| Popis: |
Currently, definite trends have been outlined for a change in the role of internal control in the corporate management system. Previously, core competency was determined by evaluating conformance with certain standards, in particular when preparing financial reporting. Today, priorities shift towards the need to assess and identify risks, create measures to minimize them, and ensure the reliability and completeness of financial reporting. Considering the ever-increasing list of different risks, as well as their increasing influence, the internal control system should have a risk-oriented focus. In the course of internal control, organizations assess risks of various operations and facilities. Control over the formation of financial reporting should be aimed at presenting relevant and truthful information in the reporting. Herewith, the risks of material misstatement of the reporting information should be minimized. Disregard of the risks of material misstatement reduces the truthfulness of financial reporting and creates favorable conditions for the operation of accounting and reporting data. The article presents the problems of generating a system of internal control over the formation of financial reporting based on risk factors and their minimization. |
