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International Accounting
 

Unfolding the theoretical principles of the internal control of fixed assets

Vol. 24, Iss. 9, SEPTEMBER 2021

Received: 26 August 2021

Received in revised form: 8 September 2021

Accepted: 9 September 2021

Available online: 15 September 2021

Subject Heading: CONTROL AND AUDIT

JEL Classification: М42

Pages: 1017–1032

https://doi.org/10.24891/ia.24.9.1017

Guzaliya S. KLYCHOVA Kazan State Agrarian University (Kazan SAU), Kazan, Republic of Tatarstan, Russian Federation
kgaukgs@mail.ru

https://orcid.org/0000-0003-1524-0552

Alsu R. ZAKIROVA Kazan State Agrarian University (Kazan SAU), Kazan, Republic of Tatarstan, Russian Federation
zakirovaar@mail.ru

https://orcid.org/0000-0001-6393-7456

Kamil Z. MUKHAMEDZYANOV University of Management TISBI, Kazan, Republic of Tatarstan, Russian Federation
kamzolmkz@mail.ru

https://orcid.org/0000-0003-4254-2003

Amina S. KHUSAINOVA Center for Maintenance of Performance of Russian Treasury, Kazan, Republic of Tatarstan, Russian Federation
a.khusainova@bk.ru

https://orcid.org/0000-0001-9106-3514

Subject. Aspects concerning the internal control of fixed assets constitute a crucial element of the corporate governance system, since the information managers get from such checks helps them make timely and effective administrative decisions.
Objectives. The study is intended to unfold theoretical principles of the internal control of fixed assets. As part of the study, we determine the goal, tasks, functions, agents and targets of the internal control of fixed assets, sorted out tools for documentary and physical control of fixed assets. The article presents our suggestions concerning the development of the methodological framework for the presentation of internal control results.
Methods. We applied general methods of research, such as the systems approach, comparison, systematization, and data generalization.
Results. We built a conceptual model for the internal control of transactions with fixed assets, which constitutes a logic and coherent system. It includes key elements of internal control, such as the goal, tasks, functions, targets, agents, tools, data sources, the regulatory framework, the collection of evidence, documenting of internal control results, and the preparation of recommendations for the more effective use of fixed assets.
Conclusions and Relevance. The conceptual model for the internal control of fixed assets will ensure the sustainable development and effective performance of the company, reasonable use of its resources, the creation of the information supply system at all the management levels, which meets modern business requirements. The practical value of the study is that the proposed approaches can be used to create and improve the internal control system for the effective and ongoing performance of the company. The conceptual principles can be applied to articulate clauses, techniques and procedures of internal control.

Keywords: internal control, fixed asset, documentary control, physical control, working document

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