internal control of transactions operation in the
TRANSCRIPT
Internal control of transactions operation in the sustainable management system of organizations
Alsou Zakirova1,*, Guzaliya Klychova1, Angelina Dyatlova2, Gamlet Ostaev3, and Elena
Konina3
1Kazan State Agrarian University, 65, Karl Marx str., 420015, Kazan, Russia 2Moscow University Ministry of Internal Affairs of Russian named after V. J. Kikot, Academic Volgin str., 12, 117997, Moscow, Russia 3Izhevsk State Agricultural Academy, 11, Studencheskaya str., 426069, Izhevsk, Russia
Abstract. In modern conditions one of the main problems of economic entities is the increase in accounts receivable and payable, which is influenced by objective and subjective factors. In this connection the role of internal control of settlement operations is increasing. The aim of the article is to improve methodological support of internal control of settlement operations for increasing the quality of audit, providing information about the state of settlements with contractors to the management of enterprise for making operational and strategic management decisions. The proposed methodological support is based on
stage-by-stage audit of settlement operations including the following main stages: audit planning; implementation of control procedures; execution of audit results. the peculiarity of internal control of settlement operations is determined by a variety of normative and information support of the audit. For the purpose of improvement of control procedures in the course of the study working documents of internal control have been developed. The working document «Verification of the availability of the agreement with a separate counterparty» can be used by the controller to identify errors arising in the preparation of the contract, as well as to determine the
completeness and timeliness of the parties to fulfill their obligations, With the proposed in the study working document «Confirmation of the status of settlements with counterparties» can identify cases of fraud and misstatement of data contained in the financial statements. In the course of the study it was proposed to perform a point-rating assessment of debtor reliability based on a system of key indicators in the internal control process. The suggested rating estimation of counterparties will make it possible to carry out their comparative analysis and grouping as well as to
identify those counterparties that have a high probability of non-payment of existing debts. The practical significance of the study lies in the possibility of using the developed approaches to determine the information base, to set the purpose and definition of control tasks, to the rational choice of control procedures, to the use of working papers in the process of internal control of settlement operations.
* Corresponding author: [email protected]
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© The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the CreativeCommons Attribution License 4.0 (http://creativecommons.org/licenses/by/4.0/).
1 Introduction
For any actively functioning economic entities in modern conditions of great
importance is accounting for settlements with counterparties, Improving the efficiency of
settlement relations depends directly on the independence and responsibility of economic
entities in the development and adoption of management decisions [1-3]. For acceptance of
effective administrative decisions the effectively functioning system of information
maintenance which directly depends on creation within the enterprises of system of internal
control of settlement operations is necessary [4-6].
To improve the state of settlements with counterparties it is necessary to control the
ratio of accounts receivable and payable [7-9]. A large amount of accounts receivable
negatively affects the financial stability and causes the need to attract additional resources [10-14]. At the same time, an increase in accounts payable leads to insolvency of the
economic entity, reducing the investment attractiveness 15-17].
The structure of accounts receivable and accounts payable should be taken into account
during internal control.
Fig. 1. Composition of accounts receivable and accounts payable.
Account Receivable
Debts of suppliers and contractors on
advances given to them
Accounts payable
Debts to suppliers and contractors for received and unpaid material
assets (work and services
performed)
Debts of buyers and customers for goods (work or services) shipped to
them
Debts of tax inspection on overpaid
taxes and fees
Debts of accountable persons on issued and not returned to cash
department
Debts of employees on loans and loans granted to them, as well as on
reimbursement of material damage
Debts of founders on contributions to
the authorized capital of the company
Debts on fines, penalties and forfeits, which are recognized by the debtor
(or on which court decisions on their
recovery are received)
Debts of the organization to
employees on remuneration of labor
Indebtedness to state non-budgetary funds for insurance payments, mandatory pension insurance
contributions, etc.
Debts to the budget on all types of
payments to the budget
Debts to buyers and customers on advances received for future delivery
of goods (performance of works,
rendering of services)
Debts on accrued and not transferred
fines (penalties, forfeits)
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As can be seen from Figure 1, accounts receivable represents the amount of debts that
counterparties owe to the audited economic entity. Accounts payable is represented by the
indebtedness of the audited economic entity to counterparties to fulfill certain obligations.
At internal control of settlement transactions it is recommended to use a unified
methodological technique, which consists in standardization of conducting an audit and
implementation of control procedures [18-20]. In the most general form the process of
internal control includes [21-24]:
1. Setting the goal and formulating the tasks of internal control;
2. Determination of the normative and informational support of the internal control of
settlement operations.
3. Specification of the methods used in the course of control; 4. Detection of violations and formation of the conclusion on the results of inspection.
The experience of foreign authors is very useful for deepening theoretical and
methodological foundations of internal control [25-28].
At the same time, the practical importance of solving the issues of optimizing the state
of settlement relations with counterparties, intensified in the conditions of economic crisis,
causes the need for further development of the methods of internal control of settlement
operations [29, 30].
2 Materials and Methods
The purpose of internal control of settlement operations is to establish their legality,
reliability and expediency, timely detection of inadmissible increase or non-payment of receivables and payables, optimization of settlement relations with counterparties, reduction
of risk of arrears.
