DEVELOPMENT OF CONTROLLING: A REVIEW OF LITERATURE

As a business function that deals with the establishment of efficient and effective processes for planning and control of the company's operations, controlling has become a crucial function of any business organization. The global changes have forced companies to very intensively and quickly adapt their operations to new market conditions, and controlling bears the most significant burden of this adaptation to global changes. To expand the scope of knowledge about controlling, this paper provides a literature review of controlling development in modern businesses, focusing on selected developed and developing countries. According to the findings of various studies, controlling is used in the majority of firms in developed economies, and his role has expanded. Existing studies support the conclusion that controlling contributes to improved business performance. Based on the literature review, the paper presents an analysis of the current state of controlling function development in companies of selected developed and developing countries, with special emphasis on Bosnia and Herzegovina, where controlling is not fully implemented with limited practical use. Therefore, some recommendations for adequate development of controlling function in Bosnia and Herzegovina and developing countries are proposed.