The new challenges of internal control of corporations

The concept and practice of a trust-based business model affects all activities of the organisation, regardless of the organisation’s business activity in the business sphere. The European Union strongly supports (BEMSZ – Hungarian Public Benefit Purpose Entity of Internal Auditors 2015) the expansive introduction and application of best practice in management principles and their implementation to business processes, as a low level of business confidence limits the development potential of potential economic operators, may endanger their business activities, and rising operating costs due to lack of trust may cause competitive disadvantage as well.

Controller Info 2019. VII.évf.(4) szám 57-61.


„Conscious engagement of business risks is an indispensable element of economic development and innovation, thus it is important…how smooth risk management is (BPM-GOSPEL, 2012 pp 5). The aim of our paper is to emphasize the importance of internal control in the development of corporate controlling models, and their need to maintain its development and innovation capacity.
In addition to the secondary processing of relevant literature and applied research methods, being a member, lecturer and  udience at the conferences and thought-provoking lectures of BEMSZ (Hungarian Public Benefit Purpose Entity of Internal Auditors) has also supported the creation of our study in various aspects. In the form of in-depth interviews, we asked Hungarian internal audit experts about both the present challenges and future prospects. During the qualitative interviews with the students of Economics, Certified Financial Auditor and Certified Public Accountant programs at BGF PSZK (now Faculty of Finance and Accounting at the Budapest University of Economics), we applied the method of personal data collection.
Between October 2016 and May 2017 we conducted interviews with a total of 148 volunteers at the beginning of their training, asking about their existing knowledge and expectations on internal control systems in corporations.

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