LECTURE No. 3. Financial control

1. The concept of financial control

The state implements financial policy by influencing:

1) the scope of financial relations through tax policy;

2) regulation of credit relations;

3) regulation of the financial market;

4) formation of an amortization fund and a system of state support.

Depending on the changes and goals of financial policy, the state weakens or strengthens its intervention in the regulation of certain aspects of economic and social processes.

The sphere of direct state financial management includes only public finances. The management of public finances is regulated by the highest legislative bodies.

The most important part of the country's financial system is the state budget.

In accordance with Art. 10 "The structure of the budget system of the Russian Federation" of the Budget Code of the Russian Federation, the budget system consists of budgets of three levels:

1) the Federal budget and the budgets of state off-budget funds;

2) budgets of subjects of the Russian Federation and budgets of territorial off-budget funds;

3) local budgets.

The Budget Code of the Russian Federation establishes a unified budget system. Along with unity, it is based on the principles of delimitation of income and expenditure between the levels of the budget system, as well as the independence of budgets. In accordance with this, at each budgetary level, there are systems of bodies with budgetary powers.

Finances are economic relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to fulfill the functions and tasks of the state and the reproductive functions of enterprises in ensuring conditions for expanded reproduction.

As a tool for the formation and use of cash income, finance performs the following functions:

1) distribution;

2) regulatory;

3) control;

4) reflect the progress of the distribution process.

It is clear that they are of great importance in the process of reproduction, the solution of the social problems of the state.

Financial control - This is one of the types of management activities.

Thus, financial control is a system for monitoring and verifying the financial activities of a managed object in order to assess the validity and effectiveness of the decisions made, identify deviations from the approved standards and take measures to eliminate them.

The objectives of financial control can be expressed in providing:

1) growth of production efficiency and expenditure of funds;

2) compliance with the current legislation in the field of taxation;

3) the correctness of accounting;

4) the correctness of the preparation and execution of the budget;

5) checking the status and efficiency of the use of enterprise resources;

6) identification of reserves for the growth of financial resources;

7) the correctness of foreign exchange transactions.

Currently, the Unified International System for Standardization of Financial Control is being formed. Its principles are reflected in the organization of control systems that have developed in European states. The international rules of financial control are based on the principles of independence, transparency, legality, objectivity, responsibility, balance, consistency.

Financial control bodies must have independence (organizational, functional, material, etc.) from legal or natural persons whose activities they check. Independence must be formally enshrined in the legislation governing their activities.

2. Functions of financial control

At the level of each enterprise, the functions of control consist mainly in the implementation of measures aimed at the most effective performance of all employees of their duties.

Control in any field of activity allows all systems to function correctly and clearly.

Financial control allows the financial system to function well, reveals its shortcomings in time and corrects the consequences of detected violations, improves financial discipline and stops financial abuses.

The basis of the process of financial control is the analysis of an object or phenomenon in order to study the patterns of its occurrence, development and transformation, the effectiveness of its use in all areas of economic activity.

State financial control covers both the public sector of the economy and entrepreneurial activity and functions through inspections of tax calculations, the fulfillment of state orders by organizations, the procedure for granting and returning subsidies, subsidies, loans, as well as applicable tax benefits.

The object of control is the process of financial and economic activity of subjects of market relations, i.e. the sphere of monetary relations between the state and legal entities and individuals, the sphere of the budget process, the redistribution of income and receipts and effective use.

Financial control functions include:

1) analysis - includes a range of actions for analysis, study of the implementation of the current legislation in terms of the use of state budget funds; identification of deviations in the formation of income and expenses of the subject of financial activity; deviations in the sphere of financial activities of state institutions (ministries, departments, other bodies); analysis of the causes of deviations (research of the facts that led to this or that deviation, identification of the guilty persons);

2) adjustment - includes the development of proposals to eliminate the identified violations of the financial and economic activities of enterprises and organizations, other subjects of control;

3) preventive function - consists in the development of measures to prevent violations, strengthen financial discipline, increase the efficiency of financial control, improve control work, develop new methods and methods of control based on the materials of summarizing the results of inspections.

In modern conditions, the priority direction is the preventive function aimed at preventing violations and abuses, improving the means of preventing violations, promptly responding to misconduct in order to prevent possible violations and abuses, suppressing these actions, and identifying the perpetrators.

The implementation of financial control at the enterprise is also associated with the detection of deviations from accepted standards and violations of the principles of legality, efficiency and economy of spending material resources at the earliest possible stage.

