Statutory regulation of financial control of public institutions: Current issues and ways of development

Abstract

Subject. This article examines the regulatory framework of the Russian Federation that regulates financial control over government institutions. Objectives. The article aims to analyze regulations in the area of organization and implementation of external financial control over public institutions. It also aims to identify pressing regulatory issues for external and internal financial controls, and identify possible directions for its development. Methods. For the study, I used the methods of analysis, grouping, comparison, and generalization. Results. The article describes and compares the types of external financial control of public institutions and internal financial control in public institutions according to the proposed comparison base. It identifies their differences and general methodological approaches to their implementation. The article compares the provisions of the regulations on the basic elements of the system of State financial control, tax control, control in the field of procurement of goods, works, services and State control (supervision), and it reveals similarities and differences of theoretical approaches to their formation. Conclusions. The article draws conclusions about the need to implement measures to improve the regulatory framework of financial control, which involve the creation of an uniform legislative framework, standardization of control activities at all levels of its implementation. These measures will help ensure the validity of the results and improve the quality of financial control in the public sector of the economy.