Risk-Based Internal Control over Formation of Financial Reporting

Dombrovskaya, Elena

doi:10.1007/978-3-030-49264-9_4

Cited by 2 publications

(3 citation statements)

References 8 publications

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“…The application of the financial centralized management system can obviously improve the capital scheduling and use efficiency, avoid obvious capital confusion, and ensure that the group head office can form good constraints and unified control over all subsidiaries on the basis of clear authority (Dombrovskaya, 2020).…”

Section: Overview Of Financial Centralized Managementmentioning

confidence: 99%

Reflections on the Construction of the Internal Financial Control System of Group Company Subsidiaries under the Financial Centralized Management System

Deng¹

2020

JFRM

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The financial management of the group company is faced with high requirements and relatively great difficulty, especially with the increase of the number of subsidiaries, it is more likely to have deviation and confusion in financial management. The financial centralized management system has become an important mode, which is widely used in the group companies, and has indeed played an important role in the financial management of the group companies. In order to better rely on the financial centralized management system to achieve effective management and constraints for the group company subsidiaries, the construction of a feasible financial internal control system is a necessary condition. This paper first briefly introduces the financial centralized management system and the necessity of its application, then expounds the overall requirements and strategies for the construction of the financial internal control system of the subsidiary companies under this background, and finally discusses the key points of the construction of the corresponding financial internal control system, hoping to have reference function.

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Section: Overview Of Financial Centralized Managementmentioning

confidence: 99%

Reflections on the Construction of the Internal Financial Control System of Group Company Subsidiaries under the Financial Centralized Management System

Deng¹

2020

JFRM

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“…02 (217), 2022 about the audit organization (individual auditor) 2,3,4 . Incorrect reporting may not allow obtaining an audit report that will have a positive value from the point of view of potential investors and banks [8].…”

Section: Introductionmentioning

confidence: 99%

“…When checking the movement of fixed assets, you should pay attention to 8 − if any fixed assets are taken or leased, then this should be reflected in off-balance accounts 001 "Leased fixed assets" (from the lessee) and 011 "Fixed assets leased" (from the lessor).…”

Section: Introductionmentioning

confidence: 99%

Internal control of accounting of fixed assets in accordance with the new standards

Zyryanova

Манакова²

2022

Agrarian Bulletin of The

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Abstract. The purpose. Study of the peculiarities of the organization of the internal control system of fixed assets in order to reduce the risks of ineffective use and theft. Research methods. Analyzed normative acts, explanations of regulatory authorities, judicial practice. Particular attention is paid to the analysis of federal accounting standards governing the accounting of fixed assets, which come into effect from 2022. Results. Changes in regulations governing the procedure for conducting accounting and tax accounting require adjustments and methods of verification by internal controllers. Fixed assets are components of the material and technical base of the enterprise, allow increasing sales, producing quality products and increasing attractiveness in the eyes of investors. The introduction of new accounting standards, as well as the strengthening of administration by the regulatory authorities, require a revision of internal local documents and changes to the internal control methods. The directions of the organization of internal control of fixed assets, practical examples of incorrect reflection in the accounting of assets and the consequences leading to additional taxes are considered. The risks of theft and ineffective use of fixed assets arise from both managers and employees of the enterprise. Properly organized internal control will help identify fraud patterns and reduce the risks of damage to the enterprise. The paper proposes step-by-step algorithms for organizing internal control for the main business operations associated with the use of fixed assets. Namely, the algorithm for checking the accrued depreciation, repair costs, documents confirming the liquidation of fixed assets. Errors made in the formation of the initial cost can lead to a distortion of the cost, the book value of fixed assets and lead to an incorrect calculation of income tax and property tax of organizations.

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Risk-Based Internal Control over Formation of Financial Reporting

Cited by 2 publications

References 8 publications

Reflections on the Construction of the Internal Financial Control System of Group Company Subsidiaries under the Financial Centralized Management System

Reflections on the Construction of the Internal Financial Control System of Group Company Subsidiaries under the Financial Centralized Management System

Internal control of accounting of fixed assets in accordance with the new standards

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