ECONOMIC CONTROL OF BORROWED FUNDS IN AGRIBUSINESS COMPANIES
The article discusses the economic control of borrowed funds in agribusiness companies. Economic control is the verification of performance of some or other business decisions on borrowed funds for the purpose of establishing their credibility, legitimacy and economic feasibility. Control covers all aspects of financial and economic activities of the organization; it is based on the principles of documentary and actual control. Audit is a part of control. Audit is a system of compulsory controlling operations of a comprehensive analysis of legitimacy and validity of economic and financial transactions of the organization during the inspected period, correctness of their accounting and financial reporting, as well as the legality of the actions of the Director and Chief Accountant and other officials. In his work the auditor is guided by current legislation and regulatory requirements. The objective of the audit of the borrowed funds account is to obtain reasonable assurance of the validity of the financial statements, reflecting the organization's debt in obtained borrowings. To achieve the objective the auditor forms the main task - to identify specific areas of check of the borrowed funds. This work analyzed various aspects of the account of borrowed money applying economic control procedures, determined the most effective methods and procedures for monitoring loans and borrowings. Developed working papers are aimed at control planning, monitoring, evidence gathering and at the inspection and audit of credits and loans. The practical application of the obtained results will allow determining the amount of control procedures necessary for the formation of opinions and conclusions regarding the reliability of financial reporting in providing information on borrowings.