Improvement of internal control of Russian companies in the transition to international financial reporting standards

Abstract

The priority objective of internal control during the transition to IFRS is the control of risks related to unreliable presentation of information in financial statements. As a result, companies seek to obtain high-quality reporting, on the basis of which internal users can make managerial decisions, while external users can have a truthful understanding of the company’s financial condition. Effective control is aimed at preventing attempts to mislead users of financial statements. It is important that both owners and managers are interested in conducting control procedures.