DEVELOPMENT OF METHODOLOGICAL TOOLS FOR INTERNAL CONTROL OF FINANCIAL ACCOUNTING REPORTING

Abstract

Providing the management of an economic entity with timely and reliable information about financial and economic activities is one of the conditions for its effective functioning. The main source of such information is the internal control of financial statements. The working documents of internal control developed in the course of the study contribute to the improvement of the methodological support of the audit. To improve the planning of internal control of financial statements, a working document is proposed that allows to increase the effectiveness of control measures and to systemize the results of control procedures in a timely manner. It is recommended to reflect the results of checking the completeness and correctness of reporting accounting data in the working document of internal control “Checking the completeness and correctness of reporting accounting data”, on the basis of which it is possible to draw conclusions about the correctness and completeness of the reflection of accounting data accounting in financial statements. The revealed differences between the data of financial reports and the data of accounting registers allow us to draw conclusions about the deviations that may occur when transferring indicators from accounting registers to the reporting form. Errors found during internal control of financial statements are proposed to be systematized in the working document of internal control "Classifier of identified errors and violations in the process of internal control of financial statements" in order to subsequently assess the impact of identified violations on the organization's performance indicators and on determining taxable base for separate types of taxes.