Control in the Accounting System: The Experience of Russia and China

Abstract

The article is devoted to a comparative analysis of controls in the accounting system in Russia and China as harmoniously developing countries, which are strategic partners in economic cooperation. The purpose of the research is a comparative analysis of the theoretical and practical foundations of the functioning of the accounting system controls in Russia and China. The methods of analysis, synthesis, comparison and ranking were used to achieve this goal, allowing us to identify the peculiarities in each country. Academic novelty of the research lies in the analysis of international experience in the control implementation in the accounting system in Russia and China, identification of similarities and differences to recognize current trends and areas of improvement. The study, based on the study of the regulatory framework and scientific literature, has established the importance of control. Control consists in eliminating the possibility of potentially dangerous damage, inappropriate waste of funds, elimination of financial risks associated with incompetence or deliberate criminal actions of accountants. Its goals, objectives, supervisory bodies, principles, and peculiarities have much in common. At the same time, the Chinese system is more orderly and transparent. It provides for more restrictions on abuse and abuse of power, built on trust. The Chinese system is, however, limited by the clear framework of the law. It can become a certain example in the construction of these principles in the Russian state. Control in the Russian state is an evolving mechanism that incorporates the principles of imperative and structured.