Control over financial and economic activities. Internal control over the financial and economic activities of the enterprise. Objects of practice and workplaces of students

Introduction

1. Theoretical part

1.1 Meaning, types and methods of financial control

1.1.1 Importance of financial control

1.1.2 Types and methods of financial control

1.2 Organization of financial control

1.2.1 State financial control

1.2.2 On-farm financial control

1.2.3 Banking supervision

1.2.4 Audit control

2. Practical part

2.1 Calculation of the main financial ratios of the reporting

2.1.1 Grouping of balance sheet assets according to the degree of their liquidity

2.1.3 Liquidity ratios

2.1.4 Financial leverage ratios (debt, leverage)

2.1.5 Business activity ratios

2.1.6 Profitability ratios

2.2. Cash flow budgeting using the indirect method

2.2.2 Accounts receivable forecast

2.2.3 Forecast of upcoming operations

2.2.4 Net profit forecast

2.2.5 Net cash flow forecast

2.2.6 Compiling a Du Pont Chart Using the Obtained Net Income Values

Conclusion

Bibliography

Applications

Introduction

Control over the state of the economy, the development of socio-economic processes in society is an important area of ​​management activity. One of the links in the control system is financial control. Its significance lies in facilitating the successful implementation of the financial policy of the state, ensuring the processes of formation and effective use financial resources in all spheres and links of the national economy. The role of financial control during the transition to the market increases many times over.

Financial control is a form of implementation of the control function of finance. It determines the purpose and content of financial control. At the same time, the content of control and its orientation change depending on the level of development of the productive forces and the production relations of society. Thus, the expansion of the economic rights of the enterprise, their independence in the implementation financial activities, the emergence of various organizational and legal forms of entrepreneurship significantly enriches the content of financial control. Financial control is a set of actions and operations to check the financial and related issues of the activities of economic and management entities using specific forms and methods of its organization. Special control bodies are created to exercise financial control. Their rights, duties and responsibilities are strictly regulated, including by law.

This work consists of two parts. In the first part of the work, we will directly consider the concept, types and methods of financial control of economic activity. In the second part, on the basis of the available data of the JSC "Olympia" enterprise, we will make a practical calculation of the main financial ratios of the reporting and, using the indirect method, we will draw up a cash flow budget.

The relevance of this topic lies in the fact that Financial control, unlike other types of control (environmental, sanitary, administrative, etc.), is associated with the use of cost categories. The subject of audits are such financial (cost) indicators as: profit, income, profitability, cost, costs, circulation, value added tax, deductions for various purposes and funds. These indicators are synthetic in nature, therefore, control over their implementation, dynamics, trends covers all aspects of the production, economic and commercial activities of enterprises, as well as the mechanism of financial and credit relationships. The object of financial control is monetary, distributive processes in the formation and use of financial resources, including in the form of cash funds at all levels of the national economy.

The purpose of this work is to review the main forms and methods of financial control of economic activity.

In the process of work, we will consider such forms of financial control of economic activity as: state financial control and non-state financial control (intra-economic, public, audit). As well as the methods by which this control of economic activity is carried out.

When writing the work, significant assistance in the study was provided by the works and publications of economists Filatov O.V., Margulis E.G., Ryabova T.F., Semenova O.V. Also on this topic, the educational and periodical writers of such authors as Borisova E.F., Salimzhanov I.K., Burtseva V.V., Adamova N. and other scientists were studied.

1. Meaning, types and methods of financial control

1.1 Importance of financial control

Financial control is understood as the activity of state, municipal, public and other economic entities regulated by the norms of law to verify the timeliness and accuracy of financial planning, the validity and completeness of income receipts in the relevant funds of funds, the correctness and efficiency of their use.

Financial control is the most important means of ensuring the rule of law in financial and economic activities. Financial control prevents mismanagement and extravagance, reveals facts of abuse and theft of inventory and cash. The effectiveness of financial control exercised by various entities - public authorities, local government, auditors, audit organizations, is determined to a decisive extent by their interaction, including with law enforcement agencies.

1.2 Types and methods of financial control

Financial control is carried out in various types and forms, using various methods of its implementation.

Depending on the timing of the control financial control has the following forms (methods of concrete expression and organization of control actions):

- preliminary financial control. It is made before any financial event, for example, checking the correctness and legality of documents that serve as the basis for receiving or spending funds. This form of control is carried out by higher economic management bodies and institutions of the financial and credit system when considering financial (credit, cash) plans, estimates and transfers budget funds;

- current(operational) financial control is carried out daily by financial services to prevent violations of financial discipline in the course of the enterprise's activities. This form of control is based on operational and accounting data, inventories and visual observation. It serves to prevent financial irregularities. The object of current control, first of all, is the documentation directly related to the payment or receipt of funds. Operational control is carried out by comparing costs with current standards;

- subsequent financial control is an integral part of external (departmental and non-departmental) and intraeconomic (accounting) control. This form of control is reduced to checking financial and economic operations for the past period for the legality and expediency of the expenses incurred, the completeness and timeliness of the receipt of funds provided for by the budget. It is carried out through the analysis of reports and balance sheets, as well as inspections and audits directly on the spot - at enterprises, institutions and organizations. Subsequent control is characterized by an in-depth study of all aspects of economic and financial activities, which makes it possible to reveal the shortcomings of two other forms of financial control - preliminary and current.

Depending on the legal nature of the subjects , carrying out control activities, financial control is divided into the following types:

State;

On-farm;

Financial and credit authorities (banking control);

Public;

Independent (auditing).

There are several methods of financial control :

- observation- this is a general acquaintance with the state of the financial activity of the object of control;

- examination touches on the main issues of financial activity and is carried out on the spot using balance sheets, reporting and expenditure documents to identify violations of financial discipline and eliminate their consequences;

- survey is carried out in relation to certain aspects of financial activity and is based on a wider range of indicators, which fundamentally distinguishes it from verification. The survey uses methods such as surveys and questionnaires. The results of the survey, as a rule, are used to assess the financial position of the object of control, the need for reorganization of production, etc.;

- analysis, like the previous methods, is aimed at identifying violations of financial discipline. It is carried out on the basis of current or annual reports and is distinguished by systematic and factorial research, as well as the use of traditional analytical tools: average and relative values, groupings, index method, etc. Financial control cannot be reduced to analytical activities only. It is possible only to a limited extent to use specific methods of financial economic analysis;

- revision is carried out in order to establish legality and financial discipline at a particular facility and is the main method of financial control. The legislation provides for the mandatory and regular nature of the audit. It is carried out on the spot and is based on the verification of primary documents, accounting registers, accounting and statistical reporting, the actual availability of funds.

There are a variety of revisions. Therefore, they are classified according to different principles.

Depending on the content, revisions are divided into documentary and factual. Documentary audits include verification of various financial documents. Based on their analysis, it is possible to determine the legality and expediency of spending funds. During the actual audit, the presence of money, securities and material assets is checked.

By the time of implementation of the audit are divided into scheduled and unscheduled. Basically, audits are carried out in accordance with the plan, which is drawn up in higher bodies, ministries and departments. Planned audits in the production area are carried out at least once a year, and in the non-production area - at least twice a year.

According to the surveyed period of activity, the audits are divided into frontal and selective. With a frontal (full) audit, all financial activities of the subject for a certain period are checked. A selective (partial) audit is an audit of financial activities only for a certain short period of time.

Depending on the volume of audited activities, audits are divided into complex, during which the financial activities of a given entity are checked in various areas (auditors of several bodies take part in them at the same time), and thematic, which come down to an examination of a certain area of ​​financial activity.

2. Organization of financial control

2.1 State financial control

State financial control is carried out by federal legislative bodies, federal executive bodies, including specially created ones. The legislation provides for conducting at least once a year by the relevant control and financial authorities of comprehensive audits and thematic audits of the receipt and expenditure of budgetary funds in federal executive bodies, as well as in enterprises and organizations using federal budget funds.

Objects of control:

Execution of the federal budget and the budget of federal off-budget funds;

Organization of monetary circulation;

Use of credit resources;

The state of the state internal and external debt, state reserves;

Providing financial and tax incentives and benefits.

In accordance with established by law delimitation of functions and powers, the subjects of state financial control are:

Accounts Chamber of the Russian Federation;

Central Bank of the Russian Federation (CBR);

Ministry of Finance of the Russian Federation (Federal Treasury, federal Service Financial and Budgetary Supervision, Federal Tax Service);

State Customs Committee of the Russian Federation;

Federal Service of Russia for Currency and Expert Control;

Control and auditing bodies of federal executive bodies;

Other bodies exercising control over the receipt and expenditure of funds from the federal budget and federal off-budget funds.

State control is also carried out by representative (legislative) and executive authorities of the constituent entities of the Russian Federation.

2.2 On-farm financial control

On-farm control is the control of financial and economic activities carried out by the economic services of the enterprise or organization itself. The object of this control is both the enterprise as a whole and its individual structural units.

The most important functions of on-farm control:

Formation of accounting policy;

Accounting;

Compilation of reliable financial statements in a timely manner;

Control over the movement of property and the fulfillment of obligations;

Ensuring compliance of all business operations carried out by the enterprise (institution) with the legislation.

