Contemporary Financial Control: Challenges, Contradictions and Digital Tools for Development

Abstract

Subject This paper discusses the perspective development of modern financial control instruments due to the increasing digitization of the financial system. The paper also examines the challenges and contradictions facing financial control at the present time. Objectives The paper aims to justify the need for advanced financial control through embedding in the ecosystems of financial markets and digital financial infrastructure with the preservation and development of its external character. Methods For the study, we used methods of generalization and structural design. Results The paper says that the main contradiction of the modern financial control is the increasing discrepancy of its organizational and managerial forms to the challenges of financialisation and digitization. The paper proposes to form adapted digital instruments. Conclusions and Relevance Development of priorities of modern financial control is involves its new organization on the basis of principles of openness, permanence and universality of all participants of financial relations. The results obtained can be used to supplement the implemented main directions of financial technologies development with the system set of digital instruments of financial control.

Avances en investigación científica. Tomo IV: Ciencias multidisciplinarias

“…De este modo, el control financiero se percibe como un conjunto de diversos tipos, formas y métodos regulados para comprobar el cumplimiento de las normas y requisitos para la planificación, recaudación y uso eficaz de los fondos en una organización, tanto para empresarios, profesionales contables y auditores independientes. Si bien, esto conlleva un gasto para la organización, por lo general, se considera que cualquier tipo de control es eficaz, siempre y cuando el importe reembolsado y las pérdidas monetarias y materiales ahorrados superen de forma significativa los costos incurridos para organizar y llevar a cabo dicho control (Tatuev et al, 2019).…”