Risk - based internal audit concept development in agro - industrial economy sector

¹ Belgorod State National Research University, 85, Pobedy Street, Belgorod, 308015, Russia
² Plekhanov Russian University of Economics, 36, Stremyanny Lane, Moscow, 115093, Russia

^* Corresponding author: kalutskaya@bsu.edu.ru

Abstract

Justification. In modern realities, in conditions of political and economic instability, the number of risks faced by an organization is quite large. Based on this, the management of enterprises in the agro-industrial sector of the economy should conduct internal control in such a way as to identify and eliminate any risks in a timely manner. Thus, risk-oriented internal control of organizations in the agro-industrial sector of the economy is aimed at focusing on areas that are more susceptible to the risks of significant distortion of financial statements than others. Goal. Formation of a risk-oriented approach to the internal audit of organizations of the agro-industrial sector of the economy. Materials and methods. Consideration of the regulatory framework that regulates the standards of audit procedures, in particular in the context of internal audit procedures. Results. The authors conducted a comparative analysis of the traditional audit, which does not pay special attention to corporate governance, financing and risk management of the enterprise, and the audit focusing on the risks faced by the organization. Next, the stages and procedures that need to be carried out during the implementation of the control in question are considered. The authors also consider the contribution (in terms of advantages) of risk-based internal audit to the activities of the organization of the agro-industrial sector of the economy. Taking into account the constant digitalization of many aspects of the activities of various companies, the impact of this informatization on internal audit was also studied and the main risks and ways to combat them were identified. Conclusion. The mechanisms of a risk-oriented approach to the internal audit of organizations of the agro-industrial sector of the economy have been identified and formed.