THE ROLE OF INTERNAL CONTROL AND AUDIT IN INTERNATIONAL PRACTICE

Abstract

From a theoretical point of view, the article highlights the foreign experience of legal regulation of the organization of internal control and audit, which includes the stages of development of legal support for the organization of internal control and audit around the world, the provisions of the Sarbanes Law. The Oxley Act on the organization of internal control, including: issues such as corporate responsibility, auditor independence and conflict of interest, transparency of financial reporting, creation of regulatory bodies at the organizational and state levels are explored.
The article also provides a more comprehensive overview of the responsibilities for setting up and maintaining internal controls and the requirements for a board of directors in the UK. In addition, the main documents in the field of regulation of internal control and audit in the EU countries were studied. Unlike foreign countries, our national legislation subjected to a critical analysis of the existing legal documents on the organization of internal control and audit.