INTERNAL AUDIT AS AN EFFICIENT CORPORATE CONTROL TOOL UNDER THE CONDITIONS OF THE COVID-19 PANDEMIC

Abstract

Under the conditions of the Covid-19 pandemic the classic functionality of internal audit is subject to review. It is necessary to change the usual activity trajectory, meet the dialogue with the company’s business administration on the issues of business running. The advisory function which allows to conduct an independent assessment as well as to insure the implementation of anti-crisis measures planned by the company’s business administration steps forward. The article analyses the interest of scholars in the research topic using Google Trends research tools and Google Ngram Viewer. The concept of internal audit in the system of corporate control is considered. The objectives of internal audit and their relationship for corporate control have been identified. The principles of optimal organization of the internal audit service of the enterprise are described. The necessity of an internal audit service existence as an effective tool of corporate control has been proved. The role of internal audit during the COVID-19 pandemic has been identified and the measures taken by internal auditors to respond to the challenges posed to the business by COVID-19 have been explored. Audit processes during the COVID-19 pandemic are described. The need to make changes to the plan in case of non-compliance of the plan with the most significant risks is stated. The trends of expected risks caused by the COVID-19 pandemic have been identified. The steps for risk identification and assessment are presented, in particular: risk identification; risks assessment and its analysis and risk response. The directions of internal audit activity during the COVID-19 pandemic are indicated. The recommendations of international experts on internal audit are analysed, the priority of internal audit areas is presented. The priority of the consulting function of internal audit is emphasised. The participation of the internal audit service in anti-crisis measures to overcome the consequences of the COVID-19 pandemic is proposed.