Improvement of public financial control in the context of ensuring financial security of the state

Meiss, Karl-Michael; Naumik-Gladka, Kateryna; Krivtsova, Т. О.; Liadova, Y. O.

doi:10.21003/ea.v168-13

Cited by 7 publications

(7 citation statements)

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“…To salvage this, studies have suggested adoptions of better internal systems for controlling the operations of the NGOs and ensuring prevention of fraudulent activities (Omwaka & Wanyoike, 2016;Kituku, 2014;Rotich, 2014). Empirical studies suggest that effectiveness of internal financial controls should be considered critical because its purpose is ostensibly to detect and prevent fraud and errors which can adversely affect organizations financial performance (Meiss, Naumik-Gladka, Krivtsova, & Liadova, 2017;Dikan, Deineko, & Kalinkin, 2017;Isroilov, Abduganiyev, & Ibragimov, 2020). According to Kembauw, Munawar, Purwanto, Budiasih, and Utami (2020), an effective financial control is critical in ensuring that organizational resources are allocated and utilized in an open, responsible and accountable manner, so as to ensure the operational and financial goals of the organization are met.…”

Section: Statement Of the Problemmentioning

confidence: 99%

Financial Control Practices and Financial Sustainability of Non Governmental Organization in Garissa County, Kenya

Dagane

Kihara

2021

IJF

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Purpose: The current study sought to establish how financial control practices influences financial sustainability of Non-Governmental Organization in Garissa County, Kenya. The study specifically sought to establish how financial reporting, financial monitoring, financial audits and financial risk assessment influences financial sustainability of NGOs. Methodology: The study was anchored on the following theories: Agency Theory, Liquidity Trade-Off Theory, Cash Management Theory And The Rent Theory of Profitability. The study employed a descriptive survey research design and targeted 50 Non-Governmental Organizations operating in Garissa County. The unit of observation comprised of one finance manager and one operational manager from each of the NGO. Both primary and secondary data were used in the study. Structured questionnaires were used in collecting the data. The study employed both inferential and descriptive statistics to analyze the collected data. Both SPSS software and MS Excel was used in generating the statistics. The study conducted a pilot study in 10 NGOs from Wajir County to assess the reliability and validity of the data collection instrument. The results of the study were presented in form of figures and tables. Results: The results of the study revealed that financial reporting, financial monitoring, financial audits and financial risk assessment impacts financial sustainability of NGOs to a positive and significant level as shown by Beta value of 0.317, 0.213, 0.447 and 0.376 respectively. This implies that increase in one unit of each of the variables results to an increase in the financial sustainability levels of NGOs with the respective beta values. Unique contribution to theory, policy and practice The study recommended that there is a need for the NGOs operating in Garissa County to enhance their financial reporting practices, financial monitoring practices, financial audit practices and financial risk assessment practices since the practices bears a positive and a significant effect on financial sustainability of the organization.

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Section: Statement Of the Problemmentioning

confidence: 99%

Financial Control Practices and Financial Sustainability of Non Governmental Organization in Garissa County, Kenya

Dagane

Kihara

2021

IJF

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“…Impact assessment involves assessing the consequences if the risk is realized. So impact assessment does not take into account the likelihood, it merely answers the question of what will happen if a particular event comes to fruition (Meiss. et.…”

Section: Coso Risk Assessment Guidelinesmentioning

confidence: 99%

Risk Management as a Part of the Internal System of Financial Controls – Practice in the Public Sector of Serbia

2020

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The opting for the European integration process, the Republic of Serbia is obliged, through pre-accession negotiations, to ensure the construction of an effective financial management and control system. In this way, public administration reform is supported through an innovative approach to governance that implies efficiency, effectiveness, economy and transparency in the use of public funds, the creation of a management culture based on effective risk relief mechanisms and the prerequisites for achieving the set business goals. The aim of the paper is to look at the interaction of proactive risk management as a component of financial management and control, through the prism of setting goals and assessing risks related to those goals, within the categories related to business, reporting and compliance with laws and regulations. The initial phase of the research is the assessment of the current state of internal control mechanisms and the established risk management system based on the SAI audit reports and the Report on the established financial management and control of the Central Harmonization Unit of the Ministry of Finance of the Republic of Serbia. Research problems in empirical research are expressed by a series of questions to which selected respondents from the RS public administration gave answers, which relate to the component of risk assessment in achieving goals in relation to business, reporting and compliance with laws and regulations. To determine the measure of the connection between the formalization of the risk management process and the quality of goal and risk management, Spearman ‘s rank correlation was used as a measure of connection Result of the analysis provide guidance for overcoming key barriers and recommendations for improving the quality of management, through formalizing the risk management process, in order to achieve the set goals.

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“…Theoretical, methodological and praxeological principles of state's economic security development are a subject of scientific researches of numerous domestic and foreign authors. Meiss et al (2017) focus their attention on state's financial security as a component of economic security. According to mentioned scientists, state financial control has the biggest influence on state's financial security.…”

Section: Literature Reviewmentioning

confidence: 99%

Audit in the State Economic Security System

Koval

Назарова

Hordopolov

et al. 2019

Management Theory and Studies for Rural Business and Infrastructure Development

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In the research it is proved that constant and progressive development of any country is impossible without providing economic and social security processes. The aim of the article is to determine the state and development trends of state and independent professional audit as a key imperative for the formation of economic security. It is justified that due to financial globalization, complexity and versatility of both interstate and domestic correlation, economy development dynamics are sensitive to crisis occurrences. It is concluded that nowadays due to complicated economic and social conditions questions of justification priorities of state and independent audit development during the formation of state's economic security and the definition of alternative methods of business security are up to date. The state, dynamics and development trends of state and independent external audit were analyzed according to modern economy state. It was defined that audit develops through several key directions that are important for providing the economic security. To increase the positive value of audit in providing the economy security of the state to organizations alternative methods of business protection have to be used alongside with standard audit methods.

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Improvement of public financial control in the context of ensuring financial security of the state

Cited by 7 publications

References 0 publications

Financial Control Practices and Financial Sustainability of Non Governmental Organization in Garissa County, Kenya

Financial Control Practices and Financial Sustainability of Non Governmental Organization in Garissa County, Kenya

Risk Management as a Part of the Internal System of Financial Controls – Practice in the Public Sector of Serbia

Audit in the State Economic Security System

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