Assessment of the internal financial control system's modification results

Abstract

Introduction. Nowadays, in the rapidly changing economic environment, the structure and element correlation in the internal financial control systems cannot remain static. Purpose. Our target was to work out a set of indicators to measure the effect of internal financial control systems' modification and develop quality criteria in order to assess the professional performance of internal financial control specialists. Results. When evaluating a modified functional structure of the internal financial control, we propose to use a set of qualitative and quantitative indicators, including: Adequacy and realism of expectations of a company's management and owners; a number of reduced tax claims during the reported period; a number of financial audits and number of revealed and prevented financial risks per a single controller. Conclusion. The suggested criteria can be indicators of the system of internal financial control modification's efficiency in conditions of new economic development and management.