Internal control is carried out by the accounting department, the financial department and some other economic services. The key link in the system of on-farm control is the chief (senior) accountant. When exercising his functions, the chief accountant reports directly to the head of the enterprise (institution), by whose order he is appointed and dismissed.

The chief accountant, together with the head of the enterprise, signs all documents that serve as the basis for the acceptance and issuance of inventory items and cash, settlement, credit, financial obligations and business contracts. These documents without the signature of the chief accountant are invalid and are not accepted for execution.

The chief accountant does not accept for execution and execution documents on operations that are contrary to the current legislation and violate contractual and financial discipline. Upon receipt of an illegal order, he is obliged to declare this in writing to the first head before execution. Upon receipt of a written confirmation of the execution of these documents, the chief accountant executes it. In this case, the entire responsibility for the operation performed lies with the head of the enterprise. The duty of the chief accountant is also the implementation of preliminary financial control over the correctness and legality of spending funds.

2.3 Banking supervision

The banking system plays an important role in a market economy. There is a two-way relationship between a well-functioning economy and a banking system. Since banks are elements of the infrastructure of modern society, the supervision of banks is of particular importance.

The main objectives of supervision of commercial banks are:

Protection of small depositors from bad bank management and fraud;

Protecting clients from systemic risk (when one bank goes bankrupt, several banks may go bankrupt and thereby undermine confidence in the entire system);

Ensuring confidence in those banks that act as creditors in the international banking market;

Protecting the economy from negative developments in banking system.

Monetary authorities are designed to ensure the stability of money circulation and the national currency, which is impossible without limiting the credit expansion of banks, which theoretically can "create" any amount of means of payment.

Supervision is built on the principle of taking precautionary measures to reduce the possible risk when commercial banks invest funds in banking and non-banking structures.

The protection of shareholders and shareholders is usually not included in the functions of supervisory authorities.

A satisfactory oversight system includes a complex web of financial, legal, economic, and administrative ties. The most important are the following:

A codified set of laws relating to economic entities and property, including banking legislation;

Development of adequate and clearly defined accounting and reporting standards;

The system of supervisory bodies, their functions, powers;

The essence of the practice of supervision, its sequence;

System of corrective measures and economic sanctions;

Publication of bank statements to the general public.

The most important prerequisite for effective supervision is the existence of requirements for the accounting system. They are the rules that commercial banks and businesses must follow when preparing their balance sheets. Balance sheets, income statements, etc. play an important role for lenders, investors and commercial partners. They contain information about the company. Banks need reliable accounts of borrowers in order to carry out credit analysis. The reporting standard should be uniform so that the bank can compare the benefits of one borrower over another. For banking supervisors, standard bank reporting is necessary not only for financial evaluation individual bank customers, but also to compare different banks, including foreign ones.

Typically, supervision of commercial banks is carried out either by internal audit (audit services commercial bank), or by an external audit (by audit organizations that carry out independent audits).

As methods of banking supervision, there can be documentary control, inspection, audit, economic analysis, registration (issuance of licenses), etc.

2.4 Audit control

Audit control is a relatively new area of ​​financial control. Audit is a form of entrepreneurial activity of auditors (audit firms) to carry out independent non-departmental audits of accounting (financial) statements, payment and settlement documentation, tax returns and other financial obligations and requirements of business entities, as well as to provide them with other audit services.

Audit control is an independent financial control. It can be carried out both by individual individuals who have passed state certification and are registered as entrepreneurial auditors, and by audit firms (including foreign ones), which can have any organizational and legal form provided for by Russian law, except for an open joint-stock company. After obtaining a license for the right to carry out audit activities, they are included in the State Register of Auditors and Audit Firms. Auditing firms and auditors do not have the right to simultaneously engage in any other business activity.

The main tasks of audit control are to establish the reliability of accounting and financial statements and the compliance of the financial and business operations performed with the regulations in force in Russian Federation; verification of payment and settlement documentation, tax declarations and other financial obligations and requirements of the audited economic entities. Auditing services can also provide other services: setting up and maintaining accounting records; preparation of financial statements and income declarations; analysis and forecasting of financial and economic activities; training of employees of accounting services and consulting in matters of financial and economic legislation; elaboration of recommendations received as a result of audits.

All services of audit organizations are paid. As a rule, the relations of the auditor (auditing firm) with the client are drawn up by an agreement with payment for services at contractual prices. If the audit is carried out on the basis of instructions from the judiciary in the presence of a criminal case accepted for proceedings, or a case under the jurisdiction of an arbitration court, then payment for audit services is made at the expense of the audited organization at the rates approved by the Government of the Russian Federation, and in case of financial insolvency - at the expense of budget, with subsequent reimbursement from the property of the audited organization, declared bankrupt by the court.

Audit check can be obligatory and proactive. If an initiative audit is carried out by decision of the economic entity itself, then a mandatory one is carried out in the prescribed manner in all cases provided for by the Decree of the Government of the Russian Federation of December 7, 1994. Banks, insurance organizations, stock exchanges, extra-budgetary funds created at the expense of mandatory contributions are subject to mandatory audit; charitable foundations; enterprises established in the form of an open joint stock company, regardless of the number of shareholders and size authorized capital, as well as enterprises that have a share in the statutory fund owned by foreign investors.

In addition, enterprises (with the exception of municipal and state enterprises) whose individual financial indicators exceed the criteria established by the Government are subject to annual audit control. Mandatory verification can also be carried out on behalf of state bodies - the prosecutor's office, the treasury, tax service and tax police. Evasion of an economic entity from conducting an inspection or obstruction of its conduct entails the collection of a fine by a court decision.

The result of the audit is documented in the form of an auditor's (audit firm's) report. This document has legal force for all legal entities and individuals, state and judicial authorities. There are four types of conclusion:

Conclusion without comments - the auditor confirms the reliability of the financial statements and the balance sheet;

Conclusion with comments (reservations), indicating a general positive opinion of the auditor on the reliability of the financial and accounting statements, but he established individual omissions, which are set out in the analytical section of the conclusion;

A negative opinion is drawn up in cases where, in the opinion of the auditor, the accounting does not comply with the requirements of regulatory legislation, and the financial statements do not give a reliable idea of ​​the financial position of the audited enterprise;

The conclusion is not drawn up if the auditor could not express his opinion on the quality of accounting and reporting due to the failure to receive sufficiently convincing evidence from the audited entity.

There are two types of audit - external and internal.

Intracompany audit is carried out by an internal audit service, functioning both at the level of the central management of the company, and at the level of branches, subsidiaries, etc.

Intra-company audit is aimed at improving the efficiency of management decisions to improve the financial and economic activities of the enterprise in order to maximize profitability and profit. Its tasks include: verification of compliance with the principles and rules of accounting in the preparation of annual reports; elaboration of recommendations of external auditors; advising the company's management on all issues of the company's financial strategy; checking the timeliness, reliability and accuracy of financial information prepared for the management of the branches of the central authorities; analysis of the adequacy and effectiveness of measures to ensure the safety of assets; identification of reserves for saving liquid funds; determination of the effectiveness of the financial and economic activities of the company and branches, etc.

External audit perform special audit firms under an agreement with state tax and other authorities, enterprises, other users - banks, foreign partners, shareholders, insurance companies, etc. Their main task is to establish the reliability of the financial statements of the inspected objects, as well as to develop recommendations for eliminating existing shortcomings in the activities of economic agencies, improving their financial and economic activities.

To achieve the goals and objectives, audit firms carry out: financial expertise; checks and audits of financial, economic and commercial activities of enterprises and organizations; control over the correctness of determining income subject to taxation; prevention of their underestimation and the possibility of avoiding the collection of penalties; advising on the organization of accounting and management, reporting, taxation issues; verification of the correctness and effectiveness of intra-company financial control and audit.

In general, the field of audit services is very significant. It also includes: the formulation and organization of accounting; preparation of documents required for the establishment of joint ventures and joint-stock companies; mediation in the conclusion of commercial transactions; preliminary and subsequent control over concluded agreements and contracts; assistance to domestic and foreign partners in negotiations on cooperation, foundation, clarification of issues of financial and banking, tax, insurance and other types of legislation, etc.

The list of services clearly shows the preventive nature of the control activities of audit firms, which consists in preventing any financial and economic violations and failures.

It is possible to identify several stages of the audit. The initial or preparatory stage includes the actions of the auditor that ensure the reliability and effectiveness of the analysis: the selection and systematization of the necessary materials, checking the comparability and interconnection of various reporting indicators. At the second stage, a large number of different analytical calculations are performed. The third stage is reduced to summarizing the results and formulating an expert-auditor's assessment.

Performing the audit procedures provided for by the program, professionals check the completeness of the reflection of the most important business transactions in accounting and reporting; timeliness and correctness of fixing the results of the inventory of fixed assets (funds), material assets, cash and settlements, the preservation of primary accounting and other types of supporting documents confirming the performance of business transactions and their reflection in accounting records during the established period. Verification of the data contained in the reporting is carried out, as a rule, on the basis of special tests.

Based on the audit and analysis of the financial condition, auditors must officially testify to a reasonable opinion on the final results of the activities of controlled economic entities for a certain period.

