Abstract
Currently, most business operations conducted by an economic entity, including the implementation of settlements with counterparties, associated with the movement of cash flows. Consequently, of particular relevance acquired questions implementation of internal control, which contributes to information and advisory support and optimization of financial and economic activities of the enterprise. The purpose of the article is to develop the system of methodological support of internal control of funds at the enterprise. In article theoretical bases of realization of control procedures are studied. The basic principles, the purpose and methods of internal control of funds are defined. For the development of methodological tools it is suggested to use the developed forms of working documents of internal control. These documents allow to systematize control measures, to evaluate the efficiency of accounting system organization, to generalize the results of cash and bank account transactions inspection, their appropriateness and validity; to record the revealed violations by the results of cash and bank account transactions inspection. Based on the results of internal control, the company’s management makes a decision to improve the efficiency of cash usage based on the creation of a liquidity management system.
Highlights
In today's environment, cash is one of the main assets that ensure the financial wellbeing of enterprises that interact with counterparties by carrying out cash and non-cash settlements [1,2,3].If an enterprise lacks the minimum necessary reserve of monetary resources, it means that the enterprise has serious financial problems
An internal control program is developed (Table 1) In developing the program, consideration should be given to the resources for internal control, viz:
Internal Control Working Document (ICWD) «Internal Control Program of Cash Transactions». allows to systematize control measures, to determine the nature of the audit and control procedures applied and, as a result, to increase the quality of working documentation formed by the results of the audit
Summary
In today's environment, cash is one of the main assets that ensure the financial wellbeing of enterprises that interact with counterparties by carrying out cash and non-cash settlements [1,2,3].If an enterprise lacks the minimum necessary reserve of monetary resources, it means that the enterprise has serious financial problems. Cash is a current asset, which has absolute liquidity, that is, it can immediately act as a means of payment for the existing obligations of the enterprise. The cash management system implies optimal planning of their movement so that the enterprise could timely repay its obligations at the expense of cash received from buyers, while maintaining a certain amount of reserve [10,11,12]. Enterprises can maintain operational solvency, extract additional profits by investing free cash in business expansion [13]
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