This allows you to take corrective measures, bring the perpetrators to justice, receive compensation for the damage caused, and take measures aimed at preventing such violations in the future.

Thus, summarizing all of the above, it should be noted that financial control performs the function of managing and regulating all financial relationships in the state between its institutions, bodies, and subjects of financial activity. Its elements such as the subject of control, the object of control, the subject of control, the principles of control, the method (method) of control, the technique and technology of control, the decision-making on the results of control, the assessment of the effectiveness of control, determine the mechanism of financial control.

3. Components of financial control

The financial control system includes an accounting system, a control environment, and separate controls.

The accounting system consists of the accounting policy of the enterprise, the structural unit responsible for keeping records and preparing financial statements, the distribution of duties and powers between accounting employees, organizing the preparation, circulation, storage of documents, registers reflecting business transactions, the procedure for recording these transactions, forms and methods of summarizing data from registers, automation tools in record keeping and reporting.

The control environment is the awareness and practical actions of controllers aimed at establishing and maintaining a system of financial control; includes the distribution of responsibility and authority, the procedure for exercising financial control, external factors.

The correct distribution of powers will provide a justified and expedient division of labor, save resources, eliminate duplication of functions, and allow more complete and thorough control.

External factors - cases of exerting pressure on the process of financial control, abuse. Controls - methods and rules designed to ensure that transactions are fully registered, exactly in accordance with applicable law, that all violations are detected quickly and the consequences of these violations are clear - their impact on the reliability of accounting and reporting data.

В financial control system includes:

1) management and financial control, carried out by all structural divisions of the enterprise;

2) separate specialized subdivisions of internal audit, independent of the accounting and financial service.

At industrial enterprises, the centers of responsibility are individual workshops, sections, teams, headed by their leaders, who are responsible for the results of their work.

The most important condition for the implementation of internal financial control is the financial information contained in the accounting, statistical and operational reporting, as well as generalized financial indicators that reflect various aspects of economic activity. Financial information also serves as an information base for management accounting, but, obviously, is not limited to it.

Internal control:

1) is carried out within the enterprise (or management structure) by its employees, who are usually called internal controllers or internal auditors;

2) is organized by decision of the management of the enterprise;

3) is maintained at the expense of the enterprise.

Responsibilities of internal controllers can be included:

1) verification of the effectiveness of the control system;

2) assessment of the effectiveness of the enterprise;

3) determination of the level of achievement of program goals. Note that the organization of internal control services is optional for business entities.

In cases where the information received by the internal control bodies dependent on the management of the managed object does not inspire trust among the owners, there is a need for external financial control. As a rule, the main purpose of external control is to form an opinion on the reliability of the financial position presented in the financial statements, the compliance of the results of operations and cash flows of a business entity with generally accepted accounting principles and legislative norms.

In the general case, we are talking about the reliability of the financial condition of the object of control, the rationality and efficiency of its activities. Thus, internal and external financial control largely complement each other.

4. Main tasks and directions of internal financial control

Internal financial control is an integral part of the general system of managerial control. In a broad sense, under the purpose of the functioning of the internal control system one should understand the preservation and efficient use of the various resources and potentials of a commercial organization, ensuring its effective functioning, as well as sustainability and maximum development in a multifaceted competition. The tasks of internal financial control are:

1) assistance in accounting work, i.e., monitoring specialists in order to effectively fulfill their duties;

2) verification of accounting information, its reliability;

3) control over the safety of the organization's property;

4) providing management bodies with the necessary information on all issues of interest;

5) protection from errors, violations, abuses, distortions through the implementation of preventive measures;

6) improving the discipline of accounting work.

Depending on the scale of the enterprise, its individual characteristics of work, the goals and objectives set by the head of the internal financial control service, the areas of control can be:

1) control over the financial and economic activities of the subject;

2) control over compliance with the directions of development of the subject;

3) control and ensuring the effective activity of the subject;

4) control over settlement and payment transactions, production costs, receipts of proceeds from sold products;

5) control over the formation of financial results;

6) identification, prevention and correction of misstatements in accounting;

7) control over compliance with the law, timeliness of settlements with the budget and extra-budgetary funds;

8) control over the timeliness and correctness, as well as the completeness of the reflection in the accounting of all business transactions;

9) control over the correctness of accounting entries;

10) analysis of the activity of the enterprise;

11) control over the implementation of investment and other projects;

12) control of the reliability of information provided to the management system;

13) organization of interaction with external controllers, representatives of inspection and control bodies, organization of internal investigations, creation of control commissions to investigate any circumstances. In addition, control measures on all issues of interest to the head of the subject should be added to these areas.

