audit committees are, however, not always as effective as they are held to be, as is evidenced by the many well-known corporate scandals and business failures that occurred where audit committees existed and fraudulent financial reporting, audit failures, internal control breakdowns and other irregularities prevailed. The modern audit committee will be of value only if it is properly constituted, is functioning effectively and if its role is clearly understood by all the parties concerned. The research problem investigated stems precisely from this issue, and the paper therefore aims to analyse the effective functioning of the audit committees at the largest listed companies in South Africa. Methodology: The study empirically tested the audit committee practices at the largest listed companies in South Africa. This was done through questionnaires addressed to the CFOs and audit committee chairs. Findings: The study found that audit committees at the largest listed companies in South Africa are well established, properly constituted, have the authority and resources to effectively discharge their responsibilities and consist of members who act independently and who have the right mix of appropriate experience, financial literacy and financial expertise amongst their members. The audit committee's role was found to be generally well understood and supported by the board and the Chief Financial Officers. It was further found that the audit committees are effective in discharging their oversight responsibilities on the board's behalf, with the only real exception being their effectiveness regarding IT-related aspects. Value of research: The study provides valuable information on audit committee practices and the effectiveness of audit committees at the largest listed companies in South Africa. These findings can therefore serve as guidelines for best practice standards for audit committees at other companies and institutions. Conclusion: Audit committees at the largest listed companies in South Africa were found to be well established and according to the views of the CFOs and audit committee chairs to be functioning effectively. Further research regarding the subject field of audit committees should focus on the status and effective functioning thereof at smaller companies, unlisted entities, higher education institutions and public sector entities.

scholarly journals The Defects and Improvements of the Internal Control Audit in Chinese Universities with respect to the Probabilistic Hesitant Fuzzy Environment

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-8
Author(s):  
Jingjuan Zhu ◽  
Ling Xu ◽  
Yunzhong Liu ◽  
Dawei Zhu ◽  
Liangliang Chen
Keyword(s):  
Internal Control ◽  
Professional Knowledge ◽  
Internal Audit ◽  
Principal Component ◽  
Qualitative Evaluation ◽  
Ministry Of Education ◽  
Knowledge And Skills ◽  
Internal Auditors ◽  
Audit System ◽  
Evaluation Information

This paper analyzes the survey data and qualitative evaluation information of the internal control audit of some universities directly under the Ministry of Education of China (MEC) by using the principal component analysis. The qualitative evaluation information is given by experts and presented by the probabilistic hesitant fuzzy elements. The analysis results show that the internal control audit system and process are not perfect, the professional knowledge and skills of internal auditors in universities are not very adaptable to internal control audit, and the effectiveness of internal control audit management conducted by external firms is not good. These are the three most serious defects of the current internal control audit in universities. The most critical factors influencing the quality of internal control audit in universities are, in order, the difficulty of rational use of the results of internal control audit by universities, the poor support of the leadership for internal control audit, and the insufficient professional knowledge and skills of internal auditors to conduct internal control audit. Thus, this paper proposes that the optimization suggestions for the internal control audit of universities are to establish and improve their internal control audit system and process to continually promote the application of internal control audit results, to increase the degree of attention of the leadership, and to strengthen the construction of the internal audit teams.

scholarly journals 8.6. Management models of internal control of receivables and payables: monitoring, analysis, response measures

2020 ◽  
Author(s):  
Э.Н. Самедова ◽  
Е.П. Кучерова ◽  
Ю.А. Рожнова
Keyword(s):  
Internal Control ◽  
Debt Management ◽  
Negative Consequences ◽  
Financial Position ◽  
Management Models ◽  
Effective Functioning ◽  
Lack Of Control ◽  
Response Measures ◽  
Main Factors

Одним из основных факторов эффективного функционирования компании является постоянное взаимодействие с контрагентами, вследствие чего при наличии кризисных явлений в экономике возникает задолженность. Отсутствие контроля роста дебиторской и кредиторской задолженности может привести к существенным негативным последствиям. В связи с этим в статье предлагаются модели управления задолженностью, позволяющие стабилизировать финансовое положение компании и минимизировать риски. One of the main factors of effective functioning of the company is constant interaction with contractors, as a result of which, in the presence of crisis phenomena in the economy, debt arises. The lack of control over the growth of receivables and payables can lead to significant negative consequences. In this regard, the article offers debt management models that help to stabilize the company's financial position and minimize risks.

scholarly journals Regulation and Supervision of the Banking System of the Republic of Srpska / Regulacija i kontrola bankarskog sistema Republike Srpske

2015 ◽  
Vol 5 (5) ◽  
pp. 262
Author(s):  
Zorica Drljača
Keyword(s):  
Internal Control ◽  
Banking System ◽  
International Accounting Standards ◽  
Safety Regulation ◽  
Bank Capital ◽  
External Audit ◽  
Audit System ◽  
Minimum Standards ◽  
Special Factor ◽  
The Republic

Development of the modern banking system in the market economy, liberalization and deregulated economy are created to remove barriers and unlimited flow of the capital. A safety regulation in that process has to play special factor. Determinations of the safety regulation to act as ultimate goal to establish and maintain security and stability of the banking system, as addition to establishing minimum standards on particular elements of foundation and operation of banking system, particularly the important role has to be assigned to supervisor. Supervisor is a separate institution with clearly defined authority in the process of performing continually supervision in the order to control guidance and improve the entire banking system. In addition to continuous monitoring and the controlling of the banking system supervisor, the importance of the internal control system is to be highlighted specially enfolded with internal and external audit. In the Republic of Srpska safety regulations are based on the Law on Banking Agency of Republic of Srpska, Law on Banks of the Republic Srpska and the other laws financial institutions that structure the banking system of the Republic of Srpska. Distinct importance in the context of the safety is context of regulation are implementing of the Banking Agency of the Republic of Srpska and Board of Directors of the Agency stipulating: the minimum standards and criteria for the establishment of banks, the minimum standards for the bank capital management and capital protection, monitoring of the market, the operational and credit risk, minimum standards for the bank liquidity management, reporting financial operations, the applications of international accounting standards, including minimum standards of the internal control systems, internal and external audit system. Supervision of the banking system in the Republic of Srpska is performed the Banking Agency of Republic of Srpska, in according to the methodology: perpetual monitoring reports, information and data on the state in banking system, direct review of accounting books, accountancy and other documents recorded in the bank customers by ranking indicators of bank performance and by comparison with the minimum, average domestic and cross-border well-known, standards.

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