Abstract
The topic of financial control over business activities is discussed in this article. The author focuses on financial management methods in the modern context, the use of information technology to improve the control system, auditing, and challenges with electronic auditing, and other topics. Strengthening control over the use of budget funds, increasing tax system transparency, continuing changes to improve tax culture, bolstering positive trends in the country's Chamber of Accounts' activities, simplifying budget classification, and raising public awareness will all help improve the efficiency of financial control mechanisms and reduce corruption risks, according to the article. Azerbaijan's current economic scenario is marked by frequent changes in the external and internal environments of businesses. Many businesses are compelled to operate under a shortage of credit resources, discrepancies in domestic regulation, and other factors. As a result, a priority factor in the formation of their competitiveness is effective financial decision-making in financial management, including effective financial decision-making, financial resource distribution and redistribution, and cash flow of the corporation, which should be based on comprehensive control, ensuring the targeted nature of distribution and a certain rate of return on invested capital. Financial management and control systems based on outdated accounting and analysis methods, as well as planned and factor analysis, make it impossible to produce reliable results. Modern circumstances necessitate a qualitative shift in financial control as a foundation for ensuring the implementation of the levers of the corporation's financial management mechanism, including forecast indicators and the attainment of the corporation's strategic goals and objectives. Internal financial control is a critical component of the financial management system for making and implementing successful management decisions. It must be implemented at all levels of management to ensure high-quality management outcomes. Internal corporate financial control aims to adjust the corporation's production and management systems to the changing external environment, achieving target financial performance indicators, and maintaining the corporation's financial position in industrial markets. As a result, a successful firm must have a well-established financial management system, which is a guarantee of a company's success in a competitive environment. The paper concludes with generalized findings about the subject under consideration.
Highlights
Improve the effectiveness of financial controls and reduce corruption risks. Issues such as regular implementation of legal, The organization of financial control, taking into administrative, and institutional procedures, financial account new quality criteria, is critical in order to improve discipline, proper money allocation, and increased economic the efficiency and transparency of the corporate efficiency are significant in this regard. It is environment in developed nations, including Azerbaijan, in critical to increase the engagement of independent auditors order to solve national and global development concerns. in checking the accuracy of the state budget and social
Independent auditors, as well as local and multinational audit firms, operate in the country's audit sector. Research into issues such as unfair competition in the audit services market and the preference for local audit organizations is crucial for the development of national audit organizations, in addition to supporting the growth of the audit service as a whole [1, p. 23]
The role and importance of financial control is growing in Azerbaijan as a result of socioeconomic developments and the strengthening of budgetary and tax discipline
Summary
РОЛЬ ФІНАНСОВОГО УПРАВЛІННЯ ТА ПИТАННЯ РОЗВИТКУ ЙОГО МЕХАНІЗМІВ У СУЧАСНОМУ ПЕРІОДІ. The topic of financial control over business activities is discussed in this article. Internal corporate financial control aims to adjust the corporation's production and management systems to the changing external environment, achieving target financial performance indicators, and maintaining the corporation's financial position in industrial markets. У статті розглядаються питання щодо фінансового контролю діяльності підприємств. Серед дослід жених аспектів автор приділяє особливу увагу механізмам фінансового управління за сучасних умов, інформаційні технології у вдосконаленні системи контролю, аудит, питання застосування електронного аудиту тощо. У статті наголошується, що посилення контролю за використанням бюджетних коштів, підвищення прозорості податкової системи, продовження змін щодо підвищення податкової культури, посилення позитивних тенденцій у діяльності Рахункової палати країни, спрощення бюджетної класиф ікації, а також підвищення обізнаності громадськості допоможуть підвищити ефективність механізмів фінансового контролю та зниження корупційних ризиків. Внутрішній фінансовий кон троль є важливим елементом системи фінансового менеджменту для прийняття та реалізації ефектив них управлінських рішень та має проникати на всі рівні управління, забезпечуючи високоякісні резуль тати управлінської діяльності. Ключові слова: фінансовий менеджмент, аудит, електронний аудит, інноваційний аудит, бізнес середо вище, податковий контроль, передові технології
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