The HARBIF Project


It is noted by a report published by the European Commission about SMEs in 2011 that SMEs has a key role in shaping out European economy with a share of 99 %. SMEs in Europe provide employment for 2/3 of the private sector and constitute priority areas in terms of development of European economy. In this framework, it is one of the priority issues to render SMEs, which have a significant place in European economy over the EU’s growth strategy entailing future periods, compatible with the changing requirements of business community. Taking these explanations as a starting point, it may well be pointed out that the Small and Medium Enterprises (SMEs) have a major role in terms of economic and social welfare level and development, particularly with respect to increased national income, tax revenues and contributions to employment in a country. The internal control systems of SME’s which have such an influential role as part of economy are generally omitted. In particular, the financial crises experienced, accounting and audit standards regulations emerging as a result of acceleration of approximation efforts from 2009 onwards as regards Basel II Framework, 8th Directive on Company Law and continuous audit practices which are frequently focused on give rise to the requirement that there is concentration on internal financial control models in the SMEs. Objectives in development of risk based internal financial control model in terms of the SME’s:

  • To provide reasonable assurance over attainment of enterprise targets as an instrument for implementation of an effective risk management in the SMEs
  • Giving encouragement and support to the provision of training activities for both managers and internal auditors/internal controllers in SMEs;
  • Developing internal financial control systems based on updated COSO framework in SMEs;
  • Facilitating local training providers (trainers) and trainees in using their own language based on multilingual terminology and ontology (Direct output of LLP-LdV-TOI-2008-HU-002 transferred project);
  • Contributing multilingual e-content tools based on the terminology and ontology interoperability framework (Direct output of LLP-LdV-TOI-2008-HU-002 transferred project);
  • Extending the existing dictionary (glossary), learning ontology portal by new contents

Introduction


Why is the Project Necessary?

It is one of the priority issues to render SMEs, which have a significant place in European economy over the EU’s growth strategy entailing future periods, compatible with the changing requirements

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The Priority of the Project

Risk based internal financial control assessments prepared with an integral view point also involving management of risks in an enterprise are highly important in terms of sustainability

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The Applied Methodology

By adopting a didactic approach under the project, a terminological and ontological data base is prepared in the field of internal financial control and convenience is provided over the

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