ASSESSING AND IMPROVING INTERNAL FINANCIAL CONTROL
The paper studies ways to assess internal financial controls and considers agents who carry out the assessment. Given that the internal financial control is an important element of management of business under control the author focuses on the fact that the main role in determining its relevance at each stage is assigned to the internal audit unit. Today the issue of the internal financial control in some business areas comes under the scrutiny of public authorities, such as the State Financial Inspection of Ukraine and the Accounting Chamber of Ukraine. The author defines the essence of the internal financial control assessment carried out by the top management together with the internal audit unit and public authorities on the basis of financial reports and during its internal audit. The paper considers the need to develop and adopt criteria for assessment of internal financial controls and eliminate the problems and shortcomings that adversely affect the reliability and effectiveness of internal financial controls.