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Regional budgets balancing in the context of financial asymmetry reduction in the conditions of financial instability

Karepina O.I. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Korochentseva O.A. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( OxanaOxanaK@yandex.ru )

Journal: Regional Economics: Theory and Practice, #9, 2016

Importance The article deals with the issues of regional budgets balance ensuring in the context of reducing the financial asymmetry under the conditions of financial instability.
Objectives The paper aims to provide insight into the government borrowing content and structure at the regional level, as well as the issues of management and risks.
Methods For the study, we used the methods of comparative analysis, organization, classification, analogy, and comparison.
Results The article provides a comprehensive review of government borrowing of a region as a key source of regional budgets balancing. It shows the nature of government borrowing and the management specifics. A detailed risk-based approach to the management of public debt reflects its amount and strategic orientation.
Conclusions Managing the public debt at the regional level, it is necessary to use a risk-oriented approach, that will not only solve the problems of a subject's debt servicing and repaying, but also can be a powerful instrument for the region's economic policy.


Budget financing and monitoring of cost effectiveness in cultural institutions

Karepina O.I. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Meliksetyan S.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( m.s88@bk.ru )

Journal: International Accounting, #14, 2017

Subject One of the priority areas of the Russian State in modern conditions is efficient and rational expenditure of funds channeled to the cultural sector. The article analyzes sources of budget financing of cultural institutions.
Objectives The aim is to disclose the status of financing of cultural institutions and consider factors contributing to efficient resource utilization.
Methods In the study, we employ methods of comparative analysis, classification, systematization, comparison and analogy.
Results We present a comprehensive review of budget financing and organization of internal financial control of cultural institutions. The paper includes a methodology for internal State (intradepartmental) financial control and a system of indicators to assess the efficiency of budget funds spending by cultural institutions. The methodology can be used during the organization of external State financial control and implementation of monitoring activities, including the audit of public outlay efficiency and the internal State financial control in the process of monitoring.
Conclusions and Relevance The findings show that there is a need to improve the system of State financial control. The core element of the control should be internal State financial control and monitoring, including mandatory procedures for assessing the efficiency of budget funds spending. This will help improve the quality of service delivery and the system of public administration.


Theoretical and methodological approaches to financial management in higher education institutions

Karepina O.I. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Meliksetyan S.N. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( m.s88@bk.ru )

Journal: Financial Analytics: Science and Experience, #38, 2015

Importance Efficient management of public finance has an important role in the strategic and tactical targets of the Russian budgetary policy. The article describes a model of public finance management and a process approach to managing the finance of higher educational institutions.
     Objectives The paper aims to describe the content and specifics of theoretical and methodological approaches to financial management in the system of higher education institutions. The objectives are to review the model of public finance management; to scrutinize financial management in higher schools from the perspective of systems and process approaches; to analyze the process of financial management in higher schools; to identify and classify the risks inherent in the functional and financial activity of higher schools; to consider the algorithm of hazardous event risk assessment in higher education institutions.
     Methods In the study, we applied methods of comparative analysis, systematization, classification, analogy, and comparison.
     Results The article presents a comprehensive review of financial management in higher education institutions, considers the system nature of the concept, and exposes its specificity in higher schools.
     Conclusions and Relevance The research enables to conclude that financial management creates a basis for executing the control functions by the State in legal, social and economic spheres.


Developing the State financial control in health care

Karepina O.I. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Meliksetyan S.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( m.s88@bk.ru )

Journal: Finance and Credit, #30, 2016

Importance One of the priorities of the Russian State is to optimize financial resources directed to health care and improve their rational utilization. The article presents a methodology of State financial control in the health care industry and a system of indicators to estimate the efficiency of public finance expenditure by medical organizations.
Objectives The purpose of the study is to unveil the current status of State financial control in the health care industry.
Methods The study rests on methods of comparative analysis, systematization, classification, and analogy.
Results We performed a comprehensive review of State financial control in the health care industry. Based on the findings, we offer a methodology of the control and a system of indicators to measure the efficiency of public funds expenditure by medical organizations, which may be applied for State financial control purposes using the performance audit of budget expenditures, as well as for internal control in the process of monitoring.
Conclusions and Relevance The key aspect in improving the system of State financial control should be internal control and monitoring with mandatory procedures for identifying and mitigating fiscal risks. That will contribute to adequate quality of services rendered by medical institutions, and to the transfer of the State management system to the level that meets the needs of modern reform of the Russian economy.


