Importance The theory and practice of management accounting actively develops, though it has not been institutionally formalized yet. Considering the legislative requirements to organize and perform internal control, it is necessary to get theoretical, scientific and practical understanding of internal control and substantiate it, including international experience and specifics of types of business activities. The research analyzes aspects of setting up the internal control mechanism and effectuating it and illustrates investment activities. Objectives The research substantiates the need in internal control and setting forth internal control rules in local corporate standards. It also analyzes components of control environment, procedures and priority areas of control, illustrating investment activities. Methods Theoretical and methodological underpinning of the research comprises proceedings by the leading national and foreign scholars on management accounting and internal control issues, legislative and regulatory documents, and materials of researches and periodicals. The research employs heuristic, empirical and logic methods, and comparative analysis. Results Having systematized conceptual approaches to the organization and performance of internal control, I determined organizational and methodological aspects of internal control in investment activities, i.e. a structure of technological and economic processes of investing, composition of financial responsibility centers and their subordination, scope of control, hierarchy of feedback. Conclusions and Relevance Setting up an effective internal control system for any type of corporate activities, including investing, is a complicated managerial issue. Addressing it, the entity should use the existing theoretical basis and practical experience, broad capabilities of Information Technologies, strictly regulate activities and authority of each party involved. The outcome of the research may be used by the investing companies' management to build a system for internal control of investing activities, and develop appropriate local regulations for the company.
Keywords: management function, control environment, production investment, responsibility center, feedback
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