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In order to reduce the possibility of misinterpretation of economic activity results and financial reporting indicators as well as to prevent the usage of fraudulent schemes, organizations should create the internal control system, which provides qualitative information support for both managers of various levels and external users. This study is aimed at the requirement definitions imposed by the direct and indirect business actors on the system of internal control providing their effective and efficient cooperation. The following general scientific methods of theoretical knowledge as description, analysis and synthesis, data synthesis and formalization, abstraction and specification have been implemented while conducting the research. The recent analysis showed that most business participants are interested in both their own effective internal control system and effective internal control of their counterparts. Nevertheless, each of them defines their specific requirements to the system of internal control ensuring reasonable confidence in work stability, the reliability of an economic entity as a legal party of a transaction, the prevention of a deliberate violation of laws and regulations established by internal administrative documents and the establishment of the environment that prevents theft and fraud activities, facilitates ethical behavior of all staff members, etc. In whole, the internal control system should provide the legality of activities, the maintenance of assets security and the reliability of financial information improving the efficiency and effectiveness of innovative operations. Therefore, the internal control service would ensure linkage between a legal entity and all its stakeholders. It is the approach that guarantees the efficient functioning of business in the modern economic environment. |
