THE THREE-STEP INTERNAL QUALITY CONTROL MODEL FOR THE PREPARATION OF FINANCIAL STATEMENTS IN JOINT-STOCK COMPANIES IN ACCORDANCE WITH IFRS AND ITS IMPLEMENTATION MECHANISMS
DOI:
https://doi.org/10.5281/zenodo.21379593Keywords:
internal quality control, IFRS, three-stage model, transformation, primary documentation, audit committee, financial disclosure, joint-stock company.Abstract
Improving the internal quality control system for IFRS-based financial reporting in joint-stock companies is
examined. A conceptual three-stage internal quality control model is developed, comprehensively covering the
stages of primary documentation, transformation and reclassification, and financial reporting and disclosure. The
research is based on comparative analysis of the COSO framework and the Sarbanes–Oxley Act (SOX), as well as
documentary analysis and expert assessment methods. For each stage, control points, responsible personnel, and
a package of eight mandatory documents are substantiated. Implementation of the proposed model is expected to
increase the average internal control effectiveness score from 41 to 83, thereby improving the reliability, transparency,
and quality of financial reporting.
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