Theoretical Framework of Internal Control

Internal control when properly arranged can significantly increase efficiency of production and thereby competitiveness of the economic operator. At the same time organizational and methodological control methods are based on theory, which insight allows comprehensive approach to creation of the internal controls at the entity. The purpose of this article is to systematize theoretical basis of internal control that shall enable to develop the comprehensive approach to creation of internal controls at the entity. In order to identify the nature of internal control the author analyzed scientific approaches, systematized qualifying characteristics, clarified the purpose and the list of internal control subjects assessed the level of disclosure of the internal control nature in the national and international law, summarized methodological aspects of internal control. In the author's opinion, legislative recognition of ‘internal control' shall make it possible to unify approaches arrangement and methodology thereof, facilitate better understanding of its purpose and objectives.