INTEGRATION OF THE INTERNAL CONTROL SYSTEM FOR FINANCIAL STABILITY OF THE ORGANIZATION

The article investigates the issues of functioning and improvement of internal control systems in research organizations. The analysis of the relevant issues reveals a low rate of readiness of these organizations for the formation of effective systems of internal control and risk management. This is due to the lack of methodological and regulatory framework, weak scientific and practical development of issues of adaptation of modern control systems to the specifics of research structures. Resource and financial constraints of the research sector organizations make them relevant issues, as a narrow application of internal control instruments, and their closer integration into the management system to address and support a wide range of management tasks. In accordance with this, the article proposes an approach that justifies the possibility and feasibility of practical use of elements of the internal control system to improve the efficiency of the financial policy of the organization. The main elements of this technique are the tools of the internal control system to assess the risks and threats of the organization, followed by an assessment of their impact on the financial stability of the research organization. The implementation of the proposed method provides for an expert assessment of the most important factors of sustainable development of the organization, which allows to assess the complex impact of opportunities and threats on the development of strengths and weaknesses of the economic entity. (C) 2019 Published by Future Academy www.FutureAcademy.org.UK