Keywords
operational risks
benchmarking
SWOT analysis
early response system
How to Cite
Abstract
The relevance of the study lies in the growth of financial risks, the complexity of management decisions, and the need for enterprises to have more flexible and effective control mechanisms in the context of digital transformation in financial management. The purpose of the article is to substantiate the role of internal control and internal audit as interrelated elements of the enterprise’s financial management system and determine their impact on the effectiveness of financial process management. The methodological basis of the study is the system and structural-functional approaches, logical-analytical analysis, generalization of scientific results of previous studies, as well as a comparative analysis of the practices of internal control and audit in the financial management of enterprises. As a result of the study, it was established that internal control in modern financial management performs not only a regulatory, but also a preventive function aimed at reducing financial risks. It was found that internal audit is a key tool for assessing the effectiveness of financial processes and the effectiveness of the internal control system, providing management feedback. It is proven that fragmentation and formalization of control procedures significantly reduce the managerial value of internal control and audit. It is substantiated that integrating audit and control functions into the financial management system enhances the quality of financial decisions and the financial stability of the enterprise. It is established that the digitalization of financial processes changes the role of internal audit, transforming it from a tool for post-facto control to a mechanism for continuous monitoring and analytical support of management. The practical significance of the results obtained lies in the possibility of their use in improving the financial management systems of enterprises, developing internal control and audit regulations, as well as forming managerial decisions aimed at increasing the financial efficiency and sustainability of the enterprise.
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