In the process of internal control of settlement operations the following tasks are solved:
- contractual and payment discipline is monitored;
- timely adjustments are made to accounting procedures with due regard for newly
adopted regulations;
- the accuracy of documents recording settlement transactions is assessed;
- the reality, completeness and timeliness of the debt repayment on settlements with the
contractors is confirmed;
- assessment of the correctness of the analytical accounting on the accounts of
payments, check whether the data of synthetic and analytical accounting figures in the general ledger and balance sheet;
- correctness of correspondence of accounts for accounting transactions is checked;
- the periodicity of the inventory of payments in accordance with the regulations and
provisions of accounting policies is determined, the results of the inventory are analyzed;
- correctness of tax calculations and timeliness of payments is assessed;
- the validity of claims made as a result of breach of contractual obligations is analyzed;
- the causes of accounts receivable and payable are established;
- the management bodies are provided with the information necessary to make effective
managerial decisions;
- it is determined how effectives are the measures taken by the economic entity to
minimize accounts receivable and liquidate accounts payable [31-33].
In order to assess the legality and validity of settlement transactions, as well as to solve other internal control tasks, the controller must be fully provided with the regulatory and
informational framework that governs the object of inspection (Figure 2).
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Fig. 2. Regulatory and information support of internal control of settlement transactions.
Figure 2 shows the regulatory and legal acts and sources of information that are used by
the controller in the process of checking settlement transactions. Internal sources of
information necessary for checking of settlement transactions are enterprise accounting
Payroll, payroll for FSS funds,
individual cards recording the
amount of accrued payments
and the amount of accrued insurance premiums
Tax returns, tax accounting
registers, tax policy on tax
accounting, tax cards on
personal income tax
Employment contracts, orders
on hiring, transfer, dismissal,
personal accounts of employees
Accounting policy of the
organization
The procedure for
issuing funds on
account, the timeliness
of the report on the
amounts issued
System of synthetic and
analytical accounts, sub-
accounts
Composition and content of
financial statements,
requirements for them,
evaluation of items,
information accompanying financial statements
Calculation procedure,
procedure and terms for
payment of insurance premiums
Formation of accounting
policies, disclosure of
accounting information
Basic requirements for
book keeping
Contracts of sale, supply,
services
Accounting (financial)
statements of the company
Accounting policy of the organization
Accounting policy on
accounting, the working plan
of accounts of the
organization, typical
correspondence
Payment documents, invoices,
business contracts
Advance report
Instruction of the Bank of Russia «On
the procedure for cash transactions by
legal entities and the simplified
procedure for cash transactions by
individual entrepreneurs and small
businesses»
Timeliness of payments,
formation of accounts
receivable and payable
Civil Code of the
Russian Federation
Normative act The object of
regulation
Sources of
information
Availability and correctness
of contracts
Tax Code of the Russian
Federation
Objects of taxation, tax
base, tax rates, tax benefits
Labor Code of the Russian
Federation
Issues related to compliance
with labor legislation,
registration of labor relations
Federal Law «On
Accounting»
Federal Law «On
Mandatory Social
Insurance for Temporary
Incapacity for Work and
Maternity»
Accounting Regulation
1/08 «Accounting Policy»
Accounting Regulation
4/99 «Accounting
Reports»
Plan of accounts for
financial and economic
activities of organizations
and instructions for its
application
Regulations of the Bank
of Russia «On the rules of
money transfers»
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policy, economic contracts, employment contracts, orders, administrative documents,
accounting documents (invoices, bills of lading, payroll, payment documents, advance
reports, registers of synthetic and analytical accounting, general ledger, etc.), reporting, tax
accounting registers, tax declarations.
Fig. 3. Control procedures during internal control of settlement transactions.
Co
nt
ro
l
Pr
oc
ed
ur
es
Arithmetic control is used to confirm the reliability of arithmetic calculations of amounts
on settlement transactions and the accuracy of their reflection in the accounting accounts.
Confirmation is used when receiving information about the reality of balances on the
accounts of settlements.
Regulatory check involves determining compliance with current legislation, checking the
availability of documents and other conditions that confirm the validity and legality of
certain business transactions to account for settlements with counterparties.
Formal verification - check the availability of documents, registering the fact of settlement transactions, and the presence of the necessary requisites in it.
Reconciliation involves checking the identity of different copies of the same document,
which are in different companies. This method is one of the effective control tools that
allow you to provide objective information to the verification process.
Request - a written request to various departments of an enterprise (internal request) and
to various enterprises and institutions (external request) to provide data on settlement
transactions, which are necessary for analysis and comparison.
Tracing - a method of control, which involves checking individual primary documents on
the accounting of settlement transactions, their subsequent reflection in the accounting
registers, determining the final correspondence of accounts, confirming the correctness of the accounting of the relevant business transactions.
Logical verification - a method of control, which compares the data on the settlement
transactions contained in the documents, with the various circumstances and phenomena
that confirm the very possibility of its commission.
Inventory - a method of control, which establishes the correctness of settlements with
counterparties and the validity of the amounts recorded in the appropriate accounts.
Analytical check - a method of control, which involves the analysis of objects of control,
comparing actual data with forecasts, similar data from past periods, the indicators of
similar enterprises, industry averages; study of unexpected deviations; analysis of the
action of unanticipated factors; evaluation of the analysis in the light of information
received from other.