3. Practical part

3.1 Calculation of the main financial ratios of the reporting

Based on the available data of the balance sheet (Appendix 1) and the Profit and Loss Statement (Appendix 2) on the economic activity of the enterprise, we will calculate the main financial ratios of the reporting for the following subsections: grouping balance sheet assets according to their degree of liquidity; grouping the liabilities of the balance according to the degree of urgency of their payment; liquidity ratios; coefficients of financial "leverage" (debt, leverage); business activity ratios; profitability ratios; dupont chart.

3.1.1 Grouping of balance sheet assets according to the degree of their liquidity

Balance sheet assets, depending on the degree of liquidity, i.e., the speed of turning property into money, are generally divided into the following groups:

The most liquid assets (A1), which are defined as:

A1 = Cash + Short-term financial investments;

Marketable assets (A2) - receivables, payments on which are expected within 12 months after the reporting date (short-term receivables), i.e.:

A2 = Short-term accounts receivable;

Slowly realizable assets (A3), which consist of inventories, VAT on acquired tangible assets, receivables for which payments are expected more than 12 months after the reporting date (long-term receivables), and other assets:

A3 = Inventory + VAT + Long-term debtor. debt + Other turnover. assets

Difficult-to-sell assets (A4):

A4 = Non-current assets.

The grouping of balance sheet assets according to the degree of their liquidity is presented in table 1.

Table 1. Grouping of balance sheet assets according to the degree of their liquidity

Asset group, asset
most liquid assets
Cash
fast-moving assets
slow-moving assets
Stocks (raw materials and materials)
Unfinished production
Finished products and goods
hard-to-sell assets
fixed assets

3.1.2 Grouping of balance sheet liabilities according to the degree of urgency of their payment

Liabilities of the balance are grouped according to the degree of urgency of their payment:

The most urgent liabilities (P1) - these include accounts payable, namely:

P1 = Accounts payable;

Short-term liabilities (P2), which include:

P2 = Short-term borrowings + Indebtedness to participants for the payment of income + Other short-term liabilities;

Long-term liabilities (P3), consisting of:

P3 \u003d Long-term liabilities + Deferred income + Reserves for future expenses;

Permanent liabilities or stable (P4) - the equity of the organization, i.e. section III "Capital and reserves":

P4 = Capital and reserves.

The grouping of the liabilities of the Balance of OJSC "Olympia" according to the urgency of their payment is shown in table 2.

Table 2. Grouping of liabilities of the balance according to the urgency of their payment

Asset group, asset
most urgent obligations
Accounts payable
short-term liabilities
Credits and loans
permanent liabilities or stable
Undestributed profits

3.1.3 Liquidity ratios

In practice, the following relative indicators of balance sheet liquidity (the firm's solvency) are used:

- general indicator of liquidity (solvency). It is used for a comprehensive assessment of the liquidity of the balance sheet as a whole - the ability to cover all liabilities (short-term and long-term) with all its assets.

K OP \u003d (A1 + A2 + A3 + A4) / (P1 + P2 + P3)\u003e 1.

- absolute liquidity ratio:

K AL \u003d A1 / (P1 + P2).

Shows which part short-term liabilities can be repaid immediately if necessary at the expense of cash and short-term financial investments. The normal value of this indicator, depending on the industry, is as follows: K AL > 0.1 - 0.7.

The absolute liquidity ratio characterizes the solvency of the enterprise on the date of the balance sheet.

- current liquidity ratio:

K TL \u003d (A1 + A2 + A3) / (P1 + P2).

Gives a general assessment of the liquidity of assets, showing how many rubles of current assets account for one ruble of current liabilities. The value of the indicator can vary by industry and type of activity, and its reasonable growth in dynamics is usually regarded as a favorable trend. The value of K TL = 1.5 is considered acceptable, the optimal value of K TL = 2 - 3.5

- coefficient of "critical evaluation (liquidity)":

K CL \u003d (A1 + A2) / (P1 + P2).

This coefficient characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables. The value KKL = 0.7 - 0.8 is acceptable, preferably KKL = 1.

The results of calculations of liquidity ratios (solvency) are presented in table 3.

Table 3. Liquidity ratios (solvency) of OJSC "Olympia"

3.1.4 Financial leverage ratios (debt, leverage)

Debt ratios are ratios showing the share borrowed money in the total amount of financial sources (liabilities).

The ratio of borrowed and own sources of funds (DER) :

At the beginning of the period:

At the end of the period:

The value of the ratio of borrowed and own sources of funds shows that

At the beginning of the reporting period, for each ruble invested by the owners (shareholders) there are 1.51 rubles. financial resources of creditors;

At the end of the reporting period, for each ruble invested by the owners (shareholders) there is 0.88 rubles. financial resources of creditors.

Debt ratio (DTAR):

At the beginning of the period:

At the end of the period:

The debt ratio performs the same functions as the ratio of borrowed and own sources of funds (equity). It allocates that part of the assets that is financed by borrowed funds. Thus, 47% of the assets of Olympia LLC are financed by borrowed funds, and the remaining 53% are provided by equity. Theoretically, if the company is liquidated now, then in order to fully pay off creditors, its assets must be sold at least 45 kopecks per ruble of nominal value.

3.1.5 Business activity ratios

Business activity ratios allow you to analyze how efficiently the company uses its funds. Typically, this group includes various indicators turnover.

In financial management, the following turnover indicators are most often used:

Asset turnover ratio:

Asset turnover \u003d Revenue / (Average amount of assets for the analyzed period) \u003d \u003d 1.3846.

This coefficient shows that during the reporting period (6 months) 1.38 monetary units of sold products were brought by each monetary unit of assets.

Accounts receivable turnover ratio(To OBD):

TO OBD = Revenue / (Average amount of receivables for the analyzed period) = = 6.84.

This ratio shows the number of turnovers (conversion into cash) of the amount of receivables during the year.

Duration of receivables turnover in days(or average maturity of receivables(P OBD)):

P OBD \u003d (180 days) / K OBD \u003d 180 / 6.84 \u003d 26.3.

The average number of days from the moment of sale of goods to the moment of receipt of payment for it was 26.3 days.

Accounts payable turnover ratio(To OBK):

To OBK= [Cost of products (goods) sold + (-) increase (decrease) in inventories] /

/ (Average amount of accounts payable for the analyzed period) = = 2.3.

Duration of accounts payable turnover in days(or the average maturity of accounts payable(P OBK)):

P OBK \u003d (180 days) / K OBK \u003d 180 / 2.3 \u003d 78.3 days.

Inventory turnover is characterized by inventory turnover ratio(To OMPP):

To OMPZ\u003d Cost of goods sold (goods) / (average cost of inventories for the analyzed period) \u003d \u003d 2.73.

The duration of the turnover of inventories in days(P OMPP):

P OMPP = (180 days) / K OMPP = 180 / 2.73 = 66.0.

Operating cycle OPV is a period of time calculated from the moment (date) of the acquisition of raw materials and materials until the moment (date) of receipt of money for goods sold (products, works, services).

Operating cycle = P OMPP + P OBD

The operating cycle is a period of time calculated from the moment (date) of the acquisition of raw materials and materials until the moment (date) of receipt of money for sold products.

OPV \u003d P OMPP + P OBD \u003d 66 + 26.3 \u003d 92.3 days;

Cash turnover(ODS) - the duration of the time interval between the actual payment of invoices from suppliers of raw materials and materials necessary for the organization and the receipt of funds from buyers for the goods (products, works, services) sold by them.

ODS \u003d P OMPP + P OBD - P OBC \u003d OPC - P OBC \u003d 92.3 - 78.3 \u003d 14 days.

Equity turnover is characterized by equity turnover ratio(To USC).

TO OSK = = 2.97.

The total turnover of assets (or capital) is characterized by asset turnover ratio(K OA) or capital turnover ratio:

The asset turnover ratio shows the relative efficiency of using the company's assets to generate revenue - 1.385 rubles of revenue per 1 ruble of invested capital.

3.1.6 Profitability ratios

Profitability indicators (coefficients) are divided into two groups: return on capital and return on production (profitability of sales). Together, both types of coefficients characterize the overall performance of the firm.

Profitability of sales - the ratio of profit from sales to revenue (net) from sales and shows how much profit falls on a unit (ruble) of sold products.

Gross margin ratio(GPM):

(GPM)=

Net profit ratio (NPM):

The net profit ratio characterizes the profitability of the company, taking into account commercial, administrative expenses and income tax. He imagines net profit (profit from the sale of products - income tax) firms for every ruble of revenue.

Return on investment in assets - reflects the ratio of profit and total investment in the company's assets.

Rate of return (profitability) of investments in assets(ROI), or rate of return (profitability) of assets(ROA):

In 1919, the Du Pont Company for the first time applied the original version of the financial ratios analysis methodology to assess the effectiveness of the company's activities (factorial analysis). She offered , equal to the ratio:.

To reveal the essence of this method, consider the indicators defined above, namely:

- capital turnover ratio:

- net profit ratio (NPM :

Work NPM and TO OA will allow us to get :

Thus, the product of the net return on sales and the turnover of total assets is equal to the ratio of return on assets, or the return on capital of total assets.

Return on equity (equity) capital (ROE):

Multiplying ROE by the ratio, we get:

– equity multiplier (equity (equity) capital ratio).

Let's denote the ratio:

equity multiplier (coefficient of own (share) capital).

