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Improving Internal Financial Control and Audit as Mechanisms to Increase the Efficiency of Budget Funds

Author

Listed:
  • Andrey I. Lukashov

    (Federal Treasury Department for Moscow, Moscow 115191, Russian Federation; Plekhanov Russian University of Economics, Moscow 117997, Russian Federation)

Abstract
The article deals with the organization and implementation of internal financial control and internal financial audit in the public administration sector. This issue is of particular relevance due to regularly taken decisions to restrict (moratorium) the activities of internal state financial control bodies. At the same time, the current socio-economic situation in the country requires an increase in the amount of budget funds allocated to address important state objectives. Under such conditions, the importance of internal control mechanisms, allowing for targeted and effective use of budget funds, increases. At the same time, the results of analytical activities carried out by the Federal Treasury indicate a significant number of shortcomings and difficulties on the part of the chief administrators of budgetary funds in the organization and implementation of audit. In this regard, the author, using methods of analysis of results, analysis of statistical data and analysis of official documents, conducted a study of the current system of internal financial control and internal financial audit. The empirical base of the study was formed by the results of analytical activities of the Federal Treasury, the results of monitoring the quality of financial management carried out by the chief administrators of federal budget funds, as well as regulatory legal acts of the Russian Federation and departmental legal acts of federal executive bodies regulating internal financial control and audit. According to the results of the study, proposals were developed to improve the efficiency of the internal financial control system and internal financial audit in the public administration sector.

Suggested Citation

  • Andrey I. Lukashov, 2022. "Improving Internal Financial Control and Audit as Mechanisms to Increase the Efficiency of Budget Funds," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 59-73, December.
    • Handle: RePEc:fru:finjrn:220604:p:59-73
    DOI: 10.31107/2075-1990-2022-6-59-73
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    References listed on IDEAS

    as
    1. Andrey I. Lukashov, 2021. "Some Directions of Increasing the Efficiency of Public Administration in the Context of Digitalization," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 67-75, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Marina E. Kevorkova, 2024. "Prospective Approaches to Assessing the Efficiency of the State Financial Control Bodies’ Activities," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 59-71, April.

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    More about this item

    Keywords

    internal financial control; internal financial audit; treasury; efficiency of budget expenditures;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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