Evaluation of the efficiency of the internal control system of foreign economic activity of enterprises in a risk-oriented environment

Abstract

The relevance of research assessing the effectiveness of a company's system of internal control over its foreign economic activities (FEA) lies in the need to ensure the safety, stability, and competitiveness of the company in international markets.

Purpose. The purpose of the study is to determine the factors affecting internal control and the specific actions and procedures to ensure the effectiveness of the assessment formation of the system of internal control of the external economic activity of the enterprise under conditions of instability.

Methods. The methodological basis of this study is a general scientific approach to understanding economic phenomena and processes. The methods of analysis and integration, grouping, and generalization contributed to the identification of factors affecting the internal control of the external economic activities of enterprises. Analysis and integration, induction and deduction are scientific cognitive methods used to form an assessment of the effectiveness of the system of internal control of the external economic activity of the enterprise.

Results. The results of study revealed the need to assess effectiveness of the system of internal control of external economic activities. The main stages of internal control over external economic activities are systematized, each of which includes specific actions and procedures to ensure the effectiveness of controls and compliance with legal requirements. Indicators for assessing the effectiveness of the system of internal control over the external economic activities of an entity are defined.

Conclusions. The conclusion is that such assessments help to identify weaknesses and focus on key aspects of risk management that may affect performance. An effective system of internal control over external economic activities can help minimize financial and operational risks, comply with legal requirements and international standards, increase the efficiency of external economic activities, and reduce costs.

Prospects It is to assess the impact of macroeconomic factors in order to improve the system of internal control of external economic activities and their efficiency in the context of globalization and rapid change.