The achievement of the overall goal of the internal control system is ensured by the interaction of its various elements to achieve the following indicators, which can be used to judge the effectiveness of the management and development of the organization:

1) compliance of the activities of the organization with the adopted course of action and strategy;

2) sustainability of the organization from financial, economic, market and legal points of view;

3) orderliness and efficiency of current financial and economic activities;

4) safety of property;

5) the proper level of completeness and accuracy of primary documents and the quality of primary information for successful management and effective management decisions;

6) performance indicators of the accounting system;

7) growth of labor productivity, reduction of production and distribution costs, improvement of financial and economic performance;

8) rational and economical use of all types of resources;

9) compliance by officials and other employees of the organization with the requirements and rules established by the administration;

10) compliance with the requirements of federal laws and by-laws issued by the authorities of the Russian Federation and its constituent entities, as well as by the authorized bodies of local self-government.

These and many other tasks determine the creation of an effective system of internal control in the organization.

5. Control over financial investments

Financial investments - the transfer by an enterprise of ownership, temporary use or management of its property or funds in order to generate income. They can be short term or long term. Financial investments also include investments in securities, the authorized capital of other enterprises, the provision of loans and borrowings.

The accounting procedure for such investments is subject to control for compliance with the current legislation and the accounting policy adopted at the enterprise.

It also analyzes contracts for the sale of securities (charters, constituent documents in case of investment in the authorized capital of other enterprises), extracts from the register of shareholders, payment documents, certificates, and the availability of securities.

If there are securities in custody or management, the relevant agreements and registers of transferred securities are checked (they must indicate the number, series, par value, quantity, type of securities).

When controlling payment documents, the order of payment (higher or lower than the nominal value), the procedure for paying dividends are checked.

The following are checked: correspondence on transactions with financial investments, the procedure for maintaining analytical and synthetic accounting, the procedure for accounting for the costs of holding securities in a bank depository, the procedure for taxing payments on dividends (withholding tax on income from individuals).

The procedure for reflecting income received from operations with financial investments, the procedure for reflecting the excess of the purchase price of securities over their face value and vice versa are checked. It is necessary to check the procedure for the redemption of securities, to check that on the redemption date their value in the balance sheet is equal to their nominal value.

Particular attention in the control of operations on financial investments is paid to the economic efficiency of investments, that is, they study the criteria that influenced the decision on financial investments. It is necessary to know the specifics of the financial and economic activities of the enterprise in whose activities investments are made, i.e., the officials of the organization are required to carefully study the issues of financial investments, the expected amount of profit and the amount of participation in other enterprises, and work out all contractual issues.

The controller must make sure that these operations did not cover up other transactions and motives, that is, there was no artificial diversion of the enterprise's funds in order to obtain illegal income by individuals through another firm.

When controlling financial investments in other organizations, it is necessary to check agreements on joint activities, the purpose of creating such activities, the procedure for accounting for joint operations (who maintains, whether separate accounting is organized for common affairs and the operations of the participant who is entrusted with keeping records of joint activities), the procedure for paying taxes income from investment operations.

When checking operations on loans granted, accounting statements and other calculations are subject to control to assess their discounted value in accordance with RAS 19/02, the calculation of the initial cost of the object being disposed of is checked in the order of assignment of the right to claim.

The procedure for creating a reserve for the depreciation of securities and the procedure for revaluing securities listed on stock exchanges on a regular basis are supervised. This revaluation must comply with the current legislation (Decree of the Federal Commission for the Securities Market dated November 27, 1997 No. 40 "On Approval of the Rules for the Reflection by Professional Participants of the Securities Market and Investment Funds in the Accounting of Certain Operations with Securities").

Check the order of transactions with bills, bonds, certificates, futures, options, etc.

All securities must be recorded on the off-balance account 004 "Strict reporting forms" at face value and registered by type in a special journal.

6. Basic requirements for the organization of intra-company financial control

The main principles of intra-company financial control are:

1) separation of duties;

2) permission and approval;

3) physical control;

4) the importance of evidence.

In order to reduce the risk of unsatisfactory performance of auditors, management must regularly review them to determine the effectiveness of the work and the accuracy of error correction.

