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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Internal Control and Internal Audit in the Function of Supervising the Operations of Companies
Author(s)
Zoran Todorović
Božo Vukoja
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DOI:10.17265/2328-2185/2020.04.006
Affiliation(s)
Auditing-Mont, Ltd., Podgorica, Montenegro
Univerzitet Mediteran Podgorica, Podgorica, Montenegro
UHY Revident doo Mostar, Mostar, Bosnia and Herzegovina
ABSTRACT
The management of a modern
company is faced with the need to make business decisions regarding the
achievement of business goals. Increased interest in establishing internal
control is affected by the presence increased corruption and the erosion of
business morality. For internal controls, everyone is interested, from external
auditors to management, board of directors, shareholders of large public
companies and the state. With the constant growth of the company, the
decentralization of business has been compounded by the management process.
Therefore, in addition to internal control, internal audit is required. The
company’s management cannot deal with oversight because it has to deal with
strategic issues. This is where internal audit is performed as an expert
service. The results of the conducted empirical research showed that the stages
of development of internal control in enterprises in Montenegro do not
correspond with the achieved degree of development of this profession in the
countries of the developed market economy.
KEYWORDS
internal control, internal audit, business quality, testing methods
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