Improving the internal audit of payables and receivables in trade organizations

UDC 336.14

Authors

Emelyanova I.N., Bagdasaryan D.G., Kazachkova V.I.

Abstract

The amount of receivables and payables has a huge impact on the financial independence of economic entities. In this regard, there is a need to build such an internal audit system of receivables and payables that would prevent or minimize the risks of interaction with insolvent counterparties. The article suggests the use of an improved workflow schedule, the main place in which is the form of working documents aimed at preventing the early stage of interaction with financially unstable counterparties, as well as this schedule allows you to timely identify the occurrence of excessive receivables, which is the key to reduce debt to creditors and increase the level of liquidity balance and solvency of the enterprise.

Keywords

accounts receivable, accounts payable, internal audit, workflow schedule, insolvency.