Peculiarities of Improving Internal Financial Control in the Russian Corporations
Peculiarities of Improving Internal Financial Control in the Russian Corporations

Summary/Abstract: The problem of the need for internal financial control is common to businesses of all types and volumes, but is especially acute in corporations due to the fact that in our time they were able to achieve such a scale in which the collapse of a corporate system may have an impact on the economy of many countries. In addition, at the moment the relevance of the chosen topic is determined by the transition to the reporting tool that is new for Russian economic agents – International Financial Reporting Standards (IFRS), as well as Russia's accession to the World Trade Organization (WTO) and intensification of globalization processes. Together, this makes it possible to integrate the Russian economy into the new systems, including international experience in their practice, taking into account national specificities. However, scientific research pays not enough attention to the disclosure of the principles and mechanisms of internal corporate financial control in a market economy, which is capable of operating in the management system of Russian corporations. In addition, the lack of systematization of existing knowledge and methodological approaches is observed, which determined the choice of the topic, goal and objectives of the study, its logic and structure. The article examines the methods and elements of financial control, financial fraud and ways to identify and prevent it. The article also discloses principles of financial control systems and proposes measures aimed at creating an effective system of internal financial control in the Russian corporations.

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