Athird Party Payment Company Bestpay Internal Control Study

Ministry of Finance issued "Internal Control-Integrated Framework" (2013) in 2014, making the internal control of the timeless issue a new focus again. Internal controls throughout all aspects of business operations management, for the control and prevention of risks facing businesses play a vital role. Internal control is sound and effective and has become one of the important factors that affects the stability and sustainable development. Only in a sound internal control system, companies can maintain a stable and healthy development, avoid economic risks and get the greatest economic benefits.Online payment, because of the coverage of the Internet and the development of IT technology, has become a very convenient means of payment. Third party payment companies emerged and played an important role in connecting consumers and service providers. How to ensure the safe operation of the link to the business and credit is key to ensuring the smooth conduct of payments. As the main force in the third party payments companies, the establishment and improvement of internal control mechanisms is of great significance for Bestpay. This paper first introduces the basic situation about Bestpay, then from four aspects tells about the system construction, business processes, risk management, IT systems for the results achieved. Combined with third-party payment-related internal control practices, the paper analyses control environment, risk assessment, control activities, information and communication, and oversight of the five elements of the framework, the company’s internal control system carried out a detailed assessment of its internal control issues and major analyze proposed rationalization proposals to strengthen the wing payment of internal control.Based on theory and case studies, we believe that internal control is an overall work, internal control activities related to all aspects of business operations, so that only the staff to participate in the internal control and fully implement the internal control system to the implementation level can ensure effective implementation of the company’s internal control system This requires third-party payment companies to attach more importance to establish a sound internal control system, optimal control environment, identify key risk areas, to maintain effective communication channels, etc., while the management and supervision of the relevant internal departments must be prepared to work to achieve the enterprise the full range of management and control.However, due to the activities of each company have their own characteristics, their specific situation is different, so the risks and the development of business processes it needs to deal with must also be emphasized. When companies build their own internal control system, they must rely on their own experience and practice and avoid copying, or the effect of internal controls will be greatly reduced.