The functioning of an economic entity presupposes the existence of an activity control system. The purpose of the internal control subject is to identify deviations in the process of managing the established tasks, assess the compliance of activities with the law, including organizational and administrative documents of an internal and external nature. The article discusses the theoretical aspects of internal control as a key element of the organization's management system. Its essence, goals and objectives are determined in the context of modern approaches to corporate governance. The functions of internal control, its relationship with other management processes, as well as the impact on the effectiveness of the organization's activities are analyzed. Particular attention is paid to the methodological foundations of the internal control system, including the principles of its organization and criteria for assessing effectiveness. The main problems and prospects for the development of internal control in the context of digitalization and increased risks are considered.