Role of Internal Control in Company Management Procedures: Theoretical Aspect

  • Lukas Giriunas Associate Professor, Department of Finance and Taxes, Faculty of Economics and Finance Management, Mykolas Romeris University, Vilnius, Lithuania
  • Gintare Giriuniene Department of Economics Informatics, Faculty of Economics, Vilnius University, Vilnius, Lithuania
Keywords: Internal Control, Company Management Procedures


Existence of the current economic conditions makes efficient company management a more important factor at companies and analysis of management procedures is an essential condition thereof. This analysis enables identification and assessment of the role of the inner control emphasizing that establishment of an efficient inner control system is one of the main company management instruments at major companies. Mastering and use of this instrument under the modern economic conditions create preconditions for achieving competitive advantage over other companies. The article deals with the functions, elements
of the internal control and the place thereof in the company management procedures as well as the expedience of this control. The objectives of the internal control and the expected results thereof as well as the role of this control in management procedures provided in scientific readings have been identified and analysed. Therefore, assessment of the internal control in respect of strategic control and management control has been identified as the most important objective of the study. Theoretical analytical aspects are analysed in order to achieve this objective aiming to identify the factors influencing the place of the internal control in company management procedures and how this affected the internal control assessed from the managerial perspective.