The Quality of the Internal Control System in Accordance with the SOX Requirements

With regard to the actualization of problematic issues related to the inclusion of the domestic market in the open economy area, there is a question of assessing the quality of control environment of the companies represented therein. One of the ways to improve the reliability of the internal contro...

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Bibliographic Details
Published inBìznes ìnform (Multilingual ed.) Vol. 11; no. 478; pp. 306 - 312
Main Author Mysiuk Viktoriia O.
Format Journal Article
LanguageEnglish
Published Research Centre of Industrial Problems of Development of NAS of Ukraine 01.11.2017
Subjects
auditing
internal audit
internal control
SOX
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Summary:With regard to the actualization of problematic issues related to the inclusion of the domestic market in the open economy area, there is a question of assessing the quality of control environment of the companies represented therein. One of the ways to improve the reliability of the internal control system (ICS) is its assessment on compliance with the provisions of the Sarbanes Oxley Act (SOX). That is why the problematic issue for such companies today is the formation and provision of an internal control system policy that would allow managers of different levels to use a single document and would consider its periodic comprehensive assessment on the basis of an expanded list of control tests. The article substantiates the necessity to form an expanded set of tests for assessment of the ICS, which will help to identify its gaps and promptly take measures to prevent their occurrence in the future.
ISSN:2222-4459
2311-116X