scholarly journals Factors Affecting the Effectiveness of the Implementation of a Modern System of Financial Management and Control in Albania

2015 ◽  
Vol 2 (1) ◽  
pp. 212
Author(s):  
Ariana Konomi
Keyword(s):  
Internal Control ◽  
Financial Management ◽  
Financial Control ◽  
The European Union ◽  
Factors Affecting ◽  
Management Actions ◽  
Track Record ◽  
Modern System ◽  
First Results ◽  
And Control

One of the three pillars of public internal financial control is financial management and control. Through this work, we aim to address the factors which influence the effectiveness of the implementation of a modern system of financial management and control in public sector entities.''The model of Public Internal Financial Control is welcomed and widely implemented in many countries, within and out the European Union. It has a track record of success and I strongly recommend that countries should follow the exciting journey toward the world art of internal control system ''. This system means: assignment of authority and responsibility; empowerment and accountability; and appropriate reporting lines, resulting in improved governance of the organization.Based on data on self-evaluation questionnaires (COSO model) designed by CHU / FMC for public units of the general governance, about the opinions on each component of the system and on the first results obtained from questionnaires sent in some local government units it will be analyzed, that the effectiveness of the modern system of FMC in Albania depends on: The level of knowledge, in the Albanian context, of concepts and principles of FMC; Simultaneous functioning of its five components for each category of principles; Undertaking the appropriate management actions.

scholarly journals Public Internal Financial Control. Evidence from Albania

2015 ◽  
Vol 2 (1) ◽  
pp. 144
Author(s):  
Almida Kafia
Keyword(s):  
Financial Management ◽  
Eastern Bloc ◽  
Financial Control ◽  
National Strategy ◽  
The European Union ◽  
Strategic Objectives ◽  
Advantages And Disadvantages ◽  
Social And Economic Development ◽  
Two Systems ◽  
And Control

Public Internal Financial Control (PIFC) was developed in the late 90s as means for Eastern Bloc countries working toward full membership in the European Union (EU) to implement the necessary control systems to safeguard public resources. PIFC is an integral part of the National Strategy for Development and Integration (NSDI). This document, produced in March 2008, replaced the National Strategy for Social and Economic Development and set priorities and medium to long-term targets, strategic objectives for Albania and also includes a set of operating principles to ensure that government policies, planning and their implementation will be carried out in an integrated manner. The aim of this paper is first to list the reasons for implementing a different system and the importance of changing the system to Financial Management and Audit for Albania, and second, to examine, through a comparative analysis, the effectiveness of the implementation of the new system of financial management and control in the public sector comparing the two systems. By giving an opinion on each component of the system, this paper aims at analyzing, in a critical way, elements of the different perspectives of the two systems, their advantages and disadvantages.

scholarly journals TO IMPROVE THE ANALYSIS OF THE FINANCIAL SECURITY OF THE BUSINESS IN GEORGIAN ENTERPRISES

2020 ◽  
pp. 135-147
Author(s):  
IZOLDA CHILADZE
Keyword(s):  
Financial Management ◽  
Financial Stability ◽  
Factor Model ◽  
Limited Liability ◽  
Sustainable Growth ◽  
Sustainable Business ◽  
Growth Trend ◽  
Factors Affecting ◽  
The Stability ◽  
And Control

The purpose of this paper is to improve the analysis of the financial stability of enterprises and to identify the key factors affecting the establishment of the sustainable growth trend of enterprises (except the financial sector) in Georgia. Answering the question: what financial challenges do enterprises in Georgia face today and be designed consequently, recommendations for strengthening the financial stability of enterprises should be developed in Georgia, increasing solvency and mitigating bankruptcy risks? The necessity for the financial stability of enterprises is becoming increasingly important both for sustainable business growth and for the stability of the international financial market.The subject of the study is the financial positions and financial results of the analytical enterprises. The first and second categories of joint-stock companies of Georgia and limited liability companies were selected as the research objects. Ten enterprises in total. The research methodology includes methods of economic and statistical analysis, factor analysis, vertical, horizontal, proportional and ratio analysis.In order to improve financial management and control, the paper presents multi-factor models of several indicators created by the author. These are: the tree-factor model the coefficient of the organic structure of capital, an eight-factor model of profitability and a six-factor model of the Financial leverage. The paper conducts practical research on the example of ten Georgian companies and concludes that the main challenges in today›s Georgia are the dangers of losing financial stability and bankruptcy. The reason for such a tense financial situation is not a «Corona-19». According to the author, the main reasons for the instability of enterprises in Georgia are: The Irresponsibility of business owners and management, low management professionalism and hidden flows of cash resources.

