Theoretical and methodical aspects of internal control of settlings with contractors

UDC 657.633.5

I. Aheienko,
O. Tkachenko

The specifics of the organization of internal control of payments with counteragents are considered. It is proved that accounting and analytical support of the enterprise should be carried out through the interaction of three key elements: accounting, internal control and analysis.
The economic essence of payments and liabilities in the field of accounting is specified. The influence of interpretation of liabilities on accounts receivable and account payable is determined. The relationship between quality control payments of liabilities and types of these obligations is established.
Detailed consideration is given to the necessity of creation a separate unit for control functions. Their main purpose is to reduce financial losses that occur for various reasons, for example, at the planning stage or in the course of current activities. Comparing different types of controls, the authors came to the conclusion that it is internal audit that is the most effective form of internal control.
The assumption is made about the main criterion for increasing the effectiveness of monitoring the state of payments with counterparties which is reducing losses associated with the emergence of doubtful and bad debts. In its turn, the control over systematic inventory of payments with counterparties enables to identify questionable calculations, as well as to establish the justification for creating a reserve for doubtful debts and the legality of their write-offs. Control over the fulfillment of the terms of the contract is based on verification of compliance with the budget as a whole, and in the part of the implementation of certain types of work. It is proved that in order to prevent disputes during payments with counteragents and the emergence of conflict situations, the internal control service should most effectively check the timeliness of detecting errors in payment documents.
The possibilities of the organization are revealed and the stages of internal control of payments with counterparties are presented schematically. In accordance to the purpose and objectives of each individual inspection, the internal control service independently determines the set of applicable procedures, taking into account the control information requirements.

Key words: internal control, payments with counterparties, liabilities, receivables, account payable.

Theoretical and methodical aspects of internal control of settlings with contractors.

Issue 2 (94), 2017