Business and the internal control system of the audited entity

Abstract

An important section in any well-functioning company is the internal control system. As one of the functions of management activities, which determines the quantitative and qualitative assessment of the company's performance, control helps to identify vulnerabilities in the company in a timely manner. The fundamental purpose of this work is to study the internal control system and to disclose the concept of the audited entity's business from the theoretical and practical side. In the course of the study, the authors concluded that in order to build an effective internal control system, it is necessary to develop subsections in business processes that lead to control at each process chain.