Legal assessment of contracts - a thorough analysis of the terms, form and other key
points of contracts, checking for compliance with the law.
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The efficiency of internal control is influenced by the correct application of audit
methods and their interaction with the tasks that should be performed to achieve the
purpose of the audit. To increase the efficiency of control at the same time reducing the
time to conduct it, it is necessary to develop its clear methodology, defining control
procedures in the planning of internal control.
Internal control of settlement transactions uses control procedures shown in Figure 3.
The use of control procedures presented in Figure 3 will increase the effectiveness of
control, to achieve the desired results of the audit, to observe the rights and legitimate
interests of controlled entities and ensure the normal functioning of the economic entity.
3 Results
The internal control of settlement operations includes the following main stages: planning
of inspection; execution of control procedures; execution of inspection results.
An independent and obligatory stage is the planning of internal control of settlement
operations in the course of which the information is obtained that allows to form an
objective opinion on the reliability of accounting of settlement operations. At planning of
internal control the program of internal control is made. The recommended form of the
internal control working document (ICWD) «Internal Control Program of Settlement
Transactions» is presented in Table 1.
Table 1. ICWD «Internal Control Program of Settlement Transactions».
Dir
ecti
on
s o
f
co
ntr
ol
No
rm
ati
ve b
ase
So
urces
of
info
rm
ati
on
Co
ntr
ol
perio
d
Na
me o
f
co
ntr
oll
er
Na
ture o
f
verif
ica
tio
n
Co
ntr
ol
pro
ced
ures
1. Assessment
of the
correctness of
the execution
of contracts
Civil Code of the
Russian
Federation
Economic contract 17.02.2020 Ivanov
I.I.
Selective Regulatory
review, formal
verification,
legal
evaluation of
the contract
2. Checking
the primary
accounting of
settlement
transactions
Federal Law «On
Accounting»
Invoices,
consignment
notes, payment
documents; forms
of primary
accounting
documents on
settlement
operations,
attached to the
order on
accounting policy
of the
organization,
schedule of
document flow
18-20.02.
2020
Ivanov
I.I.
Selective Normative
verification,
formal
verification,
logical
verification
3. Checking
the data
contained in
the registers of
accounting
transactions,
reconciliation
Accounting
Regulation 4/99
«Accounting
Reports», Plan of
accounts for
financial and
economic
Registers of
synthetic and
analytical
accounting,
General Ledger,
the working plan
of accounts of the
21.02.2020 Ivanov
I.I.
selective Tracing,
arithmetic
check,
confirmation,
formal check
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with the
accounts in the
General Ledger
activities of
organizations and
instructions for
its application
organization, the
technology of
processing
accounting
information
4. Verification
of claims
settlement
Civil Code of the
Russian
Federation,
Accounting
Regulation 9/99
«Income of the
organization»,
Accounting
Regulation 10/99
«Expenses of the
organization»
Business contract,
claims acts,
accounting
registers
25.02.
2020
Ivanov
I.I.
Solid Normative
verification,
arithmetic
verification,
inquiry,
formal
verification
5. Analysis of
the results of
the settlement
inventory
Methodical
instructions on
the inventory of
property and
financial
liabilities. Order
of the Ministry of
Finance of the
Russian
Federation of
13.06.1995 г. №
49
Inventory sheets,
checklists, Plan of
inventory of
property and
liabilities
26-27.02.
2020
Ivanov
I.I.
Solid Inventory,
arithmetical
check
6. Checking
correctness of
correspondence
of accounts for
accounting of
settlement
transactions
Plan of accounts
for financial and
economic
activities of
organizations and
instructions for
its application
Registers of
synthetic and
analytical
accounting,
General Ledger,
chart of accounts,
standard
correspondence of
accounts
28.02.
2020
Ivanov
I.I.
selective Tracking,
arithmetic
control,
inspection
7. Checking
the reality of
settlements
with
counterparties
Civil Code of the
Russian
Federation;
Methodical
instructions on
the inventory of
property and
financial
liabilities. Order
of the Ministry of
Finance of the
Russian
Federation of
13.06.1995 г. №
49
Business contract,
invoice,
consignment note
and other primary
documents,
inventory results
02.03.
2020
Ivanov
I.I.
selective Request,
confirmation,
inventory,
reconciliation
8. Checking
the correctness
of tax
accounting of
settlements
with
counterparties
Tax Code of the
Russian
Federation
Business contract,
invoice, tax
registers, Tax
Accounting Policy
03.02.
2020
Ivanov
I.I.
selective Formal
verification,
arithmetic
verification,
confirmation
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The peculiarity of this program is that it contains a list of control areas, regulatory basis
and sources of information, defines the nature of the audit and control procedures, which
are necessary to achieve the purpose and practical solution of the audit tasks.
The internal control program contains the list of control directions, regulatory basis and
information sources, defines the character of control and control procedures that are
necessary to achieve the purpose and practical solution of the audit tasks. The proposed
program is a detailed inspection instruction and a means of quality control. The internal
control program may be revised as the audit environment and the results of the control
procedures change. Having approved the internal control program, you should proceed to
the check of settlements with counterparties.
The technique of the internal control of the settlement operations includes the following stages.
The first stage of internal control involves the study of forms of settlements with
counterparties and implementation of legal assessment of contracts for their compliance
with current legislation.
