THE IMPORTANCE OF MODELING THE FORMATION AND EFFECTIVENESS OF INTERNAL CONTROL MECHANISM IN TRANSITION COUNTRIES SUCH AS THE REPUBLIC OF SERBIA

Slobodan Popovic, Ranko Mijic, Nikola Vojvodic, Vesna Petrovic and Slavica Siljanoska
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Slobodan Popovic: JKP GRADSKO ZELENILO, SUTJESKA 2, 2100 NOVI SAD, SERBIA
Ranko Mijic: COLLEGE OF ECONOMICS AND STATISTICS PRIJEDOR, STREET MITROPOLITA PETRA ZIMONJICA BB, 79000 PRIJEDOR, BOSNA I HERCEGOVINA
Nikola Vojvodic: UNIVERZTITET PIM BANJA LUKA, DESPOTA STEFANA LAZAREVICA BB, BOSNIA AND HERCEGOVINA
Vesna Petrovic: BRANCH MANAGER CREDIT AGRICOLE BANK, KRALJA PETRA I/ 4, 35250 PARACIN, SERBIA
Slavica Siljanoska: UNIVERSITY UNION NIKOLA TESLA, 11000 BELGRADE, SERBIA

Annals - Economy Series, 2016, vol. 4, 115-119

Abstract: The authors of this paper have tried to use the importance of the use of internal control in business, especially since there are a number of public and other companies that operate without the existence of internal control mechanics. It is particularly important to establish in the public sector because the same business with taxpayers' money. Thus the modeling can be a useful tool to get to the assurances regarding the importance of establishing internal controls and internal control mechanisms in the ordinary course of business. In addition, the establishment of internal controls, improve the safety of operations, and to achieve this it is necessary to devise a means of whom will be enhanced reporting management. Surely reports to management are an essential prerequisite for making valid and timely decisions to increase business performance. The authors have provided a model imbued with meaning by which will be enhanced reporting management, the authors point out that there is no universal model, and this is just one possible approach to this problem.

Keywords: management; internal control; modeling; efficiency. (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2016:v:4:p:115-119

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