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Financial Analytics: Science and Experience
 

Analyzing internal control in buying organizations as part of public procurement for research, development, experimental and technological projects

Vol. 9, Iss. 41, NOVEMBER 2016

PDF  Article PDF Version

Received: 15 August 2016

Received in revised form: 8 September 2016

Accepted: 20 October 2016

Available online: 17 November 2016

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: H56, H57, H83

Pages: 2-10

Agapova T.N. Moscow University of Ministry of Interior of Russian Federation named after V.Y. Kikot, Moscow, Russian Federation
tnagapova@gmail.com

Sirkin R.V. Special-Purpose Equipment and Communication R&D Association of Ministry of Interior of Russian Federation, Moscow, Russian Federation
sirkinrv@gmail.com

Importance The research reviews the process of internal control in the buying organization over public procurement for research, development, experimental and technological work so to strengthen control over budgetary spending, and comply with the principles of completeness, accuracy, and reliability of accounting documents, financial statements and R&D documentation.
Objectives The research analyzes the existing process of internal control in the buying organizations over public procurement for research, development and engineering and suggests how the process might be optimized. We also determine what role internal controls play in the Russian mechanism for public control over procurement for research, development and engineering.
Methods The research involves an analysis and identifies current issues and risks arising from public procurement for research, development and engineering.
Results The article maps the steps of internal control in the buying organizations over public procurement for research, development and engineering and proposes the definition of internal control over public procurement for research, development and engineering.
Conclusions and Relevance We formulated the main paths for development of internal control. The proposed map of the internal control process will help controlling authorities set up and develop the information system, which would include management and financial accounting data of contractors, thus contributing to the development of internal control over public procurement for research, development and engineering.

Keywords: internal control, methods, system, research, development, engineering, technological work, public procurement

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