TY - JOUR AU - Pikhotskyi, Volodymyr AU - Rysin, Vitalii PY - 2019/01/29 Y2 - 2024/03/29 TI - STATE CONTROL AND PUBLIC AUDIT IN THE MANAGEMENT OF PUBLIC FINANCES JF - European Cooperation JA - EC VL - 1 IS - 41 SE - Economics DO - 10.32070/ec.v1i41.20 UR - https://european-cooperation.eu/index.php/EC/article/view/20 SP - 38-51 AB - <p>The presence of an organized system of control over the production, distribution&nbsp;and redistribution of gross domestic product is an important prerequisite for the&nbsp;functioning of the state. Therefore the issue of rational management and use of public&nbsp;financial resources becomes particularly relevant in the conditions of economic instability&nbsp;and the growth of the public budget deficit. The assessment of world experience&nbsp;in the development of public finance management systems illustrates their focus on&nbsp;improving the efficiency of public funds using, as well as on providing quality services&nbsp;to society, and increasing the role of state control and audit in this area. The essence of&nbsp;state financial control and state audit are considered in the article. The public audit is&nbsp;interpreted by the authors as an in-depth and improved form of public financial control,&nbsp;which provides a comprehensive target assessment of the controlling entity’s activity&nbsp;results, simultaneously forms a generalized conclusion, and guarantees publicity of the&nbsp;results. Ukraine nowadays is in the first stage of the public audit implementation. The&nbsp;prerequisites for the formation of complete public audit system in Ukraine are: the formation&nbsp;of the necessary legislative and regulatory framework; ensuring the quality of&nbsp;the budget process organization; the conformity of the organizational forms of public&nbsp;audit to its objectives; training of professionals; meeting the needs and expectations&nbsp;of consumers and users. The authors emphasize the necessity of national standards of&nbsp;public audit introducing, where the main methodological approaches to their implementation&nbsp;should be described. Such approaches should be applied by all the entities&nbsp;in the public sector of the economy, as well as by entities that are users of public funds,&nbsp;including public-private partnership institutions. The key directions of development&nbsp;and reform of state financial control system in Ukraine are connected with the maximum&nbsp;adaptation of international standards of audit and the introduction of audit’s advanced&nbsp;technologies into the practice.</p> ER -