Evaluation of internal audit effectiveness in the system of anti-crisis financial management

Abstract

Modern conditions of enterprise functioning are accompanied by constant challenges associated with financial instability, insolvency risks, and the need for a timely response to crisis phenomena. Traditional forms of control are increasingly proving insufficient for effective risk management, which is why the growing importance of internal audit as an instrument for ensuring financial security is becoming increasingly evident. Its use becomes particularly relevant within the system of anti-crisis financial management, where it performs diagnostic, control, and analytical functions. The purpose of the study is to substantiate the role and to develop a methodological approach to evaluating the effectiveness of internal audit in the system of anti-crisis financial management. Methods. The research employs methods of system analysis to define the essence and role of internal audit, a logical-structural approach to reveal its relationship with the stages of crisis management, methods of comparative analysis to elaborate a system of performance indicators, as well as generalization to form the author’s methodology for assessing the effectiveness of internal audit. Results. It has been proven that internal audit is a key instrument of financial security, providing continuous informational and control support for crisis management. It has been established that its functions vary depending on the stage of crisis development, ranging from diagnosis and early warning to monitoring the implementation of measures and assessing the outcomes of stabilization. A system of working documents has been proposed (checklists, risk matrices, restructuring plan evaluation forms, audit reports, monitoring templates) that enhances the structure and reproducibility of audit procedures. An original system of indicators has been developed to evaluate the effectiveness of internal audit, encompassing quantitative, qualitative, and integrated measures, which enables a comprehensive assessment of its contribution to enterprise financial stability. Conclusions. The author’s approach to evaluating internal audit effectiveness combines economic and managerial parameters, enabling a multidimensional measurement of its performance and increasing its practical value within the system of anti-crisis financial management.