Then return on equity (equity) capital (ROE) will be determined by the dependency:

ROE \u003d NPM K OA M SK \u003d 10.6963 1.3846 2.43 \u003d 35.9885 ≈ 36.0.

To reveal the concept of the equity multiplier, we calculate the return on equity capital at the end of the period:

The above ratio of borrowed and own funds at the end of the period is a financial leverage:

Therefore, the multiplier (M SK) is a modified financial lever.

Therefore, in the future, when considering the analysis scheme (diagram) developed by Du Pont, the concept of "financial leverage" is introduced, Table 4.

Table 4. DuPont diagram

				rate of return (profitability) of assets (ROA)
Profitability of sales		Asset turnover		Return on assets
It characterizes the profitability of the company, taking into account all the costs associated with the sale of products and income tax, represents the amount of net profit for each ruble of products sold

3.2 Cash flow budgeting using the indirect method

For the preparation of the cash flow budget by the indirect method, the following initial data are available:

Balance (budget according to the balance sheet) - Annex 3;

Forecast budget of income and expenses for operating activities for the period 01.01.200X-01.07.200X - Annex 4;

Initial data on current assets for the BBL forecast - Appendix 5;

Budget of income and expenses for the previous period 07/01/200(X-1)-01/01/200X - Appendix 6.

Based on the available data, we will perform the following calculations: forecast of inventories; forecast of accounts receivable; forecast of upcoming operations; net profit forecast; net cash flow forecast; let's make a Du Pont chart using the net profit values ​​obtained.

3.2.1 Inventory forecast

To forecast the balance of inventories of the i-th type (inventory i), we apply the turnover ratio of inventory i, determined for the past period (in our case, this is the period from 07/01/200 (X-1) to 01/01/200X), Appendix 5:

Then the predicted balance of the inventory on 07/01/200X will be equal to:

Based on these dependencies, we calculate the forecasted balances as of 07/01/200X, i.e. C K i . The value of the cost of goods sold is taken from Appendix 4.

Let's determine the turnover ratio of inventory inventory 1 of stocks (raw materials) according to the data of the previous period (07/01/200(X-1)-01/01/200X):

Let's determine the turnover ratio of the inventories 1 of work in progress according to the data of the previous period (07/01/200 (X-1) - 01/01/200X):

We find C K1-01.07.200X according to the dependence:

Let's determine the turnover ratio of the inventories 1 of finished products and goods according to the data of the previous period (01.07.200 (X-1) -01.01.200X):

We find C K1-01.07.200X according to the dependence:

We enter the calculated values ​​\u200b\u200binto table 5. We also enter the value of C K-01.07.200X in the Balance (budget according to the balance sheet), table 6.

Table 5. Forecast of EMF i

		Initial data for forecasting the EMF					Estimated values
						C N i -01.01.200X		From Ki- 01.07.200X
	stocks (raw materials and materials)						5,14	33
	unfinished production						21,18	9
	finished products and goods						8,00	20

Table 6. Balance sheet (balance sheet budget)

	Amount, million rubles
Assets
including:
fixed assets
Long-term financial investments
Current (current) assets,
including:
Stocks (raw materials and materials)
Unfinished production
Finished products and goods
Accounts receivable (for which payments are expected within 12 months)
Short-term financial investments
Cash
Total (balance currency)
Passive
Capital and reserves :
including:
Authorized (share) capital
Undestributed profits
including:
Credits and loans
Accounts payable
Total (balance currency)

3.2.2 Accounts receivable forecast

For the forecast of receivables, we apply the receivables turnover ratio:

Then the projected balance of receivables on 07/01/200X will be equal to:

Based on these dependencies, we calculate the forecasted balances as of 07/01/200X, i.e. From K-01.07.200X.

Table 7. Forecast of receivables

The receivables turnover ratio according to the previous period is:

Then the predicted balance of accounts receivable as of 07/01/200X, accurate to integers, will be equal to:

We enter the calculated values ​​\u200b\u200binto table 7. We also enter the value of C K-01.07.200X in the Balance (budget according to the balance sheet), table 6.

3.2.3 Forecast of upcoming operations

Prediction #1 “Acquisition of short-term financial investments”.

Initial data:

Balance at the beginning of the period, Appendix 3, C N-01.01.200X = 7 million rubles;

It is predicted to be received during the period OB D = 15 million rubles. (balancing amount);

Forecasted to be disposed of during the period OB K = 12 million rubles. (book value).

Calculation of the balance at the end of the period С Н-01.07.200Х is calculated according to the dependence:

C N-01.07.200X = C N-01.01.200X + OB D - OB K = 7 + 15 - 12 = 10 million rubles

The value of the value C K-01.07.200X is entered in the Balance sheet (budget according to the balance sheet), table 6.

Prediction #2 “Cash flow from making short-term investments”:

Initial data:

SFV= 20 million rubles;

Expense (book value of retired financial investments), see forecast No. 1, C EF = 12 million rubles.

The profit from the sale of financial investments is calculated according to the formula:

P FV = SFV- C FV = 20 - 12 = 8 million rubles.

The value of the profit from the sale of financial investments P FI is entered in table 8.

Table 8. Continuation of the forecast budget of income and expenses for the period 01.01.200X-01.07.200X

, R OP
PFV	8
R OS	(6)
Profit before tax, R DN = R OP +PFV+ R OS	40
	24
income tax, HP =CHP* R DN / 100	(9,6)
Net profit of the organization, NPWO\u003d R DN - HP \u003d R DN + (NR)	30,4

Prediction #3 “Acquisition of fixed assets”:

Initial data:

Balance at the beginning of the period, Appendix 3, C N-01.01.200X = 40 million rubles;

It is planned to accrue the amount of depreciation of fixed assets, Appendix 4:

the amount of depreciation of fixed assets for production purposes A OSP = 11 million rubles;

the amount of depreciation of fixed assets for production purposes A OSU = 6 million rubles;

total depreciation of fixed assets:

A OS \u003d A OSP + A OSU \u003d 11 + 6 \u003d 17 million rubles;

It is planned to receive during the period of fixed assets in the amount equal to ABOUT DOS = 23 million rubles. (balancing amount);

is planned to be disposed of during the period of fixed assets in the amount equal to OB KOS - 10 million rubles. (book value).

Calculate the residual value of fixed assets - the balance at the end of the period, according to the dependence:

C K-01.07.200X = C N-01.01.200X + ABOUT DOS - ABOUT KOS - A OS\u003d 40 + 23–10–17 \u003d 36 million rubles.

The value of the value C K-01.07.200X is entered in the Balance (budget according to the balance sheet), table 6, italicized and underlined.

Prediction #4 “Cash flow from the sale of fixed assets”.

Initial data:

Income (revenue) from the sale of financial investments - incoming cash flow SOS= 4 million rubles;

Expense (book value of retired fixed assets), see forecast No. 3, COS= 10 million rubles

Calculate the profit from the sale of fixed assets according to the formula:

POS= SOS – COS= 4 - 10 = - 6 million rubles.

The value of the profit from the sale of fixed assets POS put in table 8.

3.2.4 Net profit forecast

We determine profit before tax according to table 8, namely:

R DN = R OP +PFV+ R OS\u003d 38 + 8 - 6 \u003d 40 million rubles.

We calculate income tax on dependence (the income tax rate is adopted on the basis of Chapter 25 “Income Tax” of the Tax Code of the Russian Federation) with an accuracy of two decimal places:

HP =CHP* R DN / 100\u003d 24 * 38 / 100 \u003d 9.6 million rubles.

We find the net profit of the organization according to the formula with an accuracy of two decimal places:

NPWO\u003d R DN - HP \u003d R DN + (NR)= 40.0 - 9.6 = 30.4 million rubles.

The value of certain quantities is entered in table 8.

We determine retained earnings as of 07/01/200X, provided that all net profit remains at the disposal of the organization OB K = 30.4 million rubles, according to the following dependence:

C K-01.07.200X \u003d C N-01.01.200X + OB K \u003d 15.00 + 30.4 \u003d 45.4 million rubles.

The value C-01.07.200X of retained earnings is entered in table 6.

After all operations are completed, the Forecast balance sheet (balance sheet budget) has the following form, table 9. Column 4 has been added to the balance sheet, showing deviations from K-01.07.200X - C N-01.01.200X for each balance sheet item.

Table 9. Forecast balance (balance sheet budget)

Assets, equity, liabilities	Amount, million rubles		Absolute deviation, million rubles
Non-current assets (permanent, long-term),
including:
fixed assets
Long-term financial investments
Current (current) assets,
including:
Stocks (raw materials and materials)
Unfinished production
Finished products and goods
Accounts receivable (for which payments are expected within 12 months)
Short-term financial investments
Cash
Total (balance currency)
Passive
Capital and reserves:
including:
Authorized (share) capital
Undestributed profits
Short-term (current liabilities) liabilities,
including:
Credits and loans
Accounts payable
Total (balance currency)

We combine Appendix 4 with table 8. As a result of combining these tables, we get the forecast budget of income and expenses in the following form, table 10.

