Certain Issues of the Risk Assessment Procedure During the Internal Audit of the Facts of Economic Life of Small Businesses

Certain aspects of the implementation of the internal control system at small businesses are considered through the prism of conducting an internal audit of the facts of the economic life of a small business and assessing risk areas associated with internal control procedures. In order to identify and assess such risks, the article outlines the author's approach to the implementation of the principles of internal audit as a source for the formation of a risk assessment framework in the operation of a small enterprise. An approach to assessing the personal characteristics and professional knowledge of each accounting employee is proposed, since this directly affects the occurrence of possible risk areas during internal audit. Along with the procedure for evaluating each accounting employee, it is proposed to draw up a risk map of conducting an internal audit of the facts of economic life through the implementation of control procedures, the main types of which are presented in the article. Control points have been identified and grouped when organizing an internal audit of the facts of economic life of small businesses, within which risks will always arise, namely: "Accounting"; "Administration"; "Legal and economic correct interpretation of the fact of economic life"; "Procedure for correcting identified errors and violations".