OPTIMISATION OF MEASURES FOR ACCOUNTING INFORMATION RELIABILITY ASSURANCE
Keywords:internal control system, control activities, estimation of risk, effectiveness and expectations, optimisation
Taking into account Enterprise risk management (ERM) theory, the effectiveness of internal control system is influenced by many factors: the control environment, the organization of risk assessment process, the control actions (procedures), used information and communication system and monitoring. The auditor, in order to increase the effectiveness of internal control systems, has to include optimal combination of control procedures. However, at present, in many cases, the auditor use the intuitively chosen procedure until reaches required level of reliability of the audit.
Looking for ways to optimize the efficiency of audit procedures selection, the authors of this paper provided research of control procedures selection methods and provided the theoretical assumption that, in order to improve the internal control system is necessary to evaluate the decline of risk in case of use of control procedure, effectiveness of this procedures and its compliance with expectations of institution’s leaders. On the base of provided research it was developed algorism, which allow selection of optimal combination of control procedures from point of view of its effectiveness and guarantee the required reliability of audit and accounting information.