International Journal on Economics, Finance and Sustainable Development

The Role of Internal and External Audit in Financial Control

2025-01-16T07:05:05+00:00

This paper aims at examining the central roles of internal and external audits in enhancing financial control mechanisms. While internal audits are assessments that occur inside the organization with the primary business of assessing internal controls, risk management, and compliance, external audits are independent ones that examine organizational financial statements for accuracy and honesty. Although these audits are defined for separate functions, there is considerable synergy for improvement in the governance and accountability when performed jointly. In light of the existing scarcity of published material on the subject, this study employs a qualitative approach with Research Design that involves a review of both academic and industry literatures, policies and guidelines, as well as case studies. From the results, internal audits improve the internal control, whilst external audits improve accountability and better adherence to rules on financial reporting. Yet there are difficulties, for example, the problem of the scarce financial and human resources, skepticism regarding the conclusions, and questions concerning auditor independence remain rather acute. It is suggested that the specific measures-simple though important, should be followed to expose audit to more people and to enhance utilization of both traditional and technology-enabling audit types. They demonstrate why audit practices must be refined by organizations and regulators, reducing excessive focus while increasing transparency. Awareness might be created for future research to undertake the analyses of integrated audit systems over time, and innovations such as artificial intelligence and blockchain in the audit practices. The outcomes of this study make a significant contribution to filling gaps in accumulated knowledge and improving the auditing approach to meet international financial regulation norms.

Foreign Experience of Implementing Electronic Commerce Systems in Joint-Stock Companies and Its Practical Significance

2025-01-16T07:09:53+00:00

The practical relevance of implementing electronic commerce systems in joint-stock firms abroad is discussed in this article, along with the key tactics and methods that Uzbekistan might employ to effectively compete in international electronic commerce marketplaces. Even more crucial to the nation's economy is the growth of internet commerce. According to New Uzbekistan's Development Strategy for 2022–2026, electronic commerce will play a major role in the digital economy, which is intended to become the primary "driver" of economic development and grow by at least 2.5 times. Based on the author's research, the article provides information on how Uzbek businesses may successfully leverage international markets and collaborate with new clients and marketplaces.

The Integration of Engineering Accounting and Cost Accounting to Improve the Accuracy of Environmental Cleanup Costs in Iraqi Oil Companies

2025-01-16T07:44:58+00:00

This study aims to explore the integration of engineering accounting and cost accounting to enhance the accuracy of environmental cleanup costs in Iraqi oil companies. Through quantitative and qualitative data analysis, the research examines the effectiveness of this integration, using a case study that combines semi-structured interviews with senior accountants and environmental engineers, along with internal reports' data analysis and environmental and economic impact assessments.The findings reveal a mixed relationship between engineering data integration and perceived benefits, with positive perceptions prevailing despite limited demographic variables' statistical impact.The study highlights significant future implications for oil companies, which face challenges in determining actual environmental cleanup costs due to reliance on traditional accounting methods. The integration of engineering and cost accounting is expected to improve environmental cost accuracy, boost operational efficiency, enhance transparency and accountability in environmental reporting, and mitigate potential risks in Iraqi oil companies