During the analysis of settlements with counterparties on the basis of data in the general
ledger determined by the forms of settlements with counterparties used in the enterprise (in
the case of cash settlements accounts 60, 62, 76, etc. are debited in correlation with credit
account 51; for cash settlements - with credit account 50).
The basis of the relationship between an economic entity and counterparties are
contracts, which determine the legal nature of the settlement relationship.
First of all, the controller checks the availability of contracts with individual
counterparties. To do this on the basis of registers of analytical accounting counterparties with which the economic entity performs calculations for the audited period are determined.
Then the names of counterparties are compared with the existing business contracts. The
results of this check can be issued by the working document of internal control (table 2).
Table 2. ICWD «Verification of the availability of the agreement with a separate counterparty».
No
p/p
Name of the
counterparty
according to
the analytical
accounting data
Existence and
type of
contract
Contract
number and
date
Amount
under the
contract,
rubles.
Name of
materials, works
and services
under the
contract
1. LLC «Alliance» Contract of
purchase and sale
№ 1987 from 04.09.2019
98 000 Construction
materials
2. LLC «Legion» Work contract № 1987 from 06.10.2019
141 000 Auto repair shop
4. LLC «Tax»
Agreement for the rendering
of paid services
№ 145 from 17.11.2019
25 000 Consulting
services
The peculiarity of this working document is that it accumulates information about
counterparties; about the types, numbers and dates of contracts concluded with them; the
amount of transactions under the contract and the object of the contract.
This document can be used by the controller to identify errors arising in the preparation
of the contract and are the basis for further improper performance of the counterparties of
their contractual obligations, as well as to determine the completeness and timeliness of the
parties to fulfill their obligations, at internal control should be widely used such control
procedures as the legal assessment of contracts.
With the help of this control procedure can be timely revealed violations made during
the drawing up and conclusion of contracts. In particular, the text of the agreement may not
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contain a decoding of the subject of the agreement; when determining the liability of the
parties, disproportionate liability for non-fulfillment of contractual obligations may be
determined; circumstances that are not such are indicated in the contract as force majeure,
etc.
The second stage - checking the primary accounting of settlement transactions is
presented in detail in figure 5. As can be seen from Figure 4 at this stage the reliability
(accuracy and completeness) of the facts of settlement transactions; promptness of
registration of business transactions; legality of the primary accounting documentation that
formalizes settlement transactions; compliance with the schedule of document flow;
accuracy and completeness of accounting documents in registers; process of document
storage and organization of access to the primary accounting documentation. The third stage involves checking the identity of the data of synthetic and analytical
accounting. This check is carried out selectively to establish the completeness and accuracy
of the data, which are reflected in the accounts of analytical and synthetic accounting of
settlements with counterparties.
By means of arithmetic check the data of synthetic accounting with data on analytical
accounts are reconciled. The final data should coincide with the balances and turnovers of
analytical accounts.
In addition, at this stage, the correctness and reliability of accounts receivable and
payable, reflected in the balance sheet and explanations to it, is checked. The reconciliation
algorithm is shown in Figure 4.
Fig. 4. Algorithm of reconciliation of the data of accounting registers with the indicators of the balance sheet.
Debit balance of settlement
accounts Balance sheet data (page 1230 «Accounts
receivable».
Credit balance in the accounts
for accounting of settlement
transactions
Balance sheet data (page 1520 «Accounts
payable»)
Debit and credit balances in
settlement accounts
Data on the composition of accounts receivable and payable, which are
specified in the notes to the accounting
balance sheet
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Fig. 5. Procedure for checking the primary accounting of settlement transactions.
Verification of
reliability
(accuracy and
completeness) of
the facts of
settlement
transactions
Selection of primary documentation
Checking the availability of primary documents for each specific operation
Comparison of data contained in the primary documents with the warehouse data
(or with the data from the accounting department on the works or services
accepted for accounting)
Checking the
timeliness of the
registration of
business
transactions
Determination of the causes of discrepancies (if any) between the dates of
business transactions and the dates of their registration in the books
Determination of the nature of the discrepancies detected: one-time or systematic
Verification of the
legality of primary
accounting
documents that
formalize
settlement
transactions
Obtaining the necessary amount of evidence that the entire array of primary
accounting records is legally valid and regulatory
Identification of the general level of compliance with the rules of execution of
documents for accounting transactions and their reflection in the act of inspection
Checking
compliance with
the document flow
schedule
Determination of the availability of a document flow schedule for settlement
transactions
Establishing the reality of the document flow schedule
Checking the
accuracy and
completeness of
documents in the
registers
Establishment of the required number of grounds for the accounting of each document
Establishing the completeness of registration of all documents that formalize
the verifiable settlement transactions
Determining the timeliness and accounting of all documents
Determining whether all documents have been properly reflected in accordance
with the economic substance of the procedure and whether all documents have
accurate qualitative and quantitative data transfer
Determination of the timeliness of business transaction registration
Establishment of acceptance for accounting and registration of each document once
Check the process of
document storage
and organization of
access to primary
accounting documents.
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On the basis of registers of synthetic and analytical accounting participants of settlement
relations, their number; forms of payments; directions of analytical accounting; presence of
atypical accounting entries are determined.