In large companies, the potential benefit of regular financial controls often outweighs the cost of establishing an internal audit department.

An important control criterion is the reduction of potential losses. The control system is designed to help managers of enterprises in matters of:

1) choosing between various alternative actions, planning actions to be taken within a certain period of time;

2) identifying errors of specific performers. They may consist in setting unrealistic plans in the presence of accurate forecasts or in not carrying out those actions that should be taken to implement specific marketing, investment and other decisions;

3) implementation of actions that could correct mistakes and consolidate success.

The key elements of the control system are:

1) objects of control - budgets of structural divisions;

2) subjects of control - individual indicators of budgets (compliance with the limits of the wage fund, the cost of raw materials and materials, energy, etc.);

3) subjects of control - structural divisions and economic services of the enterprise;

4) budget control methods - the implementation of procedures necessary to determine the deviations of actual budget indicators from planned ones in absolute amounts. Control over the implementation of the revenue part of the consolidated budget of the enterprise is designed to ensure uninterrupted financing of its operating (current) and investment activities. This control is exercised by the Financial Department.

Control over compliance with the expenditure part of the consolidated budget of the enterprise is an important problem, the solution of which depends on the efficiency of the economic and financial activities of the enterprise. To successfully solve this problem, it is recommended to establish a clear procedure for conducting management procedures, which ensures:

1) operational analysis of actual deviations from planned functional and consolidated budgets (per month, quarter);

2) development of measures to eliminate unproductive costs and losses, as well as cost-increasing factors identified during the analysis;

3) execution and submission to the management of the enterprise of analytical materials on the execution of complex and functional budgets in order to adjust their revenue and expenditure parts.

It is advisable for each enterprise to create and implement a component automated budget planning system (based on a local computer network), which will help to quickly (daily) receive information on the execution of budgets and make timely adjustments to the revenue and expenditure parts in order to improve the efficiency of financial management of business entities.

An important element of intra-company control, along with budget control, is the financial analysis of the enterprise's financial statements, which includes:

1) horizontal balance sheet analysis; vertical analysis; trend analysis;

2) analysis of financial ratios (liquidity, solvency and profitability).

After moving to a qualitatively new level of planning and control, enterprises should become more attractive and open to investors, creditors and other partners, which will expand their financial capabilities to expand production.

7. Types and system of supervisory bodies of financial control

Financial control can be divided into state and non-state. State financial control is a complex system of control actions of authorities and administrations based on the Constitution of the Russian Federation and other laws.

Its purpose is to track the cost proportions of the distribution of the tax national product, controlling all channels of cash flow, one way or another related to the formation of public financial resources (the completeness and timeliness of their receipt, as well as their intended use).

In the Decree of the President of the Russian Federation in the Decree of the President of the Russian Federation of July 25.07.1996, 1095 No. 25.07.2000 "On measures to ensure state financial control in the Russian Federation" (as amended on July 18.07.2001, XNUMX, July XNUMX, XNUMX), it is said that the state financial control in the Russian Federation includes control over the execution of the federal budget and the budgets of federal off-budget funds, the organization of money circulation, the use of credit resources, the state of the state internal and external debt, state reserves, the provision of financial and tax benefits and advantages.

The purpose of state financial control is to maximize the flow of funds to the treasury and prevent their inappropriate and inefficient spending.

State controllers first of all check the observance of financial discipline, i.e., the strict execution of all established state instructions regarding the use of public funds, including budgetary resources, extra-budgetary funds, funds of the Central Bank, local governments, etc. The controllers have the right to carry out audits and checks mainly in the public sector of the economy. The sphere of private and corporate business is subject to state control only in part, on a certain range of issues: taxation, use of state resources.

Non-state financial control includes intra-company and audit control.

Internal control over the financial and economic activities of the enterprise, branches and subsidiaries is carried out by the enterprise itself, its economic services and is divided into operational (current) and strategic.

Audit control, which arose in the Russian Federation since the late 1980s, is an independent non-departmental financial control, which is carried out both by individual individuals who have passed state certification and are registered as auditor entrepreneurs, and by audit firms (including foreign ones), having any organizational and legal firm provided for by Russian legislation (except for an open joint-stock company).

The system of financial control bodies in economically developed countries is generally the same and includes the following elements:

1) the office of the chief auditor - auditor (accounts chamber) with direct subordination to the parliament or the president of the country. The purpose of this department is to control the spending of public funds and state property;

2) a tax department subordinate to the president, government or the ministry of finance, which controls the flow of tax revenues to the state treasury;

3) supervisory structures within government departments that carry out inspections and audits of subordinate institutions;

4) audit firms that carry out on a commercial basis verification and confirmation of the reliability of reporting information and the legality of financial flows and increase profits.