scholarly journals The Council of Europe and Control System in Local Self-Government of the Slovak Republic

2016 ◽  
Vol 16 (1) ◽  
pp. 143-152
Author(s):  
Katarína Baničová
Keyword(s):  
Control System ◽  
Internal Control ◽  
Financial Management ◽  
Slovak Republic ◽  
Public Investment ◽  
Control Activity ◽  
The Public ◽  
The Individual ◽  
And Function ◽  
And Control

Summary The control system of the public administration of the Slovak Republic is regulated by several laws, on top of which stands the very Constitution of the Slovak Republic. The control activity is carried out by the authorities that are delegated to carry out checks directly from the Act, whose objective is to determine the objective status of the facts, and the management of financial management and other means of public investment. The main objective of the article was to analyze and present effectivity and function of internal control system in the individual municipality size categories in the Slovak Republic

scholarly journals Factors affecting financial management: Case study of educational manager training and fostering public institutions

2021 ◽  
pp. 1861-1870
Author(s):  
Thang Quyet Nguyen ◽  
Ha Thanh Viet ◽  
Le Thi Thanh Loan
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Financial Management ◽  
Quantitative Research ◽  
Reporting System ◽  
Positive Impact ◽  
Specific Model ◽  
Ho Chi Minh City ◽  
Quantitative Research Methods ◽  
Factors Affecting

The research focuses deeply on and evaluates the factors affecting financial management of educational managers training and fostering institutions in Ho Chi Minh City, Vietnam. This is a very specific model for countries in transition economies as in Vietnam, a country is in the process of comprehensive renovation, restructuring public service delivery institutions, increasing the assignment of self-responsibility to institutions, reducing financial pressure on the State budget. Using qualitative and quantitative research methods together with techniques, i.e., testing reliability scales with Cronbach's alpha coefficients, exploratory factor analysis EFA, CFA and linear model SEM, the study investigated 500 samples in 07 educational institutions in Ho Chi Minh City, Vietnam. The findings revealed six (06) factors, which are internal control system, technology infrastructure, top managers’ commitment, cash management and budget system, organizational responsibility, affected the financial reporting system, and meanwhile, the financial reporting system has a positive impact on the financial management. Based on this result, the study has proposed implications for improving financial management in educational managers training and fostering institutions in Ho Chi Minh City, Vietnam.

scholarly journals Improving  Internal  Audit  in  the  Public  Sector

2019 ◽  
Vol 6 (2) ◽  
pp. 95-100
Author(s):  
D. R. Giniyatullina
Keyword(s):  
Public Sector ◽  
Russian Federation ◽  
Internal Control ◽  
Financial Management ◽  
Structural Changes ◽  
Internal Audit ◽  
Financial Control ◽  
Practical Implementation ◽  
The Russian Federation

The transition to a digital economy, as well as structural changes generated in connection with this and a set of theoretical, methodological and practical issues related to the development of organizational and methodological support of subjects of internal financial auditing in public sector organizations, are relevant and most interesting for scientific study. The last decade has undergone a fundamental change in the organization of internal financial audits, associated with the implementation of international norms and standards in the legislation of the Russian Federation. In accordance with the international concept of state internal financial control, the division of internal control and internal auditing functions is carried out. In Russia, such a distinction at the legislative level was made in July 2013 by amending the Budget Code of the Russian Federation and delegating the appropriate budgetary authority to the administrators of the federal budget. The government of the Russian Federation has approved a program to improve the efficiency of public finance management for the period until 2018, which indicates the need to improve the quality of financial management in executive bodies and state (municipal) institutions. The practical implementation of this task is associated primarily with improving the quality of internal financial control and auditing.

scholarly journals Financial management and control: A new management concept in the context of the Serbian public sector

2020 ◽  
Vol 17 (3) ◽  
pp. 47-64
Author(s):  
Snežana Maksimović ◽  
Arben Lunjić ◽  
Danijela Parojčić
Keyword(s):  
Internal Control ◽  
Financial Management ◽  
Business Processes ◽  
Integrated Management ◽  
Management Systems ◽  
Optimum Level ◽  
Control Mechanisms ◽  
Management Concepts ◽  
Fast Processing ◽  
And Control

