Developing a methodology of internal control of settlement transactions

Abstract

Subject. This article deals with the issues of internal control of economic entities' settlement operations in the face of increasing receivables and payables. This is influenced by various objective and subjective factors. Objectives. The article aims to improve the methodological support of internal control of settlement operations in order to improve the quality of checking and provide the information received to the company's management for operational and strategic management decisions. Methods. For the study, we used a systems approach, comparison, and the methods of data systemization and generalization. Results. The article presents certain developed working documents of internal control of settlement operations, verification of contracts and confirmation of the state of settlements with counterparties. The article also proposes to rate the reliability of receivables on the basis of a system of key indicators, during the internal control process. Conclusions and Relevance. The peculiarity of internal control of settlement operations is due to the variety of regulatory and information support of verification. The approaches developed can be used to define the information base, set targets and define control objectives, select control procedures rationally, and apply working documents in the internal control of settlement operations. The presented method of rating counterparties can be used to develop a credit policy to reduce the amount of doubtful debt and improve the efficiency of the company.

Methodological basis of internal control in the costs management system of enterprises

“…The importance of internal control lies in the fact that the management bodies of an enterprise can effectively control the activities of the structural units responsible for the safety, movement and accounting of resources used in production activities [14][15][16]. According to the results of the control actions, the perspective directions of development of the system of costs management can be worked out.…”

Control and analytical aspects of the management of financial results of enterprises

“…Control is a function of management, which is a set of measures to observe and check the state of the control object, compliance and performance by the managed subject, the management decisions taken to identify deviations from the set parameters and conduct regulatory actions [23][24][25][26]. Internal control is a system of intra-organizational activities carried out by management, officials, specially created services in the form of legal, economic, financial, industrial and technical control over the financial and economic activities of structural units and the organization as a whole, regulated by its internal documents [27][28][29].…”

Development of Methodological Tools for Internal Control of Payments With Personnel for Wages

“…Так, для достижения цели внутреннего контроля необходимо: оценить сложившуюся на предприятии систему бухгалтерского учета и эффективность системы внутреннего контроля [9,10]; проверить соблюдение трудового законодательства [11,12]; оценить соответствие кадрового потенциала экономического субъекта техникотехнологическим условиям функционирования предприятия [13,14]; проверить правильность, своевременность и полноту оформления трудовых отношений и отражения в учете расчетных операций [15]; проверить тождественность учетных данных [16]; провести анализ эффективности использования трудовых ресурсов [17,18].…”