In totalitarian-type states with a predominance of state ownership, state financial control is of a global administrative nature, pursuing mainly fiscal goals.

8. Principles of organization of financial control and its classification

The main principles are independence and objectivity, competence and transparency. The independence of control should be ensured by the financial independence of the control body, the longer powers of the heads of state control bodies compared to parliamentary terms, as well as their constitutional nature. Objectivity and competence imply strict observance by controllers of the current legislation, high professional level of controllers' work on the basis of strictly established standards for conducting audit work. Publicity provides for constant communication of financial controllers with the public and the media.

There are principles that are essential:

1) effectiveness of control;

2) clarity and consistency of requirements imposed by controllers;

3) incorruptibility of subjects of control;

4) the validity and evidence of the information given in the acts of inspections and audits;

5) prevention (prevention) of probable financial violations;

6) presumption of innocence (before trial) of persons suspected of financial crimes;

7) coordination of actions of various regulatory bodies, etc.

Each institution and type of control has its own regulations.

The generally accepted procedure for conducting a comprehensive audit of an economic entity includes the following step-by-step actions of control bodies:

1) an inventory of the availability and safety of inventory items, objects of work in progress or construction, semi-finished products, office and other equipment, cash and settlements;

2) visual verification of the correctness of the execution of documents, the completeness and reliability of filling in the details, the compliance of the documents presented for verification with the approved standards, the identification of low-quality documents, the arithmetic calculation of the results, etc.;

3) verification of the completeness and correctness of the reflection in the documents of financial and economic transactions, and the reflection of accounting records in accounting registers, development tables, order journals, in the general ledger, etc.;

4) verification of the correctness of the calculation of calculated indicators (wages, taxes, depreciation amounts, reserves, interest on a loan, etc.);

5) verification of the correctness of reporting - accounting, financial, tax, statistical, insurance, credit and other, provided for by the current legislation of the country.

Other types of control (documentary, thematic) require appropriate regulations determined by control departments or company management (during internal control). Financial control is usually classified according to the following criteria:

1) implementation regulations - mandatory, proactive;

2) time of holding - preliminary, current (operational), subsequent;

3) subjects of control - presidential: legislative authorities and local self-government; executive authorities; financial and credit authorities; intracompany; departmental; audit;

4) objects of control - budgetary, extra-budgetary funds, tax, currency, credit, insurance, investment, customs, money supply. Mandatory control over the financial activities of legal entities and individuals is carried out on the basis of the law. This applies to tax audits, control over the targeted use of budgetary resources, mandatory audit confirmation of financial and accounting statements of organizations, etc. Initiative control does not follow from financial legislation, but is an integral part of financial management to achieve tactical and strategic goals.

9. Organization and tasks of financial control in the Russian Federation

State control is intended to implement the financial policy of the state, create conditions for the financial stabilization of the country, it applies to both state organizations and the non-state sphere of the economy - commercial organizations and citizens.

In accordance with Russian legislation, state financial control includes control over the execution of the federal budget and the budgets of federal off-budget funds, money circulation organizations, the use of credit resources, the state of the state internal and external debt, state reserves, and the provision of financial and tax benefits.

The financial control of state organizations is control over the development, approval and execution of budgets at all levels and extra-budgetary funds, as well as control over the financial activities of state enterprises and institutions, banks and financial corporations. Operational control is entrusted to the following state bodies - the Accounts Chamber of the Russian Federation, the Bank of Russia, the Ministry of Finance of the Russian Federation (Main Directorate of the Federal Treasury and the Department of State Financial Control and Audit), the Ministry of the Russian Federation for Taxes and Duties, the Code of Civil Procedure of the Russian Federation, control and auditing bodies of federal executive bodies . It is carried out during the execution of the budget, cost estimates of budgetary institutions on a daily basis during the budget year in order to identify violations of budgetary and tax discipline, compliance with financial norms and standards, established indicators for the formation and use of budgetary and extrabudgetary funds of state funds. Current control is based on the primary documents of operational budgetary accounting and reporting.

