ANALYSIS OF THE STATE FINANCIAL CONTROL SYSTEM IN UKRAINE EFFICIENCY IN CONTEXT OF NATIONAL OIL & GAS CORPORATIONS ACTIVITIES
Journal Title: Науковий погляд: економіка та управління - Year 2018, Vol 1, Issue 59
Abstract
In today's conditions of national economy instability and budget deficit, it’s extremely necessary to improve the state financial policy aimed to increase the state budget resources use efficiency. The purpose of the article is to analyze the effectiveness of public financial control, as a component of domestic financial policy, in particular the oil and gas national corporations, whose annual financing may have a negative impact on the state budget deficit of Ukraine. It is shown that there is a significant duplication of the functions of Accounting Chamber of Ukraine and State Audit Office of Ukraine. They are subjects of the state financial control implementation in Ukraine, which actually causes control measures on the same object and generally leads to a low efficiency of the state financial control system. The necessity of the state controlling bodies’ power legislative separation regarding carrying out control measures in the financial sphere (first of all, Accounting Chamber and State Audit Office of Ukraine) is proved. At the same time, the practical absence of methods, mechanisms and instruments for the implementation of sanctions on offenses was revealed. The analysis of the effectiveness of the state financial control of national oil and gas corporations does not cover the entire spectrum of such a category of business entities. Therefore, the analysis of the use of budget funds for the purpose of Naftogaz of Ukraine NJSC financial and economic activity, as the largest national oil and gas corporation, is often carried out superficially. Such an approach by Accounting Chamber of Ukraine is largely justified, but control measures of State Audit Office duplicate the Naftogaz of Ukraine NJSC financial statements findings (this is the level of entity’s internal audit). Results of the audit by State Audit Office should reflect a thorough analysis and a broader toolkit on activities not only Naftogaz of Ukraine NJSC, as a parent company, but also separately its subsidiaries. The foregoing explains the situation, that during the financial system of Ukraine greatest destabilization (2013-2014), the highest volumes of financial violations were detected, the number of illegal and non-targeted losses, the lack of cash and material assets, etc. has increased. However, state financial control entities have not considered increased financial crime general trends and failed to take timely preventive actions.
Authors and Affiliations
L. V. Lysiak
Keywords
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- EP ID EP449960
- DOI 10.32836/2521-666X/2018-1-59-24
- Views 159
- Downloads 0
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