MODERN DEVELOPMENT TRENDS OF STATE FINANCIAL CONTROL

Abstract

Public financial control occupies a special place in the system of public administration. It is one of the conditions of effective use of budget funds and public property. State financial control in Russia is developing in two directions: financial control (or financial audit) and performance audit of the use of budget funds. Today priority development of performance audit in the system of state control is a strategic task of control board of Russia. A performance audit is a new kind of audit in Russia, but it is widespread in the developed countries. As opposed to financial audit which verifies the reliability of financial reporting and consistency of laws and normative legal acts and financial transactions, it focuses on effectiveness, efficiency and productivity of use of public (and municipal) financial and material resources.