Quality Of Financial Management Research Articles

FINANCIAL CONTROL KEY ELEMENT TO PROVIDE ECONOMIC SECURITY OF THE ENTERPRISE

The article considers the essence of financial control and its importance in ensuring the economic security of the enterprise. It has been established that financial control is an effective coordinating system for ensuring the interconnection between the formation of an information base, financial analysis, financial planning and internal financial control, which ensures concentration of control activities. In the most priority areas of financial activity of the enterprise, timely detection of deviations of its actual results from the foreseen and the adoption of operational management decisions that ensure its normalization.
 The views of leading scientists concerning the definition of the concept of financial controlling and its key elements are researched. Also, the key financial control functions are analyzed and analyzed in the article.
 Six main concepts of financial controlling used for realization of functions of financial control in crisis conditions of management. The concept of generation of integrated planning and control tools; concept of production, sale or service; the concept of taking into account the specifics of the enterprise; the concept of the orientation of the movement of funds; use of the tools of the concept of financial control as the basis for making managerial decisions; management concept and management decision making.
 The effectiveness of the company in difficult conditions, and especially in the long run, means not just survival in the market, but also ensuring high rates of development and competitiveness, is determined by the level of financial potential and quality of financial management in the enterprise. Which is provided by a certain extent with the effective organization and implementation of the financial system controlling. The application of the financial controlling system at the enterprise will enable to prevent emergence of crises, to identify the causes of financial problems and to effectively search for solutions to them. the primary task of financial control is the maintenance of liquidity and solvency of an enterprise, which can be achieved under the condition of financial planning with the current analysis of financial sustainability.

Accountability and Transparency : Application of Good Educational Governance

Aims of research is to determine the quality of financial management at the madrasah tsanawiyah in the region of the office Ministry of Religious Affairs Bandung district. The issue is how much influence the accountability and transparency to madrasah financial management at public madrasah Tsanawiyah in Bandung district. The method used is survey method explanative with quantitative data analysis, data collection techniques conducted through questionnaires and document review and interviews. The results showed about madrasah financial management in the Ministry of Religious Affairs Office of Bandung district, as follows: 1. the magnitude of the relationship simultaneous between X1 and X2 to Y is high which 0.768. While the contribution together variables X1 and X2 to Y by 59%. The results of descriptive analysis of the variable Y, the most powerful indicator of the organization and coordination of 83.36% while the lowest indicator is 77.99% for controls; 2. The relationship variable X1 on Y is 0.762 while the contribution of variables X1 to Y by 58.1%. The testing of hypothesis saw that significantly affects the accountability to financial management. The results of descriptive analysis of the variables X1, the most powerful indicator is periodic and annual financial statements of 82.31% while the weakest indicator is the quality of the preparation of APBM of 66.85%; 3. The relationship variables X2 to Y is 0.636 while the contribution of variables X2 to Y by 40.4%. The testing of hypothesis saw that significantly influences the transparency to financial management. The results of descriptive analysis on the variables X2, the most powerful indicator is the assurance of integrity by 81% while the weakest indicator is the availability of information to the public at 68.81%; 4. In general it can be concluded that the accountability and transparency of financial management in the Ministry of Religious Affairs Office of Bandung district has been running well but there needs to be increased to achieve the expected results.

Improving Internal Audit in the Public Sector

The transition to a digital economy, as well as structural changes generated in connection with this and a set of theoretical, methodological and practical issues related to the development of organizational and methodological support of subjects of internal financial auditing in public sector organizations, are relevant and most interesting for scientific study. The last decade has undergone a fundamental change in the organization of internal financial audits, associated with the implementation of international norms and standards in the legislation of the Russian Federation. In accordance with the international concept of state internal financial control, the division of internal control and internal auditing functions is carried out. In Russia, such a distinction at the legislative level was made in July 2013 by amending the Budget Code of the Russian Federation and delegating the appropriate budgetary authority to the administrators of the federal budget. The government of the Russian Federation has approved a program to improve the efficiency of public finance management for the period until 2018, which indicates the need to improve the quality of financial management in executive bodies and state (municipal) institutions. The practical implementation of this task is associated primarily with improving the quality of internal financial control and auditing.

