Artem A. TIMOSHENKOKuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation 1518artem1488@mail.ru ORCID id: not available
Subject. This article discusses the process of documenting the internal control procedures for the financial and economic activity risks within the organization's management system. Objectives. The article aims to produce a methodology for documenting internal control procedures, including a set of working documentation that reflects the actions taken to identify risks, their assessment, and options for mitigation. Methods. For the research, we used case study and analytical methods, as well as special methodological techniques. Results. The article finds that the choice of an internal control form largely depends on the specifics of the organization's activities and the scale of the business. The article offers a set of control procedures for identifying risks at the stage of revenue and expense formation, an author-developed corporate information system model, and an assessment of its capabilities, as well as working documents for recording, monitoring, and evaluating residual risk. Conclusions and Relevance. The proposed working documents can help systematize the identified risks, group the results of internal control, and timely assess its effectiveness. The results obtained may be useful to business entities in various industries engaged in entrepreneurial activities.
Keywords: internal control, risks, documentation of control procedures
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