At the fourth stage - check of settlements on claims:
1. It is defined whether the documents on pretensions arising during settlements are well
grounded, timely and correctly executed; whether calculations under pretensions are
correctly and completely reflected in accounting; whether debts under pretensions on the
books are real; whether analytic accounting is kept for each claim;
2. The analysis of reasons of occurrence of claims; terms of arrears on claims;
3. Amounts on claims which are presented with violation of terms specified in
contracts; amounts on which limitation period has expired; amounts which are not confirmed by documents are revealed.
The fifth stage of internal control of settlement transactions confirms the reality of
receivables and payables resulting from settlement transactions; the correctness of
organization and conduct of inventory; the validity of the results of the inventory;
completeness and timeliness of the reflection of the results of the inventory.
The sixth stage implies a mandatory check on the correctness of the correspondence of
accounts for each type of calculation. In particular, it is checked whether accounts
receivable and payable arising during settlements with counterparties are reflected in the
accounts correctly. If necessary, check individual doubtful, in the opinion of the controller,
settlement transactions. Determines whether receivables and payables are properly reflected
in the balance sheet.
At the seventh stage of control, the reality of settlements with debtors and creditors is checked, and confidence is achieved that the amount of accounts receivable and payable,
which exist in the accounting accounts, is reflected in real amounts. This should be carried
out continuous or sample inventory of settlements. In the process of such an audit the
following facts are established:
- the timing of receivables and payables;
- availability of overdue accounts receivable with counterparties;
- the validity and correctness of the amounts owed for shortages and thefts that are on
the balance sheet of the enterprise, as well as the measures taken to recover them;
- the presence of operations to write off bad debts, their validity and correctness;
- reality of debt repayment.
When checking the reality of settlements it is necessary to make inquiries to counterparties to obtain information about the state of settlement relations on a certain date.
To confirm the state of settlements we propose to use working document «Confirmation of
the status of settlements with the counterparties» (table 3).
Table 3. ICWD «Confirmation of the status of settlements with counterparties».
SECTION 1 - Reply to request from the counterparty (to be filled in by counterparty)
Name of
counterparty
Bill of lading/receipt/invoice
Total, rub.
Have all
goods/services been
delivered/provided as
of [reporting date]?
(yes / no) Number Date
LLC «Alpha» Invoice №567840 05.07.2019 1 019 672 Yes
JSC «Idel» Invoice №567356 10.04.2019 546 945 Yes
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SECTION 2 - Reconciliation results (to be filled out by the controller)
Name of
counterparty
According to
the request,
thousand
rubles.
According to
accounting
data, thousand
rubles.
Control method Control Results
LLC «Alpha» 1 019 672 1 019 672 Reconciliation, inquiry, inspection,
confirmation
Accounting data is confirmed by
the counterparty
JSC «Idel» 546 945 546 945 Reconciliation, inquiry, inspection, confirmation
Accounting data is confirmed by the counterparty
In the working document for counterparties, the first and second paragraphs are the
amount of receivables and payables requested by the controller. This information is
especially important during the audit, because the audited economic entity may
intentionally overstate its accounts receivable or understate its accounts payable, and the
counterparties, by responding to the inquiry letter, can help identify these violations.
By using a working document and conducting a control procedure - an inquiry to
counterparties - fraud and misrepresentation in the financial statements can be detected.
The eighth stage - checking the correctness of the organization of tax accounting for settlements with counterparties includes the following areas (Figure 6).
Fig. 6. Block diagram of checking the correctness of the organization of tax accounting of settlements with counterparties.
Based on the results of the control procedures performed, the auditor should perform the
actions shown in Figure 7.
Verification of primary documents, on the basis of which accounting records of
payments for taxes and levies were made
Confirmation of the correctness of the calculation of certain taxes
Verification of the correctness of the application of rates for various taxes and fees by comparing the actual rates with their values, regulated by regulatory documents
Checking the accuracy of accrual, completeness and timeliness of the transfer of tax
payments; establishing the correctness of the allocation of taxes to their respective
sources of payment
Checking the correctness of tax reporting
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Fig. 7. Algorithm of actions of the internal controller by the results of control procedures.
In case of detection of deviations during implementation of control procedures, the
reasons of deviations are investigated, reasonable conclusions on the results of internal
control are formulated, as well as the evaluation of the effectiveness of implementation of
control procedures is given.
To summarize the results of the audit and reflection of violations and errors detected in
the course of internal control we recommend to use the working document of internal
control developed by us (Table 4). This document contains a list of violations, systematized
by areas of inspection and recommendations for their elimination.
Control procedures
Deviations from the set parameters,
standards are detected Deviations from the specified parameters,
standards were not identified
Do not correspond to the
expected indicators
Additional information
requested
Additional documents
are being reviewed
Identity and divergence of information obtained during the control, with the
actual evidence of the auditor is established
Conclusions on the results of internal control
Assessment of the effectiveness of the implementation of control procedures
Deviations contradict the
current legislation
Causes of deviations are
investigated
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Table 4. ICWD «Identified violations in settlements with counterparties».
Dir
ecti
on
s of
con
trol
Iden
tifi
ed
vio
lati
on
s
Norm
ati
ve
base
Sou
rces
of
info
rmati
on
Con
trol
Pro
ced
ure
Am
ou
nt,
thou
s. r
ub
.
