Importance At the present time, the successful development of organizations is directly linked with the construction of an effective system of internal control. In this regard, the study of internal control as a means of identifying the risks of an organization is particularly relevant. Objectives The main goal of my paper is to consider new approaches to the organization of the risk management system and the establishment of an effective system of internal control of organizations. Methods To achieve this goal, I have analyzed the theoretical foundations for building a system of internal control within an organization, provided the causes of risk and demonstrated the urgency of their management on the basis of the internal-control system implementation. I consider the comparative characteristics of the services of internal audit and internal control and highlight some of the trends in the development of a regulatory and legal support system of internal control. For the analysis and risk management of organizations I propose an algorithm of enterprise risk management. Results The implementation of this algorithm can assist in identifying the problems in the organization of the system and internal control procedures, to strengthen its relationship with risk management. Conclusions and Relevance I came to a conclusion about the need for creation of a modernized system of internal controls to identify and minimize the risks in managing the financial and economic activities of an organization.
Adams R. Osnovy audita [Auditing: Basics]. Moscow, Audit, YUNITY Publ., 1995, 398 p.
Burtsev V.V. Organizatsiya sistemy vnutrennego kontrolya kommercheskoi organizatsii [The organization of an internal control system of a commercial organization]. Moscow, Ekzamen Publ., 2000.
Dodge R. Kratkoe rukovodstvo po standartam i normam audita [Quick Guide to the Standards and Norms of Audit]. Moscow, Finansy i statistika, YUNITY Publ., 1992, 240 p.
Kucherov A.V. Vnutrennii audit v Rossii [Internal audit in Russia]. Molodoi uchenyi – Young scientist, 2013, no. 6, pp. 359–362.
Mikheev M.V. Sistema vnutrennego kontrolya stroitel'nykh organizatsii i ee znachenie pri vyyavlenii faktov iskazheniya dannykh bukhgalterskoi (finansovoi) otchetnosti [A system of internal control of the construction organizations and its significance when identifying the facts of data distortion of the accounting (financial) reporting]. Audit i finansovyi analiz – Audit and financial analysis, 2013, no. 1.
Nechipurenko L.S. Vnutrennii kontrol' riskov [Internal control of risk]. Available at: Link. (In Russ).
RF Federal Law “On Auditing” of December 30, 2008 ¹ 307-FZ. (as amended on March 4, 2014) (In Russ.)
Resolution of the Government of the Russian Federation “On Approval of the federal rules (standards) of auditing activity” of September 23, 2002 ¹ 696. (as amended on December 12, 2011)
Information letter of the Ministry of Finance of the Russian Federation “On Disclosure of information on the risks of economic activities of an organization in the annual financial statements” ¹ PZ-9/2012. (In Russ.)
Information letter of the Ministry of Finance of the Russian Federation “On Organization and implementation of an internal control of accomplished fact of economic life, compiling of accounting and financial (accounting) statements by an economic entity” ¹ PZ-11/2013. (In Russ.)
Rogachev A.Yu. Chelovecheskii faktor v operatsionnykh riskakh [Human factor in operational risks]. Available at: Link. (In Russ.)
Sotnikovà L.V. Vnutrennii kontrol' i audit [Internal control and audit]. Moscow, Finstatinform Publ., 2000.
Arrow K. Vozmozhnosti i predely rynka kak mekhanizma raspredeleniya resursov [Possibilities and Limits of Market. Optimality and Information Efficiency in Resource Allocation]. Moscow, THESIS Publ., 1993, iss. 2, p. 64.
Enterprise Risk Management – Integrated Framework (ERM), Committee of Sponsoring Organizations of the Treadway Commission. 2004.
International standard on auditing 315 “Identification and assessment of risks of material misstatement through understanding the entity and its environment”. Handbook of International Quality Control, Auditing Review, Other Assurance, and Related Services Pronouncements. 2013 Edition. Volume I. International Federation of Accountants. New York, USA.
International standard on auditing 315 “Identification and assessment of risks of material misstatement through understanding the entity and its environment”. Handbook of International Quality Control, Auditing Review, Other Assurance, and Related Services Pronouncements. 2013 Edition. Volume I. International Federation of Accountants. New York, USA.