Effectiveness of Information Communication Technology Use in Enhancing Quality Management in Public Secondary Schools in Uasin Gishu County, Kenya

This paper was guided by the following objectives; to examine the effectiveness of ICT in enhancing quality of financial Management in public Secondary Schools in Uasin Gishu County; to assess the effectiveness of ICT in enhancing quality record keeping in public secondary schools in Uasin Gishu County and to assess the effectiveness of ICT in enhancing effective communication in public secondary schools in Uasin Gishu County. There are 138 public secondary schools from which a sample was drawn. The sampling technique used was simple random sampling and purposive sampling. Descriptive survey research design was used in the study. The study concludes, that ICT has not been fully incorporated in public secondary schools in Uasin Gishu County. Therefore, there is need for schools to install computers, train the teachers and students on computer use and explore deeper on this pertinent issue. The study recommends that there is need for concerted efforts by all stakeholders (including teachers, parents, educational officers and other government officials) to make use of computers in order to run the schools better. Also, the school administrators should develop, implement and regularly review, in consultation with the school community and governing council, a school code which is consistent with ICT policies in education. The Ministry of Education should allocate funds for ICT assessments conducted for classrooms by introducing the concept of learning circles and projects base learning in educational management in primary, secondary, TTC and universities.

Формирование условий для проведения обзоров расходов в России

The article is focused on implementation of spending reviews in Russia. The authors claim that general success of spending reviews in the country depends on certain institutional conditions. Adoption of the order of the Russian Government on the approval of the spending reviews format is viewed by the authors as one of the necessary steps that should be followed by adoption of the regulations and guides set. In particular, operational procedures of working groups should be approved, preparation standards for final reports should be set, leading role of the Ministry of Finance in operational management should be outlined as well as roles and responsibilities of all other stakeholders. Based on the experience of OECD countries, the article states that special information base of spending reviews is also required. It should be different from the base used in programs and project evaluation process because of different purposes of spending reviews and program efficiency evaluation: success of spending review means that proposals for future expenditures reallocation are integrated into the budget process (which is usually not the case with program efficiency evaluation). The authors conclude that implementation of spending reviews should become a part of integrated approach in governance of budget expenditures in Russia, complementing such performance budgeting instruments as project/program effectiveness and efficiency evaluation, monitoring of financial management quality and efficiency auditing.

Quality Assessment of Financial Management of Budget Investment in Russia

The subject of the research is the assessment of the quality of financial management of budget investment in Russia. The purpose of the research was to analyze the current legal framework for assessing the quality of financial management of budget investment expenditures and make proposals concerning its development. Based on the comparative analysis of the key methodologies for assessing the quality of financial management of budget investment, it has been concluded that it is necessary to clarify the conceptual framework, expand the system of indicators for assessing the quality of financial management of budget expenditures, including budgetary investment, restructuring the system of indicators for assessing the quality of financial management of budget investment, improving the regulatory framework for assessing the quality of financial budget investment management in Russia. The relevance of the paper, as compared with other publications on this subject, stems from the need to take account of the specifics of capital budget investment in the procedure for assessing the quality of financial management of budget investment. The specifics involve a significant amount of budget investment, a long-term nature of investment projects, their high cost, and lack of ongoing results. At the same time, budget investment can have a potential multiplier effect on the volume of the country’s GDP and GRP in the future. Nowadays, the methodology for assessing the quality of financial management of budget expenditures is unified and does not take into account the indicated specified features of budget investment. Incomplete accounting of the budget investment specifics makes it difficult to establish their effectiveness, which in turn reduces the priority of this type of budget expenditures.

System of Financial Control of Municipal Unitary Enterprises

In the current economic context, increasing the quality of financial management acquires a greater significance at all levels. The article presents development of the financial control system of the municipal unitary enterprises. The result of the system functioning is information that allows to assess effectiveness of using the enterprises financial resources and to identify the reserve of its increase. The article also identifies the methods, forms and main functions of financial control of the MUE, specifies the basic principles of the developed financial control models functioning. One of the features specific for the system under consideration is absence of a mechanism for interaction of the external and internal forms of the financial control. The system approach thus presented will allow not only to solve the entitled problems but to increase the level of the financial management control function, to provide its purposefulness and also to create the basis for balancing the interests of the municipal entity and municipal unitary enterprise. The possibility of such an integration is determined by the united purposefulness of the said types of control to provide stable socio-economic development of the municipal entity.

