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The Theoretical Fundamentals of Internal Audit
Kopotiienko T. Y.

Kopotiienko, Tetiana Yu. (2021) “The Theoretical Fundamentals of Internal Audit.” Business Inform 10:284–290.
https://doi.org/10.32983/2222-4459-2021-10-284-290

Section: Accounting and Auditing

UDC 657.633

Abstract:
The relevance of the topic of the article is grounded upon that the introduction of internal audit into the practical activities of economic entities requires ensuring the proper theoretical basis of this process. According to the results of the research, it is proposed to define the essence of internal audit as a system created in the interests of the owner (co-owners) of a corporate formation, the meaning of which consists in the implementation of permanent, coherent activities by the authorized department as to valuation of the efficiency of administration of the economic activity of the enterprise by managers, provision of recommendations for its improvement, establishment of the reliability of accounting data and reporting indicators, assessment of the reliability of the applied systems of accountance, internal economic control of the enterprise, etc. by applying specially defined procedures. Such an approach specifies the initiator, the executor and the way of organizing internal audit. The purpose of internal audit is identified, which consists in information provision of the owner (co-owners) of the enterprise on the reliability of accounting and reporting of the enterprise, the level of efficiency of enterprise management by hired managers and the development of proposals for improving these processes. The formulated theoretical provisions of the internal audit in terms of identification of its essence, purpose, tasks, both initiator and executive entities will contribute to its division with other forms of control and will allow to form the basis for implementation in the practical activities of enterprises. The relationship between internal audit and internal control of an economic co-partnership is determined, according to which the latter represents a subject of internal audit. Prospects for further scientific research are the development of a methodology for internal audit of an economic entity on the basis of a risk-oriented approach.

Keywords: internal audit, internal economic control, corporate administration.

Fig.: 1. Bibl.: 19.

Kopotiienko Tetiana Yu. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Analysis and Audit, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]

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