Rec
om
men
d
ati
on
s fo
r
corr
ecti
ng
vio
lati
on
s
1. A
sses
smen
t of
the
corr
ectn
ess
of
contr
acts
1)
Ther
e is
no a
gre
emen
t
wit
h t
he
counte
rpar
ty
Civ
il C
ode
of
the
Russ
ian
Fed
erat
ion
Com
mer
cial
Agre
emen
t
Norm
ativ
e ver
ific
atio
n
-
Rec
om
men
dat
ions
for
dra
win
g u
p a
contr
act
in
acco
rdan
ce w
ith t
he
law
2)
Inco
nsi
sten
cy o
f th
e
agre
emen
t ty
pe
Civ
il C
ode
of
the
Russ
ian
Fed
erat
ion
Com
mer
cial
Agre
emen
t
Leg
al r
evie
w o
f th
e
contr
act
-
Rec
om
men
dat
ions
for
dra
win
g u
p a
contr
act
in
acco
rdan
ce w
ith t
he
law
3)
The
agre
emen
t w
as s
igned
by a
per
son w
ho d
oes
not
hav
e
the
legal
rig
ht
to d
o s
o
Civ
il C
ode
of
the
Russ
ian
Fed
erat
ion
Com
mer
cial
Agre
emen
t
Form
al v
erif
icat
ion
-
Rec
om
men
dat
ions
for
signin
g a
contr
act
by a
per
son w
ho h
as
the
legal
rig
ht
to d
o s
o
2. C
hec
kin
g t
he
pri
mar
y a
ccounti
ng
of
sett
lem
ent
tran
sact
ions
1. In
voic
es l
ack
cert
ain r
equis
ites
Fed
eral
Law
«O
n
Acc
ounti
ng
»
Invoic
es
Form
al v
erif
icat
ion
-
Rec
om
men
dat
ions
for
fill
ing i
n a
ll
det
ails
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14
2. N
o d
ocu
men
ts
confi
rmin
g s
ettl
emen
t
oper
atio
ns
Fed
eral
Law
«O
n
Acc
ounti
ng
»
Invoic
es,
consi
gnm
ent
note
s
Norm
ativ
e
ver
ific
atio
n, fo
rmal
ver
ific
atio
n
-
Rec
om
men
dat
ions
for
reques
ting a
pri
mar
y d
ocu
men
t
from
a c
ounte
rpar
ty
and f
illi
ng a
mis
sing
copy f
rom
an
econom
ic e
nti
ty
3. C
hec
kin
g t
he
dat
a co
nta
ined
in t
he
regis
ters
of
acco
unti
ng t
ransa
ctio
ns,
reco
nci
liat
ion w
ith t
he
acco
unts
in t
he
Gen
eral
Led
ger
1. O
ffse
ttin
g v
ario
us
item
s of
deb
t am
ong
them
selv
es
Acc
ounti
ng R
egula
tion 4
/99 «
Acc
ounti
ng
Rep
ort
s», P
lan o
f ac
counts
for
finan
cial
and
econom
ic a
ctiv
itie
s of
org
aniz
atio
ns
and
inst
ruct
ions
for
its
appli
cati
on
Reg
iste
rs o
f sy
nth
etic
and a
nal
yti
cal
acco
unti
ng, G
ener
al L
edger
Tra
ckin
g, ar
ithm
etic
chec
k
35781.6
Rec
om
men
dat
ions
on t
he
refl
ecti
on o
f
bal
ance
s
4. V
erif
icat
ion o
f cl
aim
s se
ttle
men
t
1. F
ailu
re t
o m
eet
clai
ms
dea
dli
nes
Civ
il C
ode
of
the
Russ
ian F
eder
atio
n,
Acc
ounti
ng R
egula
tion 9
/99 «
Inco
me
of
the
org
aniz
atio
n», A
ccounti
ng R
egula
tion
10/9
9 «
Exp
ense
s of
the
org
aniz
atio
n»
Busi
nes
s co
ntr
act,
cla
ims
acts
Reg
ula
tory
chec
k, ar
ithm
etic
chec
k,
inq
uir
y, fo
rmal
chec
k
-
Rec
om
men
dat
ions
on t
he
tim
ing o
f cl
aim
s
in o
rder
to p
reven
t th
eft
of
mat
eria
l as
sets
5. A
nal
ysi
s of
the
resu
lts
of
the
inven
tory
of
acco
unts
1. T
he
act
of
reco
nci
liat
ion o
f m
utu
al
suppli
es d
oes
not
indic
ate
the
fact
of
repay
men
t of
mutu
al d
ebts
by t
he
par
ties
Met
hodic
al i
nst
ruct
ions
on t
he
inven
tory
of
pro
per
ty a
nd f
inan
cial
liab
ilit
ies.
