INTERNAL CONTROL AND ITS INFORMATION SUPPORT: PROBLEMS AND SOLUTIONS

Abstract

The issues of organization of internal control and its information support are particularly acute due to the time reduction for making managerial decisions, changes in approaches to the selection of business partners, and the need to provide various interested users including regulatory authorities with transparent information on the activities of an economic entity. The ambiguity in the definition of the essence of internal control by specialists in various knowledge fields and the need for continuous development of the information support system hinder the competent solution of these issues. Therefore, the purpose of this article is the formation of the set of measures to improve internal control mechanisms aimed at reducing the information asymmetry of interested users.

The analysis and synthesis of different authors’ views on internal control, the survey and observation of control practice allowed to generalize and systematize knowledge and practice that formed the basis of the development of recommendations to improve control mechanisms. The main recommendations are as follows: to improve data processing algorithms that transform multidisciplinary data into useful information for interested users, to reduce the probability of errors, to improve the quality of input information, and to implement multidimensional verification in internal and external information exchange. The important component of the study is the focus on improving the quality of internal control and its information support within the use of information and digital technologies