Actual directions of modernization of the mechanism of the internal control service

Abstract

The purpose of this work was to study the current directions of modernization of the mechanism of the internal control service on the example of an economic entity. The paper described the growing popularity of corporate fraud in organizations regardless of their size and specialization. The author of the work examined the key provisions that are associated with the real sector of the economy in Russia, in particular with the food industry sector. Based on a preliminary analysis, the main aspects that characterize an economic entity from the standpoint of the specifics of the organization's activities, its place in the market, as well as the types of products sold were described. The author studied the specific risks associated with the activities of an economic entity, namely the risks of urgency and the risks associated with interaction with counterparties. With the growth of corporate fraud, the role of internal control increases, as a result of which the author analyzed the total expenses of the organization. In the course of the analysis, it was revealed that against the background of a decrease in management expenses, there was a decrease in non-current assets and an increase in accounts payable. Taking into account the analysis carried out, the author proposed a number of measures to improve the internal control system in an economic entity, aimed at changing the existing control mechanism and transition to more efficient mechanisms. To assess the need to change the existing internal control system, an analysis was made of some of the cost items that could be saved. In the final part of the work, a comparative analysis was carried out between the costs of transforming the internal control system and possible losses without making adjustments.