Table 10. Forecast budget of income and expenses for the period 01.01.200X-01.07.200X

	Amount, million rubles
including:
Selling expenses
management expenses,
including:
Profit from the sale of products (works, services)
Profit from the implementation of financial investments, PFV	8
Profit/Loss from sale of fixed assets, R OS	(6)
Profit before tax, R DN = R OP +PFV+ R OS	40
Income tax rate, C NR,%	24
income tax, HP =CHP* R DN / 100	(9,6)
Net profit of the organization, NPWO\u003d R DN - HP \u003d R DN + (NR)	30,4

3.2.5 Net cash flow forecast

The formation of the Cash Flow Budget by the indirect method will be kept in tabular form, table 11.

Table 11. Cash Flow Budget Forecast

		Amount, million rubles	Note
	Net profit		Is a baseline, table 15, table 17
	Operational adjustments, (3+4+5+6+7+8), including:		Determination of operating cash flows
	Depreciation of fixed assets A OS, forecast No. 3		Depreciation is a non-cash transaction that increases FR
	Decrease in inventory, table 16		Decrease in inventory increases FR
	Increase in work in progress, table 16		Increasing the size of work in progress increases FR
	Decrease in the value of finished products and goods, table 16		Decrease in stocks of finished goods (goods) increases FR
	Increase in receivables		Increasing accounts receivable reduces FR
	Reducing the amount of accounts payable		Reducing the amount of accounts payable reduces the FR
	Adjustments for investment activity, (10+11+12 +13+14+15+16), including:		Determination of cash flows from investing activities
	acquisition of long-term financial investments		Associated with cash outflow, table 16
	acquisition of short-term financial investments		Due to cash outflow, forecast No. 1
	proceeds from the sale of short-term financial investments		Due to cash inflows, forecast No. 2
	acquisition of fixed assets		Due to cash outflow forecast No. 3
	proceeds from the sale of fixed assets		Due to cash inflows forecast No. 4
	adjustment for loss on disposal of property, plant and equipment
	adjustment for profit from financial investments		Excludes financial result as it does not directly affect cash flows from investing activities
	Adjustments for financial activities, (18) including:		Determination of cash flow from financing activities
	payment of credits and loans		Associated with cash outflow, according to the balance sheet table 16
	Net cash flow for the period, (1+2+9+17)		Determination of net cash flow for the planned period - net profit, taking into account adjustments for operating, investment and financial activities
	Cash balance at the beginning of the period		Table 16
	Cash balance at the end of the period, (19+20)		Determining the cash balance at the end of the planning period. Enter the value of the remainder in table 16

3.2.6 Compiling a Du Pont Chart Using the Obtained Net Income Values

Estimated data:

Table 12. Dupont diagram

Net Margin Ratio (NPM)		capital turnover ratio K OA		rate of return (profitability) of assets (ROA)
Profitability of sales		Asset turnover		Return on assets
It characterizes the profitability of the company, taking into account all the costs associated with the sale of products and income tax, represents the amount of net profit for each ruble of products sold		Shows the relative efficiency of using the company's assets to generate revenue - the amount of revenue per ruble of invested capital		Shows the overall efficiency of the used invested capital according to the criterion of profit received, the return on invested capital is the amount of profit per ruble of invested capital

Conclusion

Financial control is a set of actions to check financial and related issues in the system of business entities. Financial control is one of the methods of managing the activities of business entities. Financial control reflects the movement of financial resources in the economic system of the state and completes the stage of financial management. Financial control at the same time is a necessary condition for the effectiveness of management. Control over the state of the economy, the development of socio-economic processes in society are common system control, the most important element of which is financial control. Finances objectively have the ability to express all aspects of production activities in any area, therefore, financial control must be comprehensive and continuous. The control function is a property of finance, and financial control is a function of the relevant financial authorities. The object of financial control are financial indicators. They regulate the process of formation, distribution, redistribution and use of financial resources (indicators of the cost of profitability, profitability). The purpose of financial control is to study and analyze financial indicators, options for the effective use of financial resources. A necessary condition for the effectiveness of financial control is properly set accounting. State financial control extends only to the links of the public finance system. Financial control, which is carried out in the sphere of material production and private enterprises, is carried out by the owners of these enterprises themselves. In this case, financial control is very strict, because the result of the activity of the enterprise itself depends on it. An independent link of financial control is audit control, which is carried out by qualified accountants and auditors. In the Russian Federation, audit services are united in an association of auditors. There are internal and external audits. Intra-company audit is aimed at increasing the efficiency of managerial decision-making to improve the economic activity of the enterprise. Its purpose is to increase the profit of the enterprise. External audit is carried out by audit services under agreements with the State Tax Inspectorate, banks, insurance companies, foreign partners. The tasks of audit control are as follows:

Conducting financial due diligence;

Carrying out inspections and audits of financial and economic activities;

Control over income subject to taxation;

Accounting consulting.

The purpose of audit control is to prevent economic violations. Audit service guarantees confidentiality, preservation of trade secrets. In case of violation of the law, the auditor is obliged to report this to the relevant services. Audit firms are economically independent from the state. An audit firm is required to obtain a license to conduct its activities. Each audit firm has its own charter, and their activities are coordinated by the Audit Chamber of Russia.

Bibliography

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5. Belobzhetsky I.A. Financial and economic control in economic management. M., 1979. - p. 13.

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Attachment 1

Aggregate balance sheet of OJSC "Olympia" (Budget according to the balance sheet)

Assets, equity, liabilities	Amount million rubles
Assets
Non-current assets (permanent, long-term),
including:
fixed assets
long-term financial investments
Current (current) assets,
including:
stocks (raw materials and materials)
unfinished production
finished products and goods
receivables (payments for which are expected within 12 months)
short-term financial investments
cash
Total (balance currency)
Passive
Capital and reserves:
including:
authorized (share) capital
retained earnings
Short-term (current liabilities) liabilities,
including:
credits and loans
accounts payable
Total (balance currency)

Appendix 2

Profit and loss statement of OJSC "Olympia" (budget of income and expenses)

Gross profit from sales of products (works, services):

PV \u003d Revenue - Cost Price \u003d 270 - 175 \u003d 95 million rubles.

Profit from the sale of products (works, services):

PR = PV - (Selling Expenses + Management Expenses) =

95 - (22 + 35) = 38 million rubles

Annex 3

Balance sheet (balance sheet budget)

Assets, equity, liabilities	Amount, million rubles
Assets
Non-current assets (permanent, long-term),
including:
fixed assets
Long-term financial investments
Current (current) assets,
including:
Stocks (raw materials and materials)
Unfinished production
Finished products and goods
Accounts receivable (for which payments are expected within 12 months)
Short-term financial investments
Cash
Total (balance currency)
Passive
Capital and reserves :
including:
Authorized (share) capital
Undestributed profits
Short-term (current liabilities) liabilities,
including:
Credits and loans
Accounts payable
Total (balance currency)

Appendix 4

Forecast budget of income and expenses for operating activities for the period 01.01.200X-01.07.200X

Business activity indicator	Amount, million rubles
Revenue (income) from the sale of products (works, services), V X
Cost of goods sold (works, services), PSA X
including:
– depreciation of fixed assets for production purposes
Gross profit from sales of products (works, services)
Selling expenses
management expenses,
including:
– depreciation of fixed assets used in the management process
Profit from the sale of products (works, services)

Annex 5

Initial data on current assets for the BBL forecast

Appendix 6

Budget of income and expenses for the previous period 01.07.200(X-1)-01.01.200X

Milyakov N.V. Finance: Textbook. - M.: INFRA_M, 2004. - S. 46.

Nelyubova N.N., Sazonov S.P. Finance. - Volgograd: Ed. VolGU, 2001. - S. 18.

Shidlovskaya M.S. Financial control and audit: Textbook. Mn.: Higher School, 2001 - S. 142.

Audit and revision. Ed. Bely I.N. - Minsk: MISANTA, 1994. - S. 195.

Milyakov N.V. Finance: Textbook. - M.: INFRA_M, 2004. - S. 49.

Milyakov N.V. Finance: Textbook. - M.: INFRA_M, 2004. - S. 56.

Terekhov A.A., Terekhov M.A. Control and audit: Basic methodological techniques and technology. - M.: Finance and statistics, 1998. - S. 244.

Milyakov N.V. Finance: Textbook. - M.: INFRA_M, 2004. - S. 57.

Anikeev I.M., Anikeeva I.S. Fundamentals of financial audit. - Minsk: Belmarket, 1995 - S. 14.

Labyntsev N.P. Audit: theory, methodology and practice. - M.: Finance and statistics, 1998. - 244 p.

Milyakov N.V. Finance: Textbook. - M.: INFRA_M, 2004. - S. 58.

Financial activities are closely related to the commercial, marketing and production activities of the enterprise and are a kind of mirror reflecting the success of the implementation of the plans of various departments, primarily the sales and production department.

The results of the financial activity of an enterprise implementing a business plan are provided to the owners of the enterprise, investors, creditors, tax authorities, as well as the company's management, project manager.

Financial activity is reflected in the main documents, which include:

• the balance sheet, which is a way of grouping (as of a specific date) a company's assets and liabilities and sources of funding;
• profit and loss statement, which allows you to assess the performance of the company for a certain reporting period using a detailed breakdown of income and expenses in order to determine whether the company had a profit or loss for this period;
• cash flow statement (cash flow), which establishes the sources and amount of cash received by the company for a certain period and indicates how much cash was spent during the same period. Drawing up such a document is very important for forecasting the receipt and expenditure of money and identifying the point in time when there may be a negative balance. In this case, additional sources of financing should be provided to cover the monetary deficit.

