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MONITORING OF THE QUALITY OF FINANCIAL MANAGEMENT IN THE PUBLIC SECTOR OF THE RUSSIAN FEDERATION

E.Shuvalova, A. Shishkin, K. Ekimova, M.Gordienko

Abstract

The article is devoted to the essence of the application of monitoring the quality of public sector financial management in the Russian Federation. As part of the research tasks, the authors considered in detail the essence of the general category "financial management of the public sector" in international and Russian practice. The historical process of the emergence and development of the practice of applying monitoring tools in the sphere of financial management of the public sector in the Russian Federation is analyzed, the main purpose of which is to increase the efficiency of using federal budget funds and the quality of financial resources management at the state level. The monitoring method is detailed, the algorithm of which was formed from eight consecutive stages. Also to this, the authors analyzed the final indicators of the quality of financial management of the main state bodies of the Russian Federation in the first half of 2016, as well as the decomposition of the structural indicators of monitoring into more detailed components, to identify the most problematic areas. In the conclusion of the study, the authors note the need to apply and further improve the method for monitoring the assessment of the quality of financial management. This is confirmed both by the practice of developed countries and by the internal need of executive and legislative authorities of the Russian Federation. It is noted that the evaluation algorithm is not ideal and requires constant improvement taking into account emerging problems in the application process. Yet, the very fact of the existence of such a method emphasizes the focus on increasing the transparency of the budget process and the effectiveness of the funds used, at the level of the leadership of the Russian Federation.

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