Internal control audit

Internal control system (ICS) is a body of organizational structure, methodologies and procedures, which are accepted by the organization’s management as means for implementation of efficient economical activity.

Renders services of ICS audit.

Internal control system is created to provide the following:

• observation of management policy (strategy);
• safety of property and information;
• timely and reliable information;
• observation of legislative requirements.

ICS in organization is an integral part of their control systems, providing managers with reliable information about efficiency of assets use, execution of functional tasks by organizational departments, data about reserves for decrease of prime cost of the produced products’ (works, services), ways of their realization etc.

These are the conditions and factors that are not directly related to accountability, but which considerably influence its efficiency.

Correctly organized control allows not only timely detecting deficiencies in the company’s performance, but also timely arranging steps to eliminate them.

Recently, requirements have considerably increased and continue to increase, which are made to the companies by shareholders, executive management, regulating bodies and other parties interested in the company’s performance. Due to this, more and more companies, as a top priority, discuss the issue on building of efficient internal control system, it means, the system allowing the organization to reach its targets. The internal control system provides the organizations with a number of privileges, which are able to increase their shareholder value, namely: making more qualitative managerial decisions based on the precise and reliable financial and managerial information, protection of interests of company’s shareholders and warranty of their investment safety, improved view of interested parties, more qualitative risk management, as well as introduction of safe and agreed procedures.