INTERNAL CONTROL STRUCTURE MEDHOD TO FINANCE COMPANIES

Yıl 2018, Cilt: 13 Sayı: 50, 138 - 158, 01.07.2018

Hasan Türedi Şükrü Mete Tepegöz

https://doi.org/10.14783/maruoneri.v13i38778.410464

Cited By: 1

Öz

The development of economic activities has led to the
emergence of new businesses and practices that provide resources for the
financial system. Finance companies are non-banking institutions that provide
funds to the financial system.

Commercial finance companies have in recent years become a favorite option
for entrepreneurs seeking small business loans. Commercial financing
institutions generally charge higher interest rates than banks, but they are
also more likely to approve a loan request. Most loans obtained through finance
companies are secured and the assets used as collateral can be seized if the
entrepreneur defaults on the loan.

Consumer finance companies make small loans against personal assets and
provide an option for individuals with poor credit ratings. Commercial finance
companies provide small businesses with loans for inventory and equipment
purchases and are a good resource of capital for manufacturing enterprises.
Finance companies contribute to the growth of the economy by means of production
and expenditures.

 Legal
arrangements related to these organizations are stated at the Law No. 6361 on
Financial Leasing, Factoring and Finance Companies.

Article 14 of the Financial Leasing, Factoring and
Finance Companies Act stipulates that an internal control structure should be
established in order for the activities of the financial institutions to be
carried out effectively and efficiently. Establishment of effective internal control structure
is important for financing companies. Organizations working in the fields of
accounting and auditing come together to work on the prevention of fraudulent
transactions in the world. The most important of which is the work known as the
"Internal Control, Integrated Framework" prepared by the Treadway
Commission. This work has been accepted in the context of an internal control
regulation that is being implemented all over the world

Internal control is a process that is influenced by the institution's board
of directors, senior management and other personnel and is designed to provide
reasonable assurance that the following objectives have been met.

- Efficiency and efficiency of activities,

- The reliability of financial reports,

- Compliance with laws and regulations.

Internal control components in the framework of the
COSO model; control environment, risk assessment, control activities,
information communication and monitoring.  

Internal audit is an independent and impartial
assurance and consulting activity aimed at improving the activities of an enterprise
and adding value to them. Internal audit is an activity related to risk
management, internal control and corporate governance processes of enterprises.

Establishment and implementation of the internal control structure is the
responsibility of the senior management. Internal audit is the task of  assessing the
effectiveness and efficiency of the internal control structure.

Financing companies are institutions that provide
long-term payment to buyers purchasing long-lived products and act as brokers for
collecting the cost of the seller's business.

The application of the financing company can be a
commercial property, vehicle, housing, education, health, consumer durables or
stock financing. The distinctive feature that distinguishes financing companies
from banks and other financial institutions is the practice of concurrent
service with sales points.

The financing company may be exposed to many risks
within its activities. An effective internal control structure should be
established to identify, assess and manage these risks.

The main objective of establishing an effective
internal control structure is to provide a healthy, transparent, efficient,
functioning.

The internal control structure consists of the
following elements (Internal Control-Integrated Framework, 2013).

1. Control Environment

2. Risk Assessment

3.Control Activities

4. Information and Communication

5. Monitoring

For a sustainable and stable economic system, non-bank
financial institutions that provide resources to the system must be managed
effectively and efficiently.

In particular, for the past two decades, the financial
system has been experiencing a technology-driven period that is constantly
being renewed. For future funding methods, there is a need for new scientific
studies on financial institutions' branch structures and payment systems.
Financing companies need to reconfigure their internal control structures and
internal audit processes in parallel with developments in the world.

By using information technology, a large amount of
data can be evaluated in a very short time. As a result of this application
which increases the efficiency in inspection, the control risk can be reduced
to the minimum level. Use of technology provides effectiveness and
productivity, providing rapid feedback, and providing benefits for the complete
and rapid preparation of reports. However, company secrets, cyber security and
data sharing issues are likely to occur in the coming days. It is also
important for financing companies to undertake studies on the prevention of
these problems.

In the study, an effective internal control structure
method applicable to finance companies was proposed. Establishment of a healthy
internal control structure is also important in terms of the sound operation of
the general economic structure as well as the enterprises providing financial
resources.

Anahtar Kelimeler

Finance Companies, Internal Control Structure, Control, Internal Auditing

FİNANSMAN ŞİRKETLERİNDE İÇ KONTROL YAPISI YÖNTEMİ

Öz

İktisadi faaliyetlerin gelişmesi, mali sisteme
kaynak sağlayan yeni kurumlar ve uygulamaların ortaya çıkmasını sağlamıştır.
Finansman şirketleri, mali sisteme kaynak sağlayan banka dışı kuruluşlardır. Bu
kuruluşlar, 6361 sayılı Finansal Kiralama, Faktoring ve Finansman
Şirketleri Kanunu ile düzenlenmiştir.  Finansman şirketleri,
alıcılara vadeli ödeme imkanı tanıyan, satıcı işletmenin mal bedelini peşin
tahsil etmesine aracılık eden kuruluşlardır. Finansman şirketleri
aracılığıyla kaynak sağlanması yöntemi üretime ve harcamalar yoluyla iktisadi
büyümeye destek veren olumlu bir uygulamadır. Bu nedenle üzerinde daha fazla
çalışılması gereken bir alan olduğu düşünülmektedir.Finansal Kiralama,
Faktoring ve Finansman Şirketleri Kanununun 14. maddesinde, finansal
kuruluşların faaliyetlerinin etkin ve verimli şekilde yürütülmesi için bir iç
kontrol yapısı oluşturulmasının önemli olduğu vurgulanmaktadır.Çalışmada,
finansman şirketleri için uygulanabilir etkin iç kontrol yapısı yöntemi
önerilmektedir. Sağlıklı bir iç kontrol yapısının kurulması ve uygulaması, mali
kaynak sağlayan işletmeler kadar, genel iktisadi yapının sağlıklı işlemesi
açısından da önem arz etmektedir.  

Anahtar Kelimeler

finansman şirketi, iç kontrol, iç denetim, iç kontrol yapısı

Kaynakça

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• Kanun ve İlgili Düzenlemeler6361 sayılı Finansal Kiralama, Faktoring ve Tüketici Finansman Şirketleri Kanunu26.07.1994 tarih, 22002 sayılı Resmi Gazete, Finansman Şirketlerinin Kurulması Hakkında Yönetmelik10.10.2006 tarih, 26315 sayılı Resmi Gazete, Finansal Kiralama, Faktoring ve Finansman Şirketlerinin Kuruluş ve Faaliyetleri Hakkında Yönetmelik30.12.2011 tarih, 28158 sayılı Resmi Gazete, Sermaye Piyasası Kurulu, Kurumsal Yönetim Tebliği28.06.2012 tarih, 28337 sayılı Resmi Gazete, Bankaların İç Sistemleri Hakkında Yönetmelik
• Internet BelgeleriCommittee of Sponsoring Organizations of the Treadway Commission. Internal Control-Integrated Framework. http://www.coso.org/Documents/990025P-Executive-Summary-final-may20pdf. (erişim tarihi : 28.11.2017)Finansal Kurumlar Birliği. Finansman Şirketleri Sektör Raporları. https://www.fkb.org.tr/raporlar-ve-yayinlar/raporlar/finansman-sirketleri-sektor-raporlari/ .(erişim tarihi : 25.3.2017)Türkiye İç Denetim Enstitüsü. https://www.tide.org.tr/page/26/Ic-Denetimin-Tanimi. (erişim tarihi : 27.12.2017)