TITLE:
Developing a Model for an Internal Control System for Usage in Financial Accounting and Controlling
AUTHORS:
Leander Fritze, Otto Jockel
KEYWORDS:
Financial Report, Financial Controlling, Financial Risk Management
JOURNAL NAME:
Journal of Financial Risk Management,
Vol.14 No.1,
February
8,
2025
ABSTRACT: Purpose: The study aims to develop a working and usable model for an internal control system for processes within financial accounting and Control. A case study was conducted in which experts were reviewed and asked their opinions on how an internal control system should work and what it should contain. As a result, a new model is presented. Drawing on the COSO model from 2013, its levels were redefined and brought into a more process-focused context. By using this model, a company can implement an internal control system for all of its relevant finance processes. The findings are based on a case study within the chemical industry, and therefore, the usability of the model for other companies in other sectors is still to be verified. It can be used, though, as a guideline for setting up company-specific systems.