Developing the State financial control in health care

Karepina O.I. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Meliksetyan S.N. Rostov State University of Economics (RSUE), Rostov-on-Don, Russian Federation ( m.s88@bk.ru )

Journal: Digest Finance, #2, 2019

Subject One of the priorities of the Russian State is to optimize financial resources directed to health care and improve their rational utilization. The article presents a methodology of State financial control in the health care industry and a system of indicators to estimate the efficiency of public finance expenditure by medical organizations.
Objectives The purpose of the study is to unveil the current status of State financial control in the health care industry.
Methods The study rests on methods of comparative analysis, systematization, classification, and analogy.
Results We performed a comprehensive review of State financial control in the health care industry. Based on the findings, we offer a methodology of the control and a system of indicators to measure the efficiency of public funds expenditure by medical organizations, which may be applied for State financial control purposes using the performance audit of budget expenditures, as well as for internal control in the process of monitoring.
Conclusions and Relevance The key aspect in improving the system of State financial control should be internal control and monitoring with mandatory procedures for identifying and mitigating fiscal risks. That will contribute to adequate quality of services rendered by medical institutions, and to the transfer of the State management system to the level that meets the needs of modern reform of the Russian economy.


Developing the State financial control in the system of higher educational institutions

Karepina O.I. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Meliksetyan S.N. Rostov State University of Economics, Rostov-on-Don, Russian Federation ( m.s88@bk.ru )

Journal: Financial Analytics: Science and Experience, #29, 2015

Importance The budgetary policy of the Russian Federation provides for effective management of the State financial resources as one of its strategic and tactical goals. This type of management focuses on control as one of the functions of finance. The article reveals fundamental types of the State financial control, i.e. external and internal ones. The article also specifies internal financial control of the State in higher educational institutions.
     Objectives The objective of the research is to explore the contents and specifics of monitoring activities as part of the State financial control within the system of higher educational institutions. The research pursues the following tasks: to scrutinize external and internal financial control of the State in higher educational institutions in terms of the systems approach; to describe the main features of the State financial control in higher educational institutions; to analyze the specifics of interdepartmental financial control in higher educational institutions; to review the specifics of internal control in higher educational institutions.
     Methods The research draws upon a comparative analysis, systematization, classification, analogy, comparison.
     Results The article represents a comprehensive overview of the main types of the State financial control, determines the system nature of this concept and discloses its specifics in higher educational institutions. Broad interpretation of the term of internal control allows considering it as an indicator of functional, financial and business activities of higher educational institutions. The specified fundamental principles of internal control in higher educational institutions reflect its scope and strategic focus.
     Conclusions and Relevance Based on the research, we conclude that the system of internal and external financial control of the State becomes a platform for controlling the activity of the State in the legislative, social and economic environment.


Developing the performance audit of public expenditures

Karepina О.I. Rostov State Economic University, Rostov-on-Don, Russian Federation ( karepindima@mail.ru )

Journal: International Accounting, #30, 2014

In the modern context, in view of complicating Government objectives and the need to address the strategic goals of economic and social development in a budget-constrained environment many foreign countries attach great importance to accountability management of budget expenditures and their effectiveness assessment through follow-up control. Due to the transition to the principles of budget expenditure efficiency and effectiveness while arranging the budget process in the Russian Federation, which is necessary to create prerequisites and conditions for the most effective management of public and municipal finances according to the key priorities of the national policy, the supervisory authorities must use the methods and tools of the State financial control that are well adapted to modern realities and enable to determine the degree of achieving the social and economic targets, and, therefore to assess the efficiency of using the public funds. The article investigates trends in performance audit of public expenditures as part of the State financial control system in the conditions of result-oriented budgeting, analyzes debatable points and methodological considerations of its implementation. The author provides personal vision of the estimation criteria of budget expenditure efficiency that are necessary for performance audit. This method of State financial control can provide for a new approach to the organization and realization of both the follow-up and operational control, enhance transparency, and improve state-financed organizations functioning. Performance audit introduction is an important step in the process of improving the State financial control, which will undoubtedly lead to changed approaches to audits. The author makes a conclusion that in the modern conditions of reforming the state-financed sector the universal application of performance audit on public expenditures as part of the State financial control is an essential requirement. The author also identifies the areas of further development and solutions to current problems of the performance audit of public expenditures.


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