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Development of internal control as an important managerial control instrument in international business 2011 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/2/4461 S. Lalić D. Jovanović M. Nikolić R. Djaković Each activity in the international business is based on the decisions arising from the process of planning and establishing goals ofactivities. During these activities, governing bodies of the international business are forced to make decisions. These decisions should be based onobjective information. The goal of establishing the internal control in the international business is to effectivelz manage certain activities and reduce risks. In modern conditions of business operating system, business management system is responsible for the successful functioning of the internal control in international commerce. Business management is required to establish internal control performed by all employees as part of their regular duties, and to supervise their functioning. These Standards define internal control as"policies and procedures (internal controls) that the management of legal persons accepted for assistance in achieving its goals when it comes to that, to the extent possible, the orderly and efficient operation takes place a legal entity, which includes adherence to policy leadership, the integrity of resources, prevent and detect fraud and error, the accuracy and completeness of accounting records and timely preparation of reliable financial information." Internal controls have limited power to prevent errors and fraud because they were never fully effective and efficient, regardless of the attention with which they perform their implementation. The revision of this concept is called - the inherent limitations of internal controls. Because of these limitations, internal control can not provide convincing evidence that the management goals are achieved. The systems of internal control are established and implemented toovercome and control the identified business risks that are a threat to achieving the objectives in these areas and business legal entity in its broadest sense. The main objective of this paper is to demonstrate that the system of the internal control is significant for the achievement of stated objectives and mission in international business. The activities used to achieve the objectives and mission, include at the same time commitment of adequate resources (material, human and financial) according to which these activities must be economically justified. article 43 3 401 405 2066-1843 Research Journal of Agricultural Science