DEVELOPMENT OF TOOLS OF FINANCIAL MANAGEMENT IN THE RUSSIAN UNIVERSITIES

The article reveals features of usage of modern technologies of financial management in practice of public finance management. It defines the main objectives of financial management tools in public sector. It underlines the connection between the monitoring of quality of financial management in the budgetary sphere and budgetary policy implementation by ensuring control and accountability in public resources management. It proves the necessity to develop and enhance the specific system of assessment indicators when carrying out monitoring of quality of financial management in the organizations of the budgetary sphere. Examples of the indicators used when carrying out monitoring of quality of financial management of higher educational institutions are given. Based on the results of monitoring of quality of financial management of higher educational institutions the complex of problems in the sphere of management of finance of higher educational institutions is identified. Practical recommendations are offered for the most problematic areas of financial management of educational institutions, such as, strategic and operational management of expenses; system of financial planning, budgeting and control; information support of decision-making, liquidity management; financial risks management. Taking into consideration the leading foreign practice, the complex of actions has been developed, which would allow to significantly improve the quality of financial management in the Russian system of higher education.

EFEKTIVITAS IMPLEMENTASI SISTEM INFORMASI MANAJEMEN DAERAH (SIMDA) KEUANGAN CLOUD PADA PEMERINTAH KABUPATEN JEMBER

Abstract: The demand on performance improvement, including financial performance, requires local government to utilize advanced information technology. The Government of Jember Regency tries to improve the financial management quality by applying a computer application named Regional Financial Management Information System or called as Finance SIMDA. SIMDA application develops in line with the latest information technology, namely cloud computing. Since March 18th, 2015, the Government of Jember has implemented cloud-based SIMDA called Cloud Finance SIMDA. The application of Cloud SIMDA is resulting in a more practical, effective, and efficient financial management. The change from the old system to the new one needs to be analyzed to examine the system effectiveness as it is expected to positively affect the increase of performance, information, economy, control, efficiency, and service or often called as PIECES (Performance, Information, Economic, Control, Efficiency, and Services) variables. This research aims to analyze the effectiveness of Finance SIMDA implementation, before and after using the cloud computing technology, with PIECES variables. This is a quantitative research with survey method. The results show that there is a difference in the effectiveness of the implementation before and after the application of cloud-based Finance SIMDA as seen from the PIECES variables. 
 Keywords: Finance SIMDA, Effectiveness, PIECES Variables.

(The impact of financial performance assessment on the quality of banking performance An applied study on the Commercial Bank of Chad in the Republic of Chad for the period (2008-2013: أثر تقويم الأداء المالي على جودة الأداء المصرفي دراسة تطبيقية على مصرف شاري التجاري بجمهورية تشاد للفترة (2008-2013م)

The study addressed the issue of the quality of financial Shari commercial bank management and the extent of their relationship to the funding of competence, to see how the quality of financial management, and to identify its transparency when granting credit, and to identify the general classification of the bank on CAMELS index of the banking classification. Study the problem in the following questions: Are the financial and credit policies of the bank bank?. It is that the bank actually applied followed in the granting of credit financial procedures? Is bank financing of the bank efficient? Is that the bank applied to all financial regulations and decisions of the Organization of the banking business? The study sought to analyze and test the hypotheses: The bank's reliance on financial analysis to rationalize decisions granting Alaitmat lead to the efficiency of the funding. The Bank’s general classification in term of quality, liquidity adequacy, financial level of default and loan-to deposit ratio are within the good classification. The Chari commercial Bank's performance is good. Used in the study are: descriptive analytical method and the historical approach in addition to the deductive approach. The study reached the following findings: The results of the study that there is a positive relationship between the quality of financial management bank (Shari) commercial financing and efficiency, the bank loans relative to deposits above the industry the desired level standard, the bank in case of default Mali due to the high ratio of non-performing loans and by passed the industry standard, the bank is suffering from an acute shortage of liquidity, causing falter in the bank's operations. The most important recommendations of the study: the need for Shari Commercial Bank to measure and find out the loans to deposits ratio and liquidity of the bank continuously to meet the obligations and withdrawals daily is expected, should the bank not to grant loans only after making sure it fits with deposits and ensure liquidity of the bank to avoid potential financial distress, the need to seek to provide all types of banking services offered by the rest of the workforce in the country's banks.

