Importance The article considers challenges of internal control organization that require professional judgment in accounting. Objectives The objective is to identify areas of internal control that are regulated through the application of professional judgment by accountant or internal auditor, and to formulate recommendations on the audit process organization. Methods The methodology of the study relies on the concept of professional judgment and development of the control function of accounting. We also employ monographic, logical and analytical methods. Results The paper proposes an approach to periodization of internal control development and its statutory regulation in Russia over 20th–21st centuries. We distinguish additional classification features of the internal control as an institution and a process, offer recommendations on the content of internal control procedures depending on the period of its implementation, review methods for internal controls analysis. Conclusions and Relevance The internal control, in addition to its regulation by legislation, is a sphere, where accountants and internal auditors apply their professional judgment. Based on the principles of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), for efficient control it is necessary to create a policy of internal control, applying a variety of activities and procedures depending on the period of their implementation.
Keywords: professional judgment, accountant, internal control, efficiency, estimation
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