ORGANIZATIONAL SYSTEMS OF INTERNAL FINANCIAL CONTROL IN THE WORLD

Mihaela – Lavinia Ciobănică
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Mihaela – Lavinia Ciobănică: Faculty of Accounting and Financial Management, Constanta, SPIRU HARET University, Romania

SEA - Practical Application of Science, 2014, issue 3, 92-102

Abstract: Beyond the multitude of definitions, internal control is found in the centre of managerial concerns worldwide. This amplification of interest towards internal control has its origin in a series of events, of which two can be mentioned: the growing business complexity and dispersal activity centres, which led to the growth and development of the delegation of competence, the only way which enables the responsible to exercise powers from a distance and entirely, bringing together the components needed by its delegates. Regulatory domain, which has not ceased to expand: laws, regulations, rules, professional constraints, budgetary and social – all these have increasingly limited the decision makers, through a network of rules that must be respected. Consequently, what can be done to be safe from any punishment and to ensure constant watch over the essentials? To answer these questions, and many others, experts in the field have taken initiatives that have enabled them to define with precision the specific internal control and to set goals, creating the famous models: COSO and CoCo.

Keywords: Control environment; Risk assessment; Control activities; Information and communication; Monitoring (search for similar items in EconPapers)
JEL-codes: G14 (search for similar items in EconPapers)
Date: 2014
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