Development Of Financial Control Research Articles

Financial control: Evolution of the concept and modern challenges

Aim. To determine the directions of further research on the development of financial control in Russia.Objectives. To reveal the content of financial control, its essence and features, including from the point of view of historical aspects of its formation; to determine the stages of development of financial control; to analyze modern problems and challenges facing the system of financial control.Methods. The authors have studied specialized literature devoted to the topic under consideration. The research is based on the dialectical system approach, logical analysis, comparison, grouping, application of general scientific methods.Results. The article reveals the content of financial control, its essence, including from the point of view of historical aspects of its formation. The key stages of financial control development are characterized, the analysis of modern problems and challenges arising in this system is carried out. On this basis, the directions of further development of financial control in Russia are determined.Conclusions. The development of the financial control system at the corporate level is essential to ensure the efficiency of companies' activities. The need for monitoring and control is an integral part of a closed system of business activity. The ability of the company to timely respond to risks and predict potential changes, as well as the ability to promptly make management decisions can be attributed to one of the key aspects of effective entrepreneurial activity in modern economic conditions characterized by increased competition, growing pressure from sanctions, economic volatility, etc.

CORPORATE FINANCIAL CONTROL: HISTORICAL CHALLENGES AND NEW REALITY

The article reveals the main factors determining the requirements for the transformation of financial corporate control. Special attention is paid to the process of formation of new independent financial systems at the national level, the need for which arose at the present stage of geopolitical changes. In addition, there are negative consequences of the financialization of economic development and the spread of the shadow economy, which turned out to be beyond the financial control. Therefore, the development of financial control, especially in its corporate part, which meets the challenges of the shadow economy and financialization in the new reality, requires its transformation into an immanent component of financial relations. The potential for the establishment of universality of financial control, previously absent in economic activity, is currently due to the digitalization of the national economy.

The Main Stages in the Development of Financial Control in the Securities Market of Japan

A securities market plays an important role in the distribution of financial flows. In connection with the insufficient development of the stock market in our country, the author considers it is appropriate to refer to the experience of financial and legal regulation of the relations under consideration in foreign jurisdictions. The paper is devoted to the genesis of financial control over activities in the Japanese stock market. The author identifies three periods. Attention is paid to the main state bodies, as well as self-regulatory organizations exercising financial control in this area, their legal status, powers, etc. In addition, the paper examines the positive experience of Japan in the field of financial and legal regulation of the cryptocurrency market. The paper analyzes the powers of the Financial Services Agency to carry out the relevant functions, as well as the role of self-regulatory organizations that have the right to exercise control over cryptocurrency exchanges and prosecute violators of the laws.

ДІЄВІСТЬ ДЕРЖАВНОГО ФІНАНСОВОГО КОНТРОЛЮ В УМОВАХ РИНКОВОЇ ЕКОНОМІКИ УКРАЇНИ

The article reveals the essence of state financial control over the activities of budgetary institutions, defines its purpose and objectives at the macro and microeconomic level, presents the bodies conducting external and internal state financial control, analyzes the results of the Accounting Chamber of Ukraine on financial control, outlines the main directions reforming public financial control in the context of strengthening European integration processes. Aspects of the importance and role of public financial control in the system of market relations, the need for its systematic development and improvement of its organization and the definition of effective methods of operation in the future are considered. It is argued that today the system of financial control practically does not perform a preventive function, and mostly states violations. Therefore, it is necessary to create a more integrated, structured system of general financial control in a single information space of public finance management system with mechanisms of interaction, justification of its development strategy, improvement of forms and methods of control actions, increase their efficiency and effectiveness. The need to clarify the conceptual basis for the formation and development of financial control, its organization, understanding of how its bodies function, the development of new methodologies and experience in the implementation of control measures. It is stated that the transformational model of financial control requires the introduction of qualitatively new management at the present stage of development of Ukraine’s economy, which is increasingly acquiring the properties of mixed. It is proved that in practice the weakness of the activity of controlling bodies is the lack of a clear methodological basis for conducting inspections, as the most frequently used audit, which does not allow to identify funds used for other purposes. It is proposed to each body of the system of state financial control to outline the sphere of influence, which will give a real opportunity to purposefully influence the financial policy of the state.

Reflections on the Contributions of Sir Charles Rey to the Development of Financial Control and Accountability in the Bechuanaland Protectorate (1929-1937)

This essay examines the diaries of Sir Charles F. Rey, Resident Commissioner of Bechuanaland, covering the years 1929-1937. The paper summarizes and reviews the accounting thoughts, activities and practices during a period of British colonial rule in Bechuanaland Protectorate. It illustrates early accounting and budgetary practices, as well as their role in influencing and shaping political and socio-economic development. The paper reveals that nuances of accounting history are contained in literary and archival documents, and that accounting practitioners and researchers should explore these scripts in order to understanding the introduction and development of accounting in the African continent. It further suggests that Sir Charles Rey’s memoirs show him to be a financial manager and administrator of note, albeit one who used financial management techniques to maintain control over natives, European businesses, and colonial administrators. This notwithstanding, this paper encourages researchers and practitioners to locate accounting history from such writings.

Interaction and Integration of Control Systems

Interaction and integration between control systems that are based on different legal and non-legal elements is the main problem of globalization. The establishment of a unified control system with established uniform rules and norms is a complex and lengthy process that requires interaction between all countries, as well as proper interaction and integration between control systems. Control systems are studied and presented from different aspects in different publications and forums and a significant part of them examine these systems in terms of internal control and internal audit. Viewed through the prism of state control, control systems look different and have another scope and purpose. The main objective of this study is to examine the established control systems by revealing their distinctive aspects and features and to present the problems relating to their interaction and integration. To achieve the main objective of the study, we need to perform the following tasks: 1. To present the specifics and characteristics of the main control systems; 2. To show individual control subsystems, including financial control subsystems; 3. To characterize modern changes of control systems, their interaction and integration. Based on the established objective and tasks, it is determined that the object of study is state control systems and their subsystems. The subject of this study is limited to the determination of the practical scope and problems of control systems in their interaction and integration. The topicality of the subject is determined by the modern drive for globalization of control systems and the establishment of a unified European control system of all EU member states. The entire globalization process has advantages and disadvantages in the development of control, including in the development of financial control, as set forth below.