Prospects for the Internal State Financial Control Development in the Russian Federation

Abstract

Purpose: The presented article is aimed at assessing the modern development of internal state financial control in the Russian Federation. The most important condition for the effective functioning of public finances is the transition to a qualitatively new level required for the dynamic development of the public administration sector, improving the social status of citizens, as well as the investment climate. This predetermines the objective need to rethink and identify fundamentally new approaches to the study of theoretical, methodological and practical problems of financial management. Design/Methodology/Approach: The article is a comprehensive review of the main changes in legislation governing internal state financial control that determines the nature of this concept, the methodology of internal state financial control is presented, problems are identified, substantiated and structured and directions for their solution are proposed in order to increase its development effectiveness. The study used methods of comparative analysis, systematization, classification, analogy and comparison. Findings: The authors identified, substantiated the problems and developed recommendations for improving internal state financial control, which can improve the quality of public and municipal finance management and facilitate the transfer of public administration to a level that meets the needs of modern reform of the Russian economy. Practical Implications: The results of the study can be introduced into the practice of organizing internal state financial control in the Russian Federation in order to improve the quality of public and municipal finance management. Originality/Value: The main contribution of this study is to develop recommendations for the development of internal state financial control, which will contribute to the effective management of public finances in the executive bodies of the Russian Federation.