To characterize the financial condition of the enterprise, a system of indicators is used, with the help of which it is possible to assess the effectiveness of the use of financial resources allocated for the implementation of the business plan. The main goal of monitoring financial results is to calculate the profit and return on investment in various time periods of the enterprise’s operation based on the volume of sales of goods and services and the costs incurred and show how these achieved indicators correlate with similar business plan indicators.

The main source of information for controlling is the financial statements of the enterprise on its business operations, presented in the balance sheet. Using financial information, they evaluate the effectiveness of the enterprise, reveal the deep relationship between the articles of financial reports.

Financial managers use in their analytical work special methods (index, chain, balance, trend), based on the processing of statistical data, and mathematical methods (methods mathematical forecasting, correlation analysis, optimization methods, etc.). The technology of financial analysis consists in determining absolute and relative indicators.

In turn, relative and absolute indicators are determined with the vertical and horizontal directions of the study of balance sheet items.

With vertical analysis the data of the balance sheet items at the beginning and end of the reporting period correlate with the total of the liability (or asset) as a percentage. Thus, trends in the financial position for the reporting period are revealed. The advantage of vertical analysis is the smoothing of the influence of inflation, which can distort absolute indicators.

With a horizontal analysis the increase or decrease in these items of assets or liabilities of the balance sheet is calculated at the end of the reporting period in relation to its beginning. The positive results of the enterprise's activity include an increase in the amount of profit, an increase in deferred income, and an increase in accumulation funds. A negative assessment deserves the growth of accounts receivable or accounts payable, an increase in the amount of losses, loans that were not repaid on time (the presence of losses indicates the unprofitable activity of the enterprise, and the presence of outstanding loans indicates a decrease in the solvency of the enterprise at the time of the balance sheet). To identify a trend, it is recommended to select several periods. If we take long time periods, then the results of the analysis can be distorted due to inflation.

Ratio analysis is used to study the relationship between the components of the balance sheet. This relationship is expressed in financial ratios calculated using certain formulas. The calculated coefficients are compared with normative or data for previous periods. The greatest attention should be paid to those indicators that reflect negative trends.

In the economic literature there is no consensus on the number and names of indicators used for financial analysis. As a methodological base, you can use the guidelines developed by the Federal Service for Financial Recovery and Bankruptcy, which can be divided into the following groups characterizing various aspects of the enterprise:

• 1) general indicators:
  • average monthly revenue (K1);
  • the share of cash in revenue (K2);
  • average number of employees (KZ);
• 2) indicators of solvency and financial stability:
  • the degree of solvency is general (K4);
  • debt ratio on bank loans and loans (K5);
  • debt ratio to other organizations (Kb);
  • coefficient of debt to the fiscal system (K7);
  • internal debt ratio (K8);
  • the degree of solvency for current liabilities (K9);
  • current liabilities coverage ratio of current assets (K10);
  • own capital in circulation (KN);
  • the share of equity in working capital (equity ratio) (K 12);
  • coefficient of autonomy (financial independence) (K13);
• 3) performance indicators for the use of working capital (business activity), profitability and financial result (profitability):
  • working capital ratio (K 14);
  • working capital ratio in production (K15);
  • coefficient of working capital in calculations (K 16);
  • return on working capital (K 17);
  • return on sales (K18);
  • average monthly output per employee (K19);
• 4) performance indicators for the use of non-working capital and investment activity of the organization:
  • efficiency of non-circulating capital (capital productivity) (K20);
  • investment activity ratio (K21);
• 5) indicators of fulfillment of obligations to the budget and state off-budget funds:
  • coefficients for the fulfillment of current obligations to the budgets of the corresponding levels (K22-K24);
  • coefficient of fulfillment of current obligations to state non-budgetary funds (K25);
  • coefficient of fulfillment of current obligations to the Pension Fund of the Russian Federation (K26).

When analyzing the capital structure, attention is paid to the ratio of own and borrowed funds. The availability of sustainable sources of financing (long-term loans) is also important, which ultimately affects the indicator of overall financial stability.

Recommendations for the analysis of financial statements. In order to determine whether a company has earned a profit or suffered a loss, income (revenue) must be correlated with costs. To do this, costs should accumulate and not be taken into account until the goods or services with which they are associated are sold (the cost accounting method recommended by the consulting company McKinsey").

Before monitoring the financial activities of the enterprise, it is necessary to determine the objects of study. The economic assets used to organize entrepreneurial activity are divided according to their composition into fixed and current, and according to the sources of formation - into own and borrowed. This classification is the basis for drawing up both the forecast balance for the business plan and the current balance when the enterprise carries out its economic activities. An enterprise entering the market is characterized by a dynamic growth in revenue and various expenses. Consequently, the structure of assets and liabilities of the company is dynamically changing. Therefore, it is necessary to draw up an analysis structure, presenting assets and liabilities in the form of a matrix, and outline the objects of control (Table 8.1).

Table 8.1

Classification of economic means (assets) and sources of financing (liabilities) of the enterprise

1 Company website: http://www.mckinsey.eom/@@lobal_locations/europe_and middleeast/russia/ru 264

The end of the table. 8.1

The most complex structure has current assets (funds), which go through several stages: the purchase of raw materials, materials and components, work in progress and finished products, the stage of implementation and receipt of funds. Consequently, working capital is in continuous motion, which requires almost daily accounting. Working capital in terms of composition and structure is divided into production working capital and circulation funds (Table 8.2).

Table 8.2

The structure of working capital of the enterprise

Production working capital - These are objects of labor that are consumed during one production cycle and fully transfer their value to finished products.

circulation funds- these are the means of the enterprise that are associated with servicing the process of circulation of goods (for example, finished products). They are the most important object of control, as they change rapidly over time. When implementing a business plan, it is necessary to monitor the aggregate level of cash balances that ensure the continuity of cash flows and the solvency of the enterprise as a whole.

By its economic nature, working capital is money invested (advanced) in working capital and circulation funds. The main purpose of working capital is to ensure the continuity and rhythm of production.

The control of working capital is the most important task of financial analysis and primarily concerns such indicators as inventory turnover, the level of receivables, the level of liquidity, and solvency.

• See: Federal Service for Financial Recovery and Bankruptcy. Order No. 16 dated January 23, 2001. “On Approval of the Guidelines for Analyzing the Financial State of Organizations”.

The company's system of control over its financial and economic activities is aimed at ensuring the confidence of shareholders and investors in the company and raising awareness of the executive body about the state of affairs in the company. The main purpose of such control is to protect shareholders' investments, provide management bodies with clear and timely information about the results of decisions made, identify and suppress abuses on the part of officials and employees of the company.

The legislation provides for the creation of a special body in the company - an audit commission (auditor), elected by the general meeting of shareholders, as a rule, from among them, as well as the involvement of an independent audit organization (auditor), the choice of which falls within the competence of the board of directors of the company. However, it should be borne in mind that the audit commission and the independent auditor have some limitations in their activities, which may cast doubt on the effectiveness of their control.

The audit commission (auditor) is elected by the general meeting of shareholders, as a rule, from among the shareholders themselves, the vast majority of whom do not have special knowledge, experience and do not have the necessary qualifications. The main task of the audit commission is to check the company's annual report, and members of the commission rarely take the initiative, since the amount of remuneration paid to them does not depend on the effectiveness of their work, and identifying violations in the financial statements requires high qualifications, considerable time and effort.

Due to the fact that the choice of an independent auditor of the company falls within the competence of the board of directors, the majority of whose members are directors loyal to the controlling shareholder (group of controlling shareholders), when choosing an audit organization (auditor), there is a risk that such directors may be tempted to choose an auditor , which they can influence to cover up the results of abuses or erroneous decisions of the company's management, for which the board of directors should be held responsible.

In order to increase the effectiveness of control over the financial and economic activities of the company, it is recommended to reinforce the activities of the audit commission and the independent auditor with additional bodies created within the company - the control and audit service (internal audit service) and the audit committee of the board of directors.

It should be noted that the creation of a system of control over financial and economic activities, including the audit commission (auditor), the audit committee of the board of directors and an independent auditor, will not require significant additional costs from the company, but only taking into account the risks of conflict of interest and motivation, when determining the powers of these organs. At the same time, such a system involves only episodic control over the economic operations of the company and is not adapted for current control and prompt response. In order to exercise current control over the financial and economic activities of the company, it is recommended to create a control and audit service (internal audit service), which includes a sufficient number of specialists working on a permanent basis. The creation of such a service is associated with additional costs for its maintenance and may be unprofitable for small enterprises, however, for companies with significant assets, high production and turnover rates, the cost of creating a control and audit service can fully justify itself.

It is necessary to delineate the competence of the bodies and persons involved in the development, approval, application and evaluation of the effectiveness of internal control procedures that are part of the system of control over the financial and economic activities of the company.

In order for the internal control procedures and the risk management system to work effectively, it is recommended to separate the responsibilities for the application and evaluation of the effectiveness of such procedures. It is recommended that the development of internal control procedures be carried out by the executive body together with the control and audit service of the company and the audit committee.