Использование принципов МСФО в процессе совершенствования системы управления финансами и бюджетирования на предприятии

The essence of methodological approach to an enterprise’s income and expenses classifier development is
 revealed in this paper. This approach takes into account the fundamentals of international financial reporting
 standards (IFRS).
 Three factors that confirm the fundamental changes in financial management quality in Russia have been
 emphasized. The author accentuates that the changes quality strongly depends on company and industry
 size, but the financial management culture is developing rather unevenly. In Russia the unambiguous
 understanding of the term “real economy” hasn’t been created yet. In some non-production sectors, including
 the sports one, which is actively supported at the state level, the management quality is behind the large
 state companies. This fact provides a great field of research for young Russian scientists.
 In that regard, the evolution of IFRS in Russia is analyzed in this paper. Specific group of companies for
 which the reporting use question is critical. In the context of proposed in this work methodical approach to
 the development of financial items classifier for the company budgets, the author explains the difference
 between the principles of Russian and international financial accounting standards.
 It is stated that even today some of the IFRS principles can be used to improve the system of financial
 management and budgeting at the enterprises. The author describes the budgeting implementing process
 and notes possibilities for using the IFRS principles in the budgeting.
 The role of financial items classifier formation in the budgeting implementation process has been analyzed
 in this paper. A comparative analysis of budget’s revenue and expenditure versus budget’s cash flow in
 conjunction with the IFRS figures has been carried out.
 Interpretation of comparative analysis data allows see the reasons for discrepancies between profit and
 cash flow. The comparative analysis results have been presented as a summary table. Logical structure and
 principles of items grouping are the basis for formation of unified chart of accounts for the enterprise, as well
 as for operational and financial budgets development.

PENGARUH KOMPETENSI, INDEPENDENSI DAN PENGALAMAN TERHADAP KUALITAS AUDIT APARAT INSPEKTORAT KOTA TOMOHON DALAM PENGAWASAN PENGELOLAAN KEUANGAN DAERAH

This study examined the influence of the auditors’ competency, independency, and experiences towards audit quality of financial auditing of the staff of inspectorate in Tomohon City as part of their supervision function. The finding of this study could be an important input for improving the quality of financial management of the local government since the policy of decentralization has given the local governments authority not only to manage natural resources but also their financial sector. However, as could be seen there are still a lot of problems related to financial management mostly caused by the poor knowledge and skills related to financial auditing of government offici als responsible for this specific task. It is common to find inconsistency in the financial report of internal auditor ( inspectorate ) and external auditor, Supreme Audit Agency ( Badan Pemeriksa Keuangan) .There were two variables in this study. Audit quality was the dependent variable ( Y ) while the independent variables elaborated into three variables, namely: auditor’s competency ( X1 ) , auditor’s independency ( X2 ) and auditor’s experiences ( X3 ) . There were 36 personnel of the Inspectorate’s Office of Tomohon City participated as the sources of this study. Thus, the population of this research is the Tomohon City Regional Inspectorate officers. Data used in this study were primary and secondary data, while questioner and indepth interview as well as document study used as the data collection methods. The first consecutive methods employed to obtain primary data while the last used for obtaining secondary data. Both data analyzed using the multiple linear regression techniques.This study found that the influence of independent variable which were competency, independency and experiences towards dependent variables which was audit quality was significant. The 0.645 value of coeficient determination showed the significant relationship between both variables. This means that the equation model used in this study found the significancy at about 64,5%. The remaining proportion which was 35,5% explained by the other factors which were not part of this model. After examining the hypotheses, it can be concluded that partially competency had positive influence but not too significant to the quality of the inspectorate officer. However, independency and experiences had a positive and significant influence to the auditing quality of the public servant working in the inspectorate’s office.This study recommends to improving the knowledge and skills of the public apparatus by conducting short courses and training in accounting and auditing.Keywords: audit quality, competency, independency and experiences

