Risks of the activities of a State-funded institution of higher education determining the methodology of internal financial control

Abstract

Subject. This article discusses the use of a risk-based approach to control activities as a tool for improving the efficiency of internal financial control at a State-financed institution, as well as working with risks in the activities of the internal controller. Objectives. The article aims to make a connection between the risks of the activities of a State-financed institution of higher education and the methodology of internal financial control. Methods. For the study, I used the methods of analysis, grouping, comparison, and generalization. Results. The article describes the features of the activities of State-financed institutions that affect the identification of risks and their sources. It reveals the connection between the risks of the institution's activities and the methodology of internal financial control. The article also presents an author-developed system of risks of a State-financed institution of higher education in the areas of activity. Conclusions. The system of risks to be assessed by the internal auditor has a direct impact on the methodology for the implementation of internal financial control.