The approval of such procedures should be attributed to the competence of the board of directors of the company. The application of internal control procedures should be the responsibility of the executive body. Responsibilities for evaluating the effectiveness and preparing proposals for improving the internal control procedures in place in the company are recommended to be assigned to the audit committee of the board of directors of the company.

The audit committee of the board of directors, the audit commission and the control and audit service of the company should be formed from persons with sufficient qualifications, experience and independence to effectively perform the functions assigned to them within the framework of the system of control over the financial and economic activities of the company.

In order to ensure proper objectivity when exercising control over the financial and economic activities of the company, it is recommended to include only independent directors in the audit committee. Where this is not possible due to objective reasons, the audit committee should be chaired by an independent director and should be dominated by independent directors. It is recommended that the charter of the company establish additional requirements for the professional qualifications of members of the audit committee.

It is also recommended to provide in the charter of the company that persons who are significant shareholders or affiliates of significant shareholders or other officers of the company cannot be elected to the audit commission, or, alternatively, cannot constitute a majority of its members. It is also expedient to establish a requirement that only persons with special knowledge, who know the basics of accounting and financial reporting, can be elected to the Audit Commission.

The personal qualities of the members of the audit committee and the audit commission should not raise doubts that they will act in the public interest, therefore it is recommended to appoint persons with an impeccable reputation to these positions.

One of the reasons to doubt that the members of the audit committee or the audit commission will act solely in the public interest is the presence of a conflict of interest caused by their participation in other legal entities, membership in management bodies or holding positions in other legal entities. Therefore, it is not recommended that the members of the audit committee, the audit commission be persons holding positions in the company or a legal entity that competes with the company.

The effective functioning of the control and audit service is impossible without ensuring the appropriate degree of independence of its employees, first of all, from the influence of the executive body on it. It is recommended that audit staff be hired and fired at the discretion of the head of the audit service, who, in turn, is hired and fired at the discretion of the audit committee of the board of directors. At the same time, the head of the control and audit service must be accountable to the board of directors, the audit committee and the executive body of the company, with which he must maintain constant contact and report on identified violations or negative trends in the work of the company. The amount of remuneration ( wages) paid by the company to employees and the head of the audit service should be determined on the recommendation of the remuneration committee of the company's board of directors.

At meetings of the audit committee, the head of the control and audit service is obliged to submit a report that should reflect the following issues for the reporting period: implementation of the financial and economic plan, compliance with internal control procedures, risk management (the occurrence of unforeseen risks), non-standard operations. It is recommended that audit committee meetings be held regularly as needed, but at least once a month (scheduled meetings).

In cases where a control and audit service is established in a company, it is recommended to provide in the internal documents of the company that, within a reasonable time after the completion of each financial and economic transaction, the documents and materials necessary and sufficient for a reasonable and unambiguous conclusion about the compliance of the operation performed are submitted to the control and audit service of the company. the financial and economic plan of the company and the procedure established in the company for making such an operation. The period during which such materials and documents must be submitted to the control and audit service, as well as the responsibility of officials and employees of the company for their failure to submit them within this period, are established by the relevant internal document of the company.

The control and audit service checks the submitted documents and materials for compliance with their internal control procedures approved by the company, including the availability of the necessary approvals from the heads of the company's divisions, if they are required in accordance with the established procedure.

Operations that go beyond the normal business activities of the company (financial and economic plan) may indicate both negative trends in the company's activities (abuses of officials, the need to take measures to resolve emerging crises) and positive results of economic activities (the use of benefits by the company unexpectedly current market conditions). The control and audit service and the executive body of the company must inform the board of directors about such operations. The requirement for the executive body to obtain prior permission from the board of directors for such a transaction is overly burdensome and threatens to hamper the initiative of the executive body.

The Board of Directors must regularly receive all information about the results of the financial and economic activities of the company. One of the sources of such information should be the report of the head of the executive body. In the case of the formation of a control and audit service, the report of its head is an alternative source of information. It is also recommended that members of the audit committee hold periodic meetings with members of the audit function without the presence of the head of the service in order to identify ambiguous or questionable accounting practices. An important source of information should be a communication channel that would allow employees of the company, while maintaining anonymity and confidentiality, to report suspicious transactions or questionable practices to the audit committee.

In order for the company's board of directors to receive complete information about violations that occur during business operations, it is recommended that the audit committee regularly submit for consideration at meetings of the board of directors conclusions on violations identified during the corresponding period of the company's activity. Conclusions on identified violations are also recommended to be submitted to the audit commission of the company. Such conclusions should contain comprehensive information about the violations found, including about the persons responsible for their commission, as well as about the reasons and conditions that contributed to their commission. The conclusions of the company's audit committee may contain recommendations on ways and means to prevent such violations in the future.

In addition, it is recommended that the reports of the audit committee include information regarding the analysis of commercial and other risks associated with specific transactions and operations of the company, and the assessment of the adequacy of risk management and control systems.

The procedure for carrying out inspections by the audit commission of the company should ensure the effectiveness of this mechanism of control over the financial and economic activities of the company.

In accordance with the legislation, annual and extraordinary audits are one of the main mechanisms for monitoring the financial and economic activities of the company. During an extraordinary audit, both a separate business transaction of the company and business transactions for a specific period of time can be checked.

All organizational issues of conducting inspections, determining the persons directly responsible for conducting inspections, it is recommended to preliminarily determine at meetings of the audit commission of the company.

In order to prevent unreasonable delay of inspections in the internal documents of the company, the timing of their conduct should be determined.

It is recommended that an extraordinary audit of the financial and economic activities of the company be started no later than 30 days from the date of receipt of the shareholders' request for its conduct or the minutes of the general meeting of shareholders or the board of directors. Its duration should not exceed 90 days.

The conclusion of the audit commission must be signed by all members of the audit commission personally. A member of the audit commission who expressed disagreement with the opinion of the audit commission has the right to prepare a dissenting opinion, which is attached to the opinion of the audit commission and is an integral part of it.

The effectiveness of control over the financial and economic activities of the company increases when the audit commission works in close cooperation with the audit committee. It is recommended that it provide this committee with full information about its activities, investigations and opinions.

Shareholders of the company, potential investors and other interested parties form an opinion about the company based on information about its activities. An important source of information about the company's activities, including negative information, is the opinion of an independent audit organization (auditor). The professional competence of auditors, honesty and responsibility in the performance of their duties are the principles that audit organizations (auditors) must observe in the course of their work.

Auditors must be objective and, therefore, maintain independence in relations with the executive body, the board of directors of the company and its significant shareholders. Ensuring the independence of the auditor is quite a serious problem. It is recommended that the criteria for the independence of the auditor be enshrined in the charter of the company, and the audit committee, when selecting audit firms (auditors) for presentation to the board of directors, would check whether such audit firms (auditors) comply with the independence criteria. An independent audit organization (auditor) that is an affiliate of a member of the executive body, the board of directors, a significant shareholder or the company itself cannot be considered independent.

Auditing of annual reports is one of the most important elements of financial control. When analyzing the audit reports received, shareholders may have questions about the content of the audit report and the conclusions drawn therein. Control over the elimination of identified violations is a guarantee of their elimination and ensures the reliability of the information provided to shareholders. It is recommended that such control be entrusted to the company's audit committee.

In CJSC Turoverovskoye, the Auditor of the Company is elected by the General Meeting of Shareholders to exercise control over the financial and economic activities of the Company. By decision of the General Meeting of Shareholders, the Auditor of the Company during the period of performance of his duties may be paid remuneration and (or) reimbursed for expenses related to the performance of his duties. The amounts of such remunerations and compensations are established by the decision of the General Meeting of Shareholders.

The competence of the Auditor of the Company, in addition to the issues provided for by the Federal Law "On Joint Stock Companies", includes:

* verification and analysis of the financial condition of the Company, its solvency, the functioning of the internal control system and the system for managing financial and operational risks, the liquidity of assets, the ratio of own and borrowed funds;

ѕ verification of the timeliness and correctness of conducting settlement transactions with counterparties, the budget, as well as for wages, social insurance, accrual and payment of dividends and other settlement operations;

ѕ verification of compliance with the use of material, labor and financial resources in production and financial and economic activities of existing norms and standards,

- approved estimates and other documents regulating the activities of the Company, as well as the implementation of decisions of the General Meeting of Shareholders;

* verification of the legality of the Company's business operations carried out under contracts and transactions concluded on behalf of the Company;

* checking the cash desk and property of the Company, the efficiency of the use of assets and other resources of the Company, identifying the causes of unproductive losses and expenses;

¾ verification of compliance with the instructions to eliminate violations and shortcomings previously identified by the Auditor of the Company;

ѕ verification of the compliance of decisions on financial and economic activities,

¾ adopted by the Board of Directors of the Company, the Charter of the Company and decisions of the General Meeting of Shareholders.

Verification (audit) of the financial and economic activities of the Company is carried out based on the results of the Company's activities for the year. The auditor submits to the Board of Directors of the Company an opinion on the results of the audit (audit) of the financial and economic activities of the company for the year and an opinion confirming or refuting the accuracy of the data included in the annual report of the Company and contained in the annual financial statements of the company, no later than 40 days before the date holding the annual general meeting of shareholders.

