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Problems with exercising financial control in Russia under modern conditions

Vol. 23, Iss. 30, AUGUST 2017

PDF  Article PDF Version

Received: 28 April 2017

Received in revised form: 22 June 2017

Accepted: 5 July 2017

Available online: 15 August 2017

Subject Heading: Financial control

JEL Classification: G02, G32, G38, H11, H30

Pages: 1768–1784

https://doi.org/10.24891/fc.23.30.1768

Fetisov V.D. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
Fetisov21@mail.ru

Subject The article considers urgent problems related to financial control implementation in Russia.
Objectives The aims are to update the nature and causes of financial control in the market-based society, describe the structure of relations between economic agents and the State and real mechanism of control, identify problems and ways to transform the financial control in Russia and enhance its efficiency.
Methods The study employs empirical, systematic, analytical, economic and other methods.
Results I offer my own interpretation of the concept of and reasons for financial control, reveal its structure, basic principles and specifics of the mechanism of functioning under modern market conditions. The major problems with implementing the financial control include its complexity, closed nature and excessive cost. To radically improve its efficiency, it is required to streamline the control system of the country. The paper presents proposals on transforming the use of financial control as a major tool of stabilization and economic growth.
Conclusions The Russian system of financial control is cumbersome and poorly performing; to maintain it, the country spends about one-third of its GDP. The efficiency of financial control depends largely on the level of economic literacy of the population and the quality of personal financial management.

Keywords: financial control, structure, efficiency

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