Bearing in mind the legislation that sets out the principles of sound financial management, a good understanding of the internal control mechanisms and how they work in practice is necessary. The established level of financial management and control among users of public funds is of unequal quality and has not sufficiently contributed to reducing weaknesses in internal control and raising management responsibility to the optimum level. In order to implement modern management concepts, public companies have to have large access to internal control mechanisms or "tools" to assist in management.Integrated management systems with their modern process approach in business organization and comprehensive and fast processing of information on business changes can significantly contribute to the quality of business control. Research on this issue is based on the fact that the introduction of control standards increases the orderliness and documentation of the system, which significantly contributes to the control of business processes. The aim of this paper is to show that the mutual interdependence of integrated management systems through the overall organization structure with the system of financial management and control, as their final outcome, ensure financial integrity and compliance with policies and procedures and promote effective management processes.

scholarly journals Research of Accounting and Control Support for Equity Management of a Commercial Company

2021 ◽  
Vol 8 (1) ◽  
pp. 24-36
Author(s):  
D. A. Lavrov
Keyword(s):  
Control System ◽  
Internal Control ◽  
Equity Capital ◽  
Factors Affecting ◽  
Commercial Company ◽  
Internal Control System ◽  
The Russian Federation ◽  
And Control ◽  
Equity Management ◽  
Commercial Organization

The efficiency of equity management of any commercial organization largely depends on the information generated within its accounting and control system (ACS). The paper describes the study of accounting and control support for managing a company’s equity capital. The theoretical and methodological basis of the study bottoms on works of scientists in the researching scape, regulatory legal acts on accounting and auditing in the Russian Federation. The work clarifies the conceptual apparatus, an interrelation the notions as ‘accounting and control support’ and ‘accounting and control system’; founds a place of the last notion in the system of information management of a commercial company as well as the author defines the concept of ‘accounting and control support of equity capital management’. Moreover, there have been identified factors affecting the set of specific tools which have been using in the accounting and control system of each commercial company. The main results of the study can be used by chief accountants and auditors in the development and improvement of accounting and internal control system of a commercial company.

11. The Court of Auditors and the European Anti-Fraud Office: The politics of financial accountability

2017 ◽  
Author(s):  
Brigid Laffan
Keyword(s):  
European Union ◽  
Financial Management ◽  
Financial Control ◽  
The European Union ◽  
Financial Accountability ◽  
Internal Structures ◽  
Financial Interests ◽  
Institutional Landscape ◽  
The Eu

This chapter examines the politics of financial accountability in the European Union by focusing on two organizational entities designed to protect its financial interests: the Court of Auditors and the European Anti-Fraud Office (OLAF, from the French Office européen de lutte antifraude). It first provides an overview of the two institutionsʼ origins before discussing their internal structures, powers, and their place in the institutional landscape of the EU. It then considers the institutions in context, with emphasis on their respective roles in financial control and the larger EU system, theories on their establishment and development, and their impact. The chapter concludes by assessing the contributions of OLAF and the Court of Auditors to the growing salience of financial management in the EU.

Risks of the organization: their accounting, analysis and control

2019 ◽  
Author(s):  
Татьяна Серебрякова ◽  
Tatyana Serebryakova ◽  
Ольга Гордеева ◽  
Ol'ga Gordeeva
Keyword(s):  
Risk Management ◽  
Internal Control ◽  
Management Control ◽  
Point Of View ◽  
Theoretical Research ◽  
Financial Control ◽  
Economic Control ◽  
Oriented Activity ◽  
And Control

The issues of correlation of control, risks, accounting and analysis in the management of any processes are still relevant, have not found a clear solution and need to be studied and clarified.The first Chapter integrates two approaches to understanding the essence of control: as a risk-oriented activity and management process. At the same time, modern management control doctrines are considered from the point of view of their economic component. This approach made it possible to determine the ways of their use in domestic economic control. The second Chapter is devoted to theoretical research in relation to internal economic control and its tools, during which the author formulated the categories of internal and external economic and financial control, their principles and features of methodological support. The third Chapter contains a description of the main risk management models and a critical assessment of the ratio of control and risk, the primacy of each category in relation to each other. The fourth Chapter discusses the institutional framework for risk management, management methods and tools, their features and interaction with internal control, accounting and analysis. The fifth Chapter describes control as the holder of control processes, including risk management.

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