Ord
er o
f th
e M
inis
try o
f
Fin
ance
of
the
Russ
ian F
eder
atio
n o
f
13.0
6.1
995 г
. №
49
Bu
sines
s co
ntr
act,
inven
tory
rec
ord
s,
reco
nci
liat
ion a
ct
Inven
tory
, ar
ithm
etic
chec
k
54890.7
Rec
om
men
dat
ions
on t
he
refl
ecti
on i
n
the
act
of
reco
nci
liat
ion o
f th
e co
nse
nt
of
the
par
ties
to t
he
repay
men
t of
deb
ts
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15
6. C
hec
kin
g c
orr
ectn
ess
of
corr
esponden
ce o
f ac
counts
for
acco
unti
ng o
f se
ttle
men
t
tran
sact
ions
1. In
corr
ect
corr
esponden
ce
of
acco
unts
Pla
n o
f ac
counts
for
finan
cial
and e
conom
ic
acti
vit
ies
of
org
aniz
atio
ns
and i
nst
ruct
ions
for
its
appli
cati
on
Reg
iste
rs o
f sy
nth
etic
and
anal
yti
cal
acco
unti
ng,
Gen
eral
Led
ger
Tra
ckin
g, ar
ithm
etic
contr
ol,
insp
ecti
on
18003.5
Rec
om
men
dat
ions
for
corr
ecti
ng a
ccounti
ng
entr
ies
7. C
hec
kin
g t
he
real
ity o
f se
ttle
men
ts
wit
h c
ounte
rpar
ties
1. U
nre
cord
ed d
ebts
of
the
buyer
are
revea
led
Civ
il C
ode
of
the
Russ
ian F
eder
atio
n,
Met
hodic
al i
nst
ruct
ions
on t
he
inven
tory
of
pro
per
ty a
nd f
inan
cial
lia
bil
itie
s. O
rder
of
the
Min
istr
y o
f F
inan
ce o
f th
e R
uss
ian
Fed
erat
ion o
f 13.0
6.1
995 г
. №
49
Busi
nes
s co
ntr
act,
invoic
e, b
ill
of
ladin
g
and o
ther
pri
mar
y d
ocu
men
ts, in
ven
tory
resu
lts
Inquir
y, in
ven
tory
, co
unte
r re
conci
liat
ion
20168.8
Rec
om
men
dat
ions
on a
ccounti
ng f
or
unac
counte
d d
ebts
8. C
hec
kin
g t
he
corr
ectn
ess
of
tax
acco
unti
ng o
f se
ttle
men
ts
wit
h c
ounte
rpar
ties
1. In
corr
ectl
y a
ppli
ed t
ax
rate
for
val
ue
added
tax
(VA
T)
Tax
Code
of
the
Russ
ian
Fed
erat
ion
Busi
nes
s co
ntr
act,
invoic
e, t
ax r
egis
ters
Norm
ativ
e ver
ific
atio
n
4108.7
Rec
om
men
dat
ions
for
the
corr
ect
appli
cati
on o
f th
e
tax r
ate
4 Discussion
In conditions of economic crisis there is an objective necessity in optimization of accounts
receivable with the purpose of acceleration of terms of its repayment. For this purpose it is
necessary to analyze constantly the state of accounts receivable to carry out the rational
policy concerning granting of loans and commodity credits. In practice of management of
accounts receivable the following stages of decision-making by an economic agent about
granting of commodity credits are distinguished: conditions of sale of production, rendering
of services and performance of works and tools of commercial credit are defined; credit
analysis of buyers is performed; decisions about granting of credit are made; mechanisms of return of funds are developed. Using this algorithm, internal controllers can assess the
main indicators of receivables, and heads of internal control services can carry out effective
planning of internal inspections.
Accounts payable management is inseparably connected with the analysis of accounts
receivable and accounts payable ratio. Management of payables and receivables implies the
establishment of contractual relations with suppliers and buyers, which ensure sufficient
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and timely receipt of funds. This requires information that characterizes the real state of
payables and receivables and their turnover.
The level of accounts receivable and payable is influenced by external and internal
factors (Fig. 8)
Fig. 8. Factors influencing the level of receivables and payables.
The analysis of the factors considered allows us to conclude that internal factors are
relevant for the purposes of internal control, since they can not only be predicted, but also
their influence on the amount and state of debts can be regulated.
Acc
ou
nts
rec
eivab
le
Acco
un
ts pay
able
Ex
tern
al f
acto
r In
tern
al f
acto
rs
Ex
tern
al f
acto
r In
tern
al f
acto
r
Inflationary processes
Financial and credit policy of the state
Socio-economic situation in the country
Competition in the commodity and stock markets
Variety of products
Consumer demand
Political stability
Industry affiliation of the
enterprise
Scale of the enterprise
Assortment and production
volumes
Composition and structure of
company assets
Composition and structure of
company assets and sources
of their formation
Cash flow analysis and
planning
Credit policy with regard to
customers
Control system
Organization of supply and
procurement
Total purchases
Postpaid purchases
Terms of contracts with
payment counterparties
Terms of settlements with payment counterparties
Accounts payable management
policy
Quality of accounts payable
analysis
The settlement system adopted by the company
Industry specifics features
Tools influencing the balanced action of external and internal factors
1. Marketing policy; 2. Technical policy;
3. Investment policy; 4. Financial policy.
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Besides it is necessary to note that some authors suggest to allocate the human factor as
one of the internal factors influencing size of accounts receivable and payable. The
personnel of the enterprise is the driving force, which activates assets, searches for
financing sources and influences the size and condition of accounts receivable and payable.
The most obvious influence of personnel on accounts receivable and payable can be traced
on such factor as organization of control system. An efficiently organized control system
makes it possible to timely identify the amount of accounts receivable and payable, the
facts of the formation of overdue debt and the reasons for them.
