Risks and Internal Control in the Organization Management

Serebryakova, T.Yu.

doi:10.5373/jardcs/v12sp7/20202113

Cited by 5 publications

(5 citation statements)

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“…This means internal control has a direct effect on the financial performance of a firm. In our survey, we found manufacturing companies in Kenya (Serebryakova, 2020). Internal control means that the activities of the company are effective or not, and the financial statements are reliable enough for the auditors to give good reports to the company.…”

Section: Internal Controlmentioning

confidence: 95%

“…Internal control is a process for ensuring an organization's objectives in terms of operational effectiveness and efficiency, reliable financial reporting, and the law (Serebryakova, 2020). The behavior patterns of businesses have led to the need for internal control, since most of the time they are not predictable.…”

Section: Internal Controlmentioning

confidence: 99%

“…Here, the internal auditors have to work extra hard to ensure no funds or resources are misused or stolen because the means of getting capital itself has become a major problem. The study of internal control aims at attracting other concepts that may be important (Serebryakova, 2020). Kamau et al (2023) posited that the incorporation of internal audit into an organization's operations is an essential component of its internal control framework.…”

Section: Internal Controlmentioning

confidence: 99%

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Budgeting, Risk Planning, Internal Control and Financial Performance of Kenyan Manufacturing Firms

Baya

2023

AJOCS

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Manufacturing companies, integral to a nation's economic fabric, wield significant influence on financial prosperity. This article explores the imperative of nurturing these entities with the utmost care to ensure optimal financial performance. The paper discusses the significance of budgeting, planning, and control in enhancing the financial performance of manufacturing companies, particularly in developing countries. Budgeting involves creating spending plans to ensure effective use of resources, and it has been successful in countries like Kenya, India, and Somalia. Four theories related to budgeting, planning, and control in manufacturing companies are outlined in the study: organizational theory, stakeholders' theory, contingency’ theory, and goal-setting theory. The study observed that manufacturing companies significantly contribute to national economies through their export-driven models, facilitated by prudent budgeting, robust internal controls, and proactive risk planning. Budgeting stands as a fundamental tool for resource allocation, encompassing stages from planning to periodic evaluation. Risk planning emerges as a proactive shield against potential losses, considering both probability and impact. By harmonizing budgeting, internal control, and risk planning, manufacturing companies not only fortify their financial standing but also augment the economic vitality of their respective nations. In conclusion, the article presents a holistic perspective on the interconnected strategies of budgeting, internal control, and risk planning in bolstering the financial standing of manufacturing enterprises.

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Section: Internal Controlmentioning

confidence: 95%

Section: Internal Controlmentioning

confidence: 99%

Section: Internal Controlmentioning

confidence: 99%

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Budgeting, Risk Planning, Internal Control and Financial Performance of Kenyan Manufacturing Firms

Baya

2023

AJOCS

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“…In the conditions of digitalization, a generalized system of criteria for assessing the level of acceptability of dynamic and static risks allows us to make decisions on the choice of mechanisms for the manageability of the financial risks of insurance companies (Drobysheva et al 2018;Illichevskyi 2011;Serebryakova et al 2020). Moreover, the study has shown the presence of a wide range of both universal and specific methods that are suitable for managing only certain types of risks and the financial risks of business entities of a certain predetermined area.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Emerging sanctions have caused an increase in the cost of goods and services directly or indirectly related to insurance (Demkina et al 2019;Serebryakova et al 2020). Firstly, there is a negative and steady trend of the ruble weakening against the US dollar.…”

Section: Introductionmentioning

confidence: 99%

Financial Risk and Profitability Management in Russian Insurance Companies in the Context of Digitalization

Ilkevich

Listopad

Malinovskaya

et al. 2022

Risks

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The dynamics of the financial reliability of insurers show rather unstable and often unfavorable trends, which indicate an increase in the risks of their financial insecurity and requires searching for reserves to improve their financial condition in the context of digitalization. The aim of the present research is to develop approaches for managing financial risks and profitability in Russian insurance companies in the context of digitalization. Structurally, the study consisted of a comprehensive analysis of the insurance market in the Russian Federation, as well as an identification of the components of the risk management process of insurance companies in the context of digitalization. Documents containing key features of the risk management system were selected for the study. We determined that to optimize the structure of the insurance portfolio, the insurer must regulate its portfolio by increasing the share of insurance receipts for personal insurance, which is highly profitable but occupies a meager share in the insurance portfolio. To do this, it is necessary to carry out active work to expand the insurance field, in particular, in relation to voluntary personal insurance, attracting a significant number of policyholders by conducting explanatory mass work using advertising events and agency-broker networks regarding the need and effectiveness of such insurance. Further research prospects should include proposals for replenishing the insurance portfolio with new types of personal insurance, making adjustments to the tariff policy of insurers for all types of voluntary personal insurance, and determining optimal tariffs.

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Approaches to climate-related risk disclosure in the draft international climate-related disclosure standard

Malinovskaya

2022

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Subject. This article discusses the Exposure Draft IFRS S2 Climate-related Disclosure Standard. Objectives. The article aims to address the content of the proposals set forth in the Exposure Draft that is one of the first documents published by the International Sustainability Standards Board in the structure of the IFRS Foundation for comment. Methods. For the study, I used analysis, synthesis, comparison, and generalization. Results. Based on a study of the structure of the Exposure Draft IFRS S2 Standard, the article notes that the main focus is on disclosing information about the impact of significant climate-related risks and opportunities on the value of the enterprise, which is useful to users of general-purpose financial statements. Conclusions and Relevance. The approaches to disclosing climate-related risks and opportunities proposed in the Exposure Draft IFRS S2 Standard can help improve the quality of decision-making by key users of general-purpose financial statements. They can be used by Russian organizations to disclose information on climate-related risks and opportunities.

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Risks and Internal Control in the Organization Management

Cited by 5 publications

References 0 publications

Budgeting, Risk Planning, Internal Control and Financial Performance of Kenyan Manufacturing Firms

Budgeting, Risk Planning, Internal Control and Financial Performance of Kenyan Manufacturing Firms

Financial Risk and Profitability Management in Russian Insurance Companies in the Context of Digitalization

Approaches to climate-related risk disclosure in the draft international climate-related disclosure standard

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