SPECIFICS OF EFFICIENCY AUDIT IN THE SYSTEM OF INTERNAL FINANCIAL CONTROL OF MINISTRY OF INTERIOR AFFAIRS OF RUSSIA

Abstract

This article considers the concept of internal control, which is an integral element of each stage of management and "separate" stage, providing information transparency for the quality of the process. Its purpose is effective use of budgetary funds, safety of financial and non-financial assets of the institution, compliance with legal requirements and submission of reliable reports. The system may include other activities and matters subject to internal control in the institution. Understanding the importance of the internal control system assessment during the audit, we concluded that the internal control system is the current system of prevention, detection and correction of errors and inaccuracies in accounting entries and budget financial statements; the internal control system is created to improve the activities of the institution, and is the basis for audit planning. Evaluation of the internal control system is an essential stage of the audit and affects the choice of methods of collecting audit evidence. An effective system of internal control, in turn, also reduces the audit risk during the external and internal audit.