Improvement of the monitoring process during the functioning of risk-oriented internal control

Authors

DOI:

https://doi.org/10.5281/zenodo.5553047

Keywords:

internal control, risk, management of risk, monitoring of internal control

Abstract

This article summarizes the arguments and counter-arguments within the scientific discussion on the issues of internal control and risk management. Systematization of sources and approaches to solving the problem of improving the efficiency and quality of internal control has shown that the monitoring of internal control measures plays a significant role in the subject process. Internal control in the Ministry of Defense of Ukraine and the Armed Forces of Ukraine is implemented to meet the requirements of a number of documents of national importance in the field of public internal financial control of Ukraine. The study of improving the quality of internal control monitoring in the article is carried out in the following logical sequence: the main aspects of the regulation of monitoring of control measures in the process of functioning of the internal control system are considered; recommendations for improving the quality of internal control monitoring are provided. The article provides a partial analysis of the regulatory framework in the subject area in order to find relevant innovations in the regulation of internal control and risk management in budgetary institutions. Currently, the Ministry of Defense of Ukraine is a leader among other Central executive bodies in the implementation of internal control and risk management, so this experience can be used in other areas where there is a need for risk management. The results of the study can be useful for managers, researchers, risk managers, and for all who are interested in risk-oriented internal control and risk minimization in their activities. The article uses methods of scientific knowledge: analysis and synthesis. The main purpose of the study is to provide the head of the institution with recommendations aimed at improving the system of internal control in the subordinate institution by improving the process of monitoring the implementation of control measures.

References

Association Agreement between Ukraine, of the one part, and The European Union, the European Atomic Energy Community and their Member States, on the other hand: ratified by a declaration by law Of Ukraine № 1678-VII dated 16.09.2014. Retrieved from: https://zakon.rada.gov.ua/laws/show/984_011 [accessed: 22 September 2021].

Budget Code of Ukraine: Law of Ukraine of July 8, 2010. Retrieved from: http://zakon3.rada.gov.ua/laws/show/2456-17/ [accessed: 20 September 2021].

COSO. (n./d.). The Committee of Sponsoring Organizations’: Retrieved from: https://www.coso.org [accessed: 22 September 2021].

Guidelines for Risk Management, Challenges and Opportunities of the Ministry of Defense for Defense Procurement Programs. Retrieved from: https://www.acq.osd.mil/asda/index.html# [accessed: 24 September 2021].

ISO. (2009a). IEC 31010:2009. Risk Management – Risk assessment techniques. Retrieved from: https://www.iso.org/standard/51073.html [accessed: 24 September 2021].

ISO. (2009b). ISO Guide 73:2009. Risk Management – Vocabulary. Retrieved from: https://www.iso.org/obp/ui/#iso:std:iso:guide:73:ed-1:v1:en [accessed: 24 September 2021].

NATO. (2012). ARAMP-1. NATO Risk Management Guide for Acquisition Programmes. Retrieved from: https://standards.globalspec.com /std/1497473/ARAMP-1 [accessed: 24 September 2021].

Order of the General Staff of the Armed Forces of Ukraine No. 145. (2019). Procedure for organizing internal control and risk management in the system of the Ministry of Defense of Ukraine. Retrieved from: http://www.mil.gov.ua/diyalnist/vnutrishnij-kontrol.html [accessed: 24 September 2021].

Resolution of the Cabinet of Ministers of Ukraine No. 1001. (2011). Some issues of internal audit and the formation of internal audit units. Retrieved from: https://zakon.rada.gov.ua/laws/card/1001-2011-п [accessed: 24 September 2021].

Resolution of the Cabinet of Ministers of Ukraine No. 1062. (2018). On Approval of the Basic Principles for the Implementation of Internal Control by Budget Administrators and Amendment of the Decree of the Cabinet of Ministers of Ukraine No. 1001. Retrieved from: http://search.liga-zakon.ua/l_doc2.nsf/link1/KP181062.html [accessed: 24 September 2021].

Downloads

Published

2021-09-30

How to Cite

Loishyn , A. ., Grodovskiy , O. ., Bondarenko , Y. ., & Volkov , E. . (2021). Improvement of the monitoring process during the functioning of risk-oriented internal control. Political Science and Security Studies Journal, 2(3), 47-54. https://doi.org/10.5281/zenodo.5553047

Issue

Section

Articles