"Generic function" of the Federal Treasury

Abstract

The author considers the «generic function» of the Federal Treasury - state financial control. Public control is stated to be the most effective control type, which can be ensured through publicity and transparency of the state government and administrative bodies’ activities. The transparency of the budget process is of particular importance in this issue - from the budget preparations to the performance report and external audit results. The Federal Treasury being an operator of the state information systems provides an access to the information on the efficiency of the budgetary funds use. The risk-oriented control method allowing inefficient spending reduction will be of especial significance. However according to the author the sphere has a number of problematic issues requiring further elaboration. The proposed measures will help to ensure the methodology uniformity, to increase the effectiveness of the control and audit activities at the expense of optimal number of inspectors and auditors.