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International Accounting
 

Organizational aspects of internal financial control (audit) implementation in State-financed institutions of higher professional education

Vol. 20, Iss. 17, SEPTEMBER 2017

PDF  Article PDF Version

Received: 23 November 2016

Received in revised form: 15 December 2016

Accepted: 12 January 2017

Available online: 20 September 2017

Subject Heading: REGULATION AND STANDARDIZATION OF REPORTING

JEL Classification: R51

Pages: 1024–1038

https://doi.org/10.24891/ia.20.17.1024

Gvarliani T.E. Sochi State University, Sochi, Russian Federation
antana-tata@mail.ru

Tomskikh S.A. Sochi State University, Sochi, Russian Federation
tomskix47@mail.ru

Oborin M.S. Plekhanov Russian University of Economics, Perm Institute (Branch), Perm, Russian Federation
recreachin@rambler.ru

Subject The article addresses organizational aspects of internal financial control implementation in the activity of higher education institutions.
Objectives The aims of the study are to arrange efficient control over budget funds utilization in the education sphere, streamline the powers of State and municipal authorities in the financial control implementation, improve the relevant regulatory framework.
Methods The paper rests on systems approach to the study of specifics of internal financial control introduction in higher education institutions' activities.
Results Internal financial control at State-financed education institutions can be organized through creating the internal control (audit) function or involving independent auditors (specialized organizations) on a contractual basis. For self-control purposes, it is necessary to allocate control functions among the departments of the institution and create internal commissions.
Conclusions and Relevance We conclude that the formation of modern regulatory framework for organization and implementation of efficient internal financial control will ensure safety, efficiency and legitimacy of financial operations performed by State-financed educational institutions.

Keywords: internal financial control, internal financial audit, financial security, audit, higher education

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