Verification (audit) of the financial and economic activities of the company is also carried out at any time by:

- the initiative of the Auditor himself;

- decision of the general meeting of shareholders;

ѕ decision of the board of directors;

¾ at the request of a shareholder (shareholders) of the company owning (owning in the aggregate) at least 10 percent of the voting shares of the company.

Shareholders - initiators of the audit (audit) send a written request to the Auditor of the Company, which must contain:

* Full name (name) of shareholders;

* information about the shares they own (number, category, type);

* a reasoned justification for this requirement.

The request is signed by the shareholder or his authorized representative. If the request is signed by an authorized person, then a power of attorney is attached. If the initiative comes from shareholders - legal entities, the signature of the representative legal entity, acting in accordance with its charter without a power of attorney, is certified by the seal of this legal entity. If the demand is signed by a representative of a legal entity acting on its behalf under a power of attorney, a power of attorney shall be attached to the demand.

The date of submission of a request for an inspection (audit) is determined by the date of its receipt by the Company. Within 5 working days from the date of submission of the request, the Auditor must make a decision to conduct an audit (audit) of the financial and economic activities of the company or give a reasoned refusal to conduct an audit (audit).

The decision to refuse an audit (audit) may be taken by the Auditor in the following cases:

ѕ the shareholders who submitted the request do not own the required number of voting shares;

* the request does not indicate the motive for the inspection (audit);

ѕ on the facts specified in the request for an inspection (audit), an inspection (audit) has already been carried out;

* the requirement does not comply with the laws and regulations of the Russian Federation or the provisions of the Company's charter.

A shareholder (shareholders) who has filed a request for an audit (audit) of the financial and economic activities of the company has the right to submit the next request for an audit no earlier than one month after the first of the above requirements has been submitted to the Auditor. The opinion of the Auditor of the Company based on the results of the audit of the financial and economic activities of the Company at the request of the shareholder (shareholders), a notice of refusal to conduct an audit (audit) is sent to this shareholder (shareholders) within 3 business days from the date of production of the relevant document.

The essence and significance of financial control. Types and forms of financial control. Methods for the implementation of financial control. Organization of the system of internal control of economic activities of LLP lin Trde.

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Economic activity in a market economy is summarized using a monetary meter, i.e. financial criteria. Therefore, financial control was formed in the system of economic control. The content of this control is the relations of production and productive forces in the field of macro- and microeconomics of economic activity. In the field of macroeconomics, the state financial and economic control functions, which Accounts Chamber of the Verkhovna Rada of Ukraine. Its objects are the State Budget of Ukraine (formation and spending), estimates of the highest bodies of state executive, judicial power, foreign currency loans, foreign investments in large-scale programs, etc.

At the level of microeconomics, financial and economic control functions, which is carried out State Control and Auditing Service of Ukraine and control and audit divisions of capital owners, as well as by order of the latter - independent audit organizations (firms).

The purpose of financial and economic control is to promote the rational use of funds and objects of labor, as well as labor itself in entrepreneurial activity in order to obtain the greatest profit. The tasks of financial and economic control are divided into private and general. Solution private tasks involves checking one of the parties to economic activity (the use of raw materials in production, the output of products and their cost, the safety of values), and general - all economic activities of the association, corporation with the definition of profitability and competitiveness of products, profitability of economic entities.

The main objectives of financial and economic control are to identify and prevent violations in production technology that have causal relationships with the release of poor-quality products, overspending of raw materials and materials, fuel and energy resources; non-fulfillment of contractual obligations for cooperative deliveries; non-competitiveness of products; unprofitable work of individual economic entities.

Financial and economic control in Ukraine is carried out by state control bodies, public and independent audit control, as well as by the owners of capital invested in entrepreneurial activity. Thus, from the Ministry of Finance of Ukraine, financial and economic control at enterprises, associations, concerns, corporations is carried out by the Main State Tax Administration; from local Soviets of People's Deputies and their commissions - control and audit units; independent control is carried out by audit firms. The owner, who has self-supporting enterprises and organizations in his business activities, exercises financial and economic control over their activities through accounting, special control and audit services, as well as internal audit units.

Forms of financial and economic control are thematic inspections, audits, audits. Thematic checks produced by all regulatory authorities; revisions - owners and the State Control and Auditing Service; audit - independent specialized self-supporting audit organizations.

The main controlling body of financial and economic activities of entrepreneurs is the State Tax Administration of Ukraine, which includes state tax administrations in regions, districts, cities. Its tasks and functions are determined by the Decree of the President of Ukraine on the State Tax Administration of Ukraine.

The main task of the state tax administration is to ensure compliance with tax legislation, complete accounting of all payers of taxes and other obligatory payments to the budget, control and ensure the correct calculation and payment of these taxes.

State Tax Administration Ukraine performs the following functions:

exercises control over compliance with the legislation on taxes and other payments to the budget, as well as over individual labor activity;

organizes the work of state tax administrations on accounting, evaluation and sale of confiscated, as well as property that has passed by right of inheritance to the state, and treasures;

organizes, with the involvement of state tax administrations, verification of the correctness of the collection and safety of funds received in payment of the state duty, as well as in the implementation of cash transactions by the executive committees of rural and settlement Soviets of People's Deputies, when receiving funds from the population in payment of tax payments;

develops and issues instructions, guidelines and other regulatory documents on the procedure for applying legislative acts on taxes and other payments to the budget.

State tax administrations perform the following functions in districts and cities:

control compliance with legislation on taxes and other payments to the budget;

ensure timely and complete accounting of taxpayers and other payments to the budget;

control the timeliness of submission by taxpayers of accounting reports and balance sheets, tax calculations, declarations and other documents related to the calculation of payments to the budget, and also check their reliability regarding the correctness of determining profit, income, other objects of taxation and calculation of taxes and other payments to the budget;

control observance by citizens of the legislation on individual labor activity;

ensure the collection of financial sanctions for violation of obligations to the budget;

transfer to law enforcement agencies materials on the facts of violations for which criminal liability is provided, as well as file claims against enterprises, organizations and citizens with arbitration and judicial authorities for the recovery of funds received by them under illegal agreements to the state revenue, and in other cases of receiving funds without established the law of reasons.

State tax administrations have broad rights in financial and economic control. In particular, they have been granted the right to check and, if necessary, seize monetary documents from business entities, check accounting and reporting, plans, estimates, declarations and other documents related to the calculation and payment of taxes, receive the necessary explanations, information on these issues. They have the right to actual control of production, storage, commercial premises of enterprises and citizens used to generate income.

State tax administrations have the right to apply financial sanctions to enterprises, institutions, organizations and citizens in the form of fines for the incorrect payment of taxes, as well as to impose administrative fines on officials of enterprises guilty of concealing (underestimating) profits (income) or other objects of taxation, the absence of accounting or its maintenance in violation of the established procedure and accounting reports, in the failure to submit, untimely submission or submission in an unspecified form of accounting reports and balance sheets, calculations, declarations and other documents related to the calculation and payment of taxes. For similar actions against self-employed citizens, state tax administrations also have the right to impose administrative fines. The amount of administrative fines is established by legislative acts.

State Control and Auditing Service carries out financial and economic control of organizations financed from the budget, by conducting audits and thematic inspections of spending funds in accordance with approved estimates, as well as the safety of state property, compliance with laws and regulations in their activities.

State Inspectorate for Price Control - an important link in financial and economic control, which it exercises as part of the Ministry of Economy of Ukraine. In accordance with the tasks entrusted to her, she checks compliance with the law when setting and applying prices and their economic justification in all sectors of the economy, performing this work together with tax administrations, law enforcement and other regulatory authorities; may deprive business entities of the right to apply contractual (free) prices in case of their excessive growth and reduction in the production of goods in natural terms, and also cancel prices and tariffs approved in violation of the requirements of Ukrainian legislative acts on pricing issues, while simultaneously submitting proposals to the relevant management bodies on setting fixed or regulated prices and tariffs. The State Inspectorate issues instructions binding on ministries and departments, associations, enterprises to eliminate violations of price discipline, the causes and conditions that give rise to these violations. In addition, it develops and publishes instructive and methodological instructions, other regulatory documents on the procedure for applying legislative acts on price control issues; applies economic sanctions against business entities in accordance with the current legislation for violating the procedure for establishing and applying prices; conducts professional training and retraining of personnel.

In the conditions of market relations, conflict situations arise between business entities and state control bodies regarding the amount of taxes that should be paid to the budget, prices and the procedure for their application. These contentious issues are resolved by law enforcement and government authorities, provided that the parties submit written opinions of an independent audit control body.

The goals of financial and economic control depend on the environment in which it operates and for the service of which it was created. Under environment understand everything that surrounds the object of control or its elements and affects them. Such influences can be divided into material, energy and information. Conducting financial and economic control is based largely on the information factor, which is associated with the material elements of production, its technology and marketing, as well as planning, accounting, analysis and management of financial and economic activities.

Technological processes are controlled using statistical methods, where the object of control acts as a "black box". The quantitative characteristic of the purpose of financial and economic control is due to the choice of a system for assessing indicators of economic activity, which are combined into the following groups:

economic - efficiency, production cost, profitability, market value and profit;

technical and economic - labor productivity, equipment reliability;

technological - accuracy, quality and competitiveness of products, reliability and progressiveness of technology.

Consequently, the content, goals and objectives of financial and economic control determine its functions in the management of economic activity.