caprian-1-2024
THE POSSIBILITIES OF APPLYING ARTIFICIAL INTELLIGENCE
FOR THE PURPOSE OF DEVELOPING INTERNAL CORPORATE
CONTROL
Iulia CAPRIAN, Assoc. Prof, PhD
Trade Co-operative University of Moldova
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Virginia ZAHARIA, Assoc. Prof, PhD
Trade Co-operative University of Moldova
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Tatiana BALAN, PhD student
State University of Moldova
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Universal Decimal Classification: 657.6:004.89
JEL Classification: M15, G34
Abstract
Internal corporate control is one of the important components of effective corporate governance. Its mechanisms are designed to serve the internal objectives of the company and its internal stakeholders. As a general rule, internal corporate control should contribute to safeguarding the company's assets by preventing errors and inappropriate actions through the appropriate promotion of policies, procedures and technical safeguards. Artificial intelligence has become a natural attribute of the post-industrial age and its application in the area of internal corporate control has become welcome. These include data analytics, predictive analytics, automation of routine tasks, fraud detection, artificial intelligence processing, continuous monitoring and customisable alerts. Harnessing them tends to substantially elevate the corporate governance process. Corporate governance is an attempt to implement systems of risk analysis, verification, evaluation and control that
contribute to the effective management of their operation. Therefore, the concept of corporate governance will need to be addressed in conjunction with risk management throughout the organisation and the evolution of the financial management and internal control system. The purpose of the research is to investigate the mechanisms of internal corporate control efficiency in the Republic of Moldova, to substantiate the directions and strategies for organizing internal control of corporate financial resources.
Keywords: management control, financial risk, budget, finance, audit, fraud
