THE IMPORTANCE OF FINANCIAL CONTROL IN THE ECONOMY
Keywords:
Financial control, economic stability, auditing, financial supervision, regulatory framework, transparency, accountability, risk management, financial discipline, economic efficiency.Abstract
This article explores the role of financial control in ensuring economic stability and effective management of financial resources. It analyzes the mechanisms of financial supervision, auditing, and regulatory oversight that help maintain transparency, accountability, and efficiency in both public and private sectors. The study highlights the importance of financial control in preventing fraud, reducing financial risks, and ensuring the proper use of economic resources. Special attention is given to the role of state regulatory bodies and the Central Bank in maintaining financial discipline and stability. The article also discusses the challenges faced in implementing effective financial control systems and provides recommendations for improving their efficiency in modern economies.
References
International Monetary Fund. (2022). Fiscal Transparency and Accountability Report. Washington, D.C.
International Organization of Supreme Audit Institutions. (2019). Guidelines for Public Sector Auditing. Vienna.
Michael C. Jensen & William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics.
Michael Power. (1997). The Audit Society: Rituals of Verification. Oxford University Press.
Robert N. Anthony. (2013). Management Control Systems. McGraw-Hill Education.
Anthony Giddens. (2006). Sociology. Polity Press.
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