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INTERNAL AUDITING IN THE PUBLIC SECTOR: ISSUES OF RISKS COMPLIANCE APPLICATION
ABSTRACT
The paper examines the role of risk compliance application for the methodological support of internal audit and financial control services in the public sector to increase the level of transparency with the aim of the quality of government governance improving. The objectives of the study were to: study a theoretical background for risk compliance application as an innovative procedure of internal audit in the public sector; investigate the preconditions for the introduction of the internal audit system in the public sector of Ukraine; and identify the main risks that may arise in the process of functioning of public sector entities, which should be taken into account in the framework of risk compliance. Methods adopted were: abstract-logical analysis, theoretical generalization, systemic and statistical analysis. Results revealed that the implementation of risk compliance is the solution for internal auditing in the public sector. Also, this paper examines the applicability of risk compliance based on both financial and non-financial data in helping the internal audit departments towards increasing public sector management accountability. Risk compliance in the system of internal auditing on the base of relevant internal audit reporting allows improving risk management and public governance processes by facilitating management’s efforts to improve their risk management processes.
Keywords: Risks Compliance, Internal Audit, Public Sector, Financial Control, Public Governance.