The issues of rating assessment of the reliability of debtors in order to make
management decisions regarding the provision of deferred payments for products sold,
work performed, services rendered are of particular relevance. Modern measures connected with stimulation of liquidation or partial repayment of
accounts receivable should be considered in accordance with developed credit policy,
which is based on credit rating of counterparts.
With an effectively designed credit policy regarding different groups of counterparties,
it is possible to effectively manage the emerging accounts receivable and improve the
financial condition of the enterprise. Carrying out the rating of debtors, it is possible to
carry out a comparative analysis of customers and to determine counterparties for which
there is a risk of non-repayment of debts.
The main purpose of credit rating is to provide the management of an economic entity
with information about the reliability of potential debtors.
In practice, economic services use various methods of scoring, which allow, by
analyzing the experience of interaction with the counterparty, to determine the degree of its reliability.
The reliability of the counterparty is evaluated on the basis of a system of key
indicators. We propose to assess the reliability of the customer to use the following
indicators: the time of joint work with the counterparty, the volume of transactions with the
counterparty in the total volume of business transactions, the term of repayment of accounts
receivable counterparty, prospective sales to the counterparty in the total volume of planned
sales, profitability of counterparty, the share of overdue debt of counterparty in total
overdue debts, the possibility of repayment of existing debts of counterparty, turnover ratio
of accounts receivable
Comprehensive assessment of credibility of debtors is based on the application of score-
rating assessment (Table 5).
Table 5. Rating assessment of counterparty reliability.
Assessment elements
Value levels
High (3
points)
Average
(2 points)
Low
(1 point)
1. Time of joint work with the counterparty. years
More 3 1-3 Less 1
2. Volume of transactions with the counterparty in the total volume of business transactions. %
More 20 10-20 Less 10
3. Term of repayment of accounts receivable by the counterparty. months
Until 1 1-3 More 3
4. Prospective volume of sales to the
counterparty in the total volume of planned sales. %
More 25 15-25 Less 15
5. Profitability of the counterparty. % More 50 25-50 Until 25
6. Share of overdue debt of the counterparty in the total amount of overdue debt. %
Less 10 10-20 More 20
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7. Probability of repayment of existing debt by the counterparty. %
80-100 50-80 Less 50
8. Ratio of accounts receivable turnover 0.75-1 0.5-0.75 Less 0.5
24-20 - high degree of reliability of the counterparty
19-14 - medium degree of reliability of the counterparty
Less than 14 - low counterparty reliability
Based on the evaluation system, counterparties should be ranked according to the
following categories of reliability: high, medium and low reliability of the counterparty
(Table 6).
Table 6. Counterparties ranking by reliability categories.
Cou
nte
rpart
y
1 i
nd
icato
r
2 i
nd
icato
r
3 i
nd
icato
r
4 i
nd
icato
r
5 i
nd
icato
r
6 i
nd
icato
r
7 i
nd
icato
r
8 i
nd
icato
r
Tota
l
LLC «Kolos» 3 3 3 2 2 2 3 3 21
LLC «Lada» 1 1 2 2 1 2 2 2 13
LLC «Avangrad» 3 2 2 2 2 3 2 2 18
JSC «Lotos» 3 3 2 3 2 3 2 3 19
The proposed rating assessment of counterparties will allow for their comparative analysis and grouping, as well as to identify those of them, who have a high probability of
failure to repay the existing debt. The given technique can be widely used in development
of credit policy in order to decrease the amount of doubtful debts and in consequence
increase the efficiency of company`s activity.
4 Conclusions
Thus, the particularity of internal control of settlement transactions is due to the variety of
regulatory and informational support of the verification. The proposed methodological
support is based on a step-by-step verification of settlement transactions, which includes the
following main stages: planning of verification; implementation of control procedures;
registration of verification results. The proposed methodology identifies the areas of control, the regulatory framework and sources of information, the nature of verification and
control procedures that are necessary to achieve the objectives and practical solutions to the
objectives of the audit
In order to improve control procedures, working documents of internal control «Internal
Control Program of Settlement Transactions», «Verification of the existence of an
agreement with a separate counterparty», «Confirmation of the status of settlements with
counterparties» were developed in the course of the study. «Internal Control Program for
Settlement Transactions» is a detailed inspection instruction and quality control tool for the
work of the internal controller. The working document «Verification of the availability of
the agreement with a separate counterparty» can be used by the controller to identify errors
arising in the preparation of the contract, as well as to determine the completeness and timeliness of the parties to fulfill their obligations. With the help of the working document
«Confirmation of the status of settlements with counterparties» proposed in the course of
the study and when conducting the control procedure - inquiry to counterparties - it is
possible to identify cases of fraud and misstatement of data contained in the financial
statements.
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In the course of the study, it was proposed in the process of internal control to carry out
a point-rating assessment of the reliability of debtors, based on the use of a system of key
indicators. The proposed rating assessment of counterparties will make it possible to carry
out their comparative analysis and grouping, as well as to identify those of them with a high
probability of non-repayment of existing debt. The presented methodology can be widely
used in the development of credit policy in order to reduce the amount of doubtful debts
and, as a consequence, increase the efficiency of the enterprise.
The implementation of the proposed recommendations in practical activities of the
control services of the enterprises will increase the efficiency of the control measures.
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