At the same time, not only control work is carried out. It is impossible without current analysis, which reveals the level of collection of tax and non-tax revenues of the budget, timely and targeted financing of federal, regional and local programs, the size of the budget deficit and sources of its coverage, assesses the current budget legislation, examines the issues of regulation and stimulation of social and tax mechanism. Operational control prevents possible abuses in the receipt and expenditure of funds, contributes to the observance of financial discipline and the timeliness of cash settlements.

The control activities of representative authorities, as well as the President of the Russian Federation, adjoin the activities of state control bodies. Such control is exercised during the consideration and adoption of laws, and above all, during the consideration and approval of draft federal and lower budgets, the budgets of state and local non-budgetary funds, as well as the approval of reports on their implementation. The Committees of the State Duma of the Russian Federation on Budget and Taxes, Finance and Banking and the relevant subcommittees conduct expert and analytical work on financial issues, give an opinion on the draft federal budget, evaluate legislative proposals on taxation, banking and other types of financial activities.

The concept of financial control of the non-state sphere of the economy and citizens by the state affects the sphere of financial discipline, that is, the fulfillment of the following financial obligations to the state:

1) payment of taxes and other obligatory payments;

2) compliance with the rules established by law for organizing cash settlements, keeping records and reporting. The activities of the financial control bodies are regulated by the letter of the Federal Agency for Federal Property Management No. 10.11.2005-09/2 dated November 1773, XNUMX "On the State Financial Control Body".

10. Classification of financial control

Financial control by the time of conducting is divided into preliminary, current (operational), subsequent.

Preliminary financial control is carried out before financial transactions and is designed to prevent financial irregularities. It provides for an assessment of the financial feasibility of planned expenditures in order to prevent wasteful and inefficient spending of funds. At the macro level, such control is carried out in the process of drawing up and approving budgets of all levels and financial plans of extra-budgetary funds based on the forecast of macroeconomic indicators of the development of the country's economy; at the micro level - in the process of developing financial plans and estimates, loan and cash applications, financial sections of business plans, drawing up forecast balance sheets, joint venture agreements, etc. Current (operational) financial control is carried out at the time of monetary transactions, financial transactions , loans and subsidies. It prevents possible abuses in receiving and spending funds, contributes to the observance of financial discipline and the timely implementation of cash settlements. Accounting plays an important role here. Subsequent financial control, carried out by auditing and analyzing the reporting budget, financial and accounting documentation, is designed to evaluate the results of financial activities in terms of legality and efficiency, both at the macro and micro levels.

Methods of financial control. There are the following control methods:

1) documentary and desk audits (during the audit process, on the basis of reporting documentation and expenditure documents, certain issues of financial activity are considered and measures are outlined to eliminate the identified violations);

2) survey (covers a wider range of financial and economic indicators of the surveyed economic entity to determine its financial condition and possible development prospects);

3) supervision (carried out by regulatory authorities over economic entities that have received a license for a particular type of financial activity, and involves their compliance with the established rules and regulations, non-compliance with the regulations, leading to bankruptcy and infringement of the interests of customers, entails revocation of the license);

4) analysis of the financial condition (as a type of financial control, it involves a detailed study of quarterly or annual financial and accounting statements in order to assess the overall results of financial activity and liquidity, the provision of own capital and the efficiency of its use);

5) observation (monitoring) (permanent control by the lender over the use of the issued loan and the financial condition of the client, inefficient use of the loan received and a decrease in liquidity may lead to tightening of lending conditions or the requirement for a long-term repayment of the loan);

6) audits (examination of the financial and economic activities of an economic entity in order to verify its legality, correctness, expediency, efficiency). Audits are carried out both by internal control structures and by various state and non-state control bodies (Department of Financial Control and Audit of the Ministry of Finance of the Russian Federation, the Treasury, the Central Bank of the Russian Federation, and audit services). The results of the audit are documented in an act, on the basis of which measures are taken to eliminate violations, compensate for material damage and bring the perpetrators to justice.

Author: Ivanova E.L.

<< Back: External and internal control (The relationship and differences between external and internal control. The relationship between internal management control and audit. The main tasks and directions of external financial control. Preparation and planning of external control. The procedure for carrying out control activities. Organization during control activities. The procedure for recording the results of control activities. Methods and sources of obtaining knowledge about the activities of an economic entity. Stages of internal control. Principles of the internal control system. Components of the internal control system. Classification of the internal control system. Goals and organization of internal control. Procedure for checking estimates (budgets), cost centers, responsibility and budgeting. Internal financial control and internal accounting of commercial organizations (enterprises))

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