International Journal on Economics, Finance and Sustainable Development

The Role of Internal and External Audit in Financial Control

Bakhadirov Shokhrukhbek Anvarovich — 2025-01-13

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

Nozimov Eldor Anvarovich — 2025-01-14

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

Iman Shakir Mohammed — 2025-01-15

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

Exploring Foreign Direct Investment (FDI) Flow and Economic Growth: A Systematic Approach

Sani Abdullahi Sule — 2025-01-23

This research aims to deepen the understanding of Foreign Direct Investment (FDI) and its relationship with economic growth by systematically reviewing existing literature. The study also seeks to elucidate the factors influencing FDI and how FDI flows impact economic growth, alongside examining the opportunities and challenges posed by FDI adoption. This study conducted a review of 100 publications published between 2001 and 2022 using data sourced from the Scopus database, as well as other comprehensive databases such as ScienceDirect, Emerald Insight, JStor, PLOS ONE, Springer, and Taylor & Francis. The review incorporated empirical research, case studies, and reports from institutions like the World Bank and OECD. Additionally, related books and theoretical frameworks were referenced to support the analysis. The literature indicates that FDI can influence economic growth in various ways. Broadly, FDI is recognized as a significant driver of development and an essential part of an open and efficient international economic system. However, the distribution of FDI benefits is not uniform or automatic across countries, sectors, or local communities. The findings highlight that social and macroeconomic factors play crucial roles in shaping business decisions regarding FDI, contingent on the unique characteristics of the host country. This research provides a conceptual framework based on existing literature for understanding the impact of FDI on economic growth. It encourages empirical studies to validate and test the applicability and effectiveness of this framework in real-world contexts. Originality/value by synthesizing diverse perspectives from the literature, this paper identifies key factors influencing FDI flows and their impact on economic growth. It offers practical insights that could assist investors in comprehending FDI dynamics and their implications for economic development.

Economic Fluctuations and Sectoral Growth in Iran: A Decade of Challenges and Opportunities (2010–2021)

Mustafoyev G’olib Sultanmurodovich — 2025-01-23

This paper aims to analyze the export performance of Iran within the years 2010 to 2021 concerning Export Value Index, export earnings and the agricultural fishery and forestry growth rate. This work further highlights the cyclicality of the trading performance, which can be attributed to factors such as international sanctions, fluctuating oil prices and domestic policies. Though the export value has improved recently, the drastic export concentration to a single product means that Iran’s economy is exposed to volatility. There is again some stability in agriculture, but the agriculture industry is relatively still-developed and vulnerable to weather and economic cycles. The statistical analysis, including regression models, reveals the relationships between trade performance on one hand, and sectoral growth on the other. In line with its recommendations, this paper proposes a diversification of the economy, stabilisation of agriculture production, and establishment of trading relationships to stabilise economic growth.

Solutions To Problems Arising In Agriculture In Uzbekistan In The Context Of The Digital Economy

Shavqiev Erkin — 2025-01-23

This article explores challenges faced by Uzbekistan's agricultural sector in the context of the growing digital economy and proposes innovative solutions. It examines both macro-level issues, such as outdated infrastructure, inefficient resource management, and limited access to technology, and micro-level problems, including farm-level productivity, insufficient data-driven decision-making, and inadequate farmer education. The study emphasizes the role of digital tools, such as precision agriculture, IoT-based monitoring systems, and blockchain for supply chain transparency, in addressing these challenges. Additionally, it highlights the necessity of government policies, private sector collaboration, and capacity-building initiatives to accelerate the adoption of digital technologies in agriculture. By leveraging digital advancements, Uzbekistan can achieve sustainable agricultural growth and contribute to national food security and economic development.

Capital Structure and Financial Performance of Listed Manufacturing Goods Firms in Nigeria

WORLU, CHRISTIAN NWENEDA (Ph.D) — 2025-01-23

This study investigated capital structure and financial performance of listed industrial goods firms in Nigeria. The dwindling rate of business operations which has affected the revenue base of the listed industrial goods firms in the Country necessitated this study. The sample size for the study consisted of thirteen (13) listed industrial goods firms in Nigeria. The study made use secondary data. The secondary data was obtained from the listed industrial goods firm’s annual reports and accounts. Data was analyzed using descriptive and Pearson correlation coefficient statistical tools with the aid of statistical package for social sciences. The findings reveal that equity capital has a positive strong relationship with return on asset in the listed industrial goods firms in Nigeria and also debt capital was found to have very strong relationship with return on asset. Based on the findings, it was concluded that capital structure significantly affects financial performance. Therefore, the study recommends that listed industrial goods firms in Nigeria should employ more equity finance in establishing optimal capital structure. Finally, when capital is raised through debt instrument, more attention should be channeled towards other areas for performance enhancement instead of relying on returns from equity capital alone.