PENGARUH KOMPETENSI, INDEPENDENSI, DAN ETIKA TERHADAP KUALITAS AUDITOR PADA APARAT INSPEKTORAT DALAM PENGAWASAN PENGELOLAAN KEUANGAN DAERAH KOTA BITUNG

The increasing demands of the community for clean governance, fair, transparent, andaccountable should be taken seriously and systematically. All levels of state officials, both at the level of the executive, legislative, and judicial branches must have a shared commitment to uphold good governance and clean government. The study was conducted in the supervision of Government Internal City officials in this regard Inspectorate Bitung in Bitung City. In the present study investigated the influence of competence, independence and ethics for auditors in monitoring the quality of financial management. The purpose of research is to determine how much influence the competence, independence, and ethics to the quality of the personnel inspectorate auditors in financial management oversight Bitung City.Data analysis methods used are descriptive statistics, the classical assumption test, test correlation coefficient, coefficient of determination t est, hypothesis testing ( test f and t test ) . to complete the overall data analysis used SPSS software version 20. The results showed the equation Y = 6.882 -0.019 + 0.437 X1 0.300 X2 + X3. Of multiple linear regression equation shows a constant value of 6.882 gives the sense that if competence ( X1) , independence ( X2 ) , and ethics ( X3 ) constant perceived or equal to zero ( 0 ) , then the magnitude of the variable quality of the auditor on the apparatus inspectorate ( Y ) amounted to 6.882. Correlation coefficient obtained for the coefficient of determination of 0.700 and 0.490, while the remaining 51% of other variables not examined in this study. Results of hypothesis testing ( test f ) indicates the level of significance is less than 0.05 is 0.000 thus, the study received HA4 hypothesis, and hypothesis testing ( t test ) showed for the variable ( X1 ) = 0.864 competence as such, this study rejected Ha1 hypothesis which states that competency variable does not affect the quality of the auditors, it can be seen from a greater significance level of 0.05 is 0.864. These results contrast with previous research that states that affect the quality of the auditor's competence. This is due to the lack of training in research or no education system appropriate competency and followed by the Inspectorate in the auditor oversight of financial management in the city of Bitung, ( X2) = 0.05 ie 0.001 independence as such, this study received a hypothesis Ha2, and ( X3 ) = 0.05 ie 0.008 ethics as such, this study received Ha3 hypothesis.

IPSAS and the Application of These Standards in the Romania

IPSAS appliance gives public law entities a greater significance due to the comparability with the general accounting regulat ions, recognized internationally for reporting annual accounts. A greater transparency raises the quality of fin ancial management, facilitates the relationships with funders and simplifies communication with the wide public interested in Romania's economy. Some of the accounting activities from the public sector do not provide an insight into the real situation of a ssets, finances and incomes (a real and clear image). This makes it difficult to evaluate accounting systems for the wide public and politicians. The introduction of IPSAS in public accounting in Romania provides assistance through uniform standards.Public management represents the basis for effective control and monitoring processes in public administration. IPSAS helps public management to improve the quality of financial information, simplifies the internal and monitoring control of public institutions and adds value to the financial information regarding economic profitability.The authors aim to present in a comparative way the status of implementing international accounting standards in public and private sector of activity of the state.

An expert system for ranking companies and investments: wood industry case

Wood industry is a very important part of both the Greek Rural and industrial sector. The discovery of the differentiation in the level of growth and in the quality of financial management between the Greek wood companies can provide very important aid in the design of an effective rural development policy. The evaluation and ranking of Greek wood companies based on actual financial data is a very complicated task and it requires expertise knowledge and skills. On the other hand a computer expert system can perform validation and evaluation in an efficient way and can substitute human experts. An expert system was designed and developed towards this direction. It uses multicriteria analysis for each one of the wood companies based on actual financial data and it applies fundamental principles of fuzzy logic in order to calculate the expected intervals of flows for the following years. .