Modern Trends in Public Financial Control. Experience of Developed Countries

The purpose of the present research is to study and generalize practice of the public financial control (PFC) in countries with more developed economies. The study presented is empirical. Its information base is: analytical materials of the higher public audit institutions of developed countries; data from leading information agencies about prices, government bonds yield of different countries; analyses of leading Western experts on the subject of research. The article reveals the cause-effect connection between the goals the public management systems face and the ones of the PFC at the present stage. It substantiates the necessity to consider the PFC as a part of the overall system of public management; exemplifies actions of the identified trends; shows the ambiguity of their manifestation depending on the conditions of specific countries, and analyzed the possibility of using some of them in the practice of PFC in Russia.Results: these data demonstrate incorrectness of the migration approach of the described practice to transfer a part of the public financial control functions to private companies on the ground of the emotional judgments, unsupported by quantitative evaluations, that the private sector organizations are more effective than the ones of the public sector. This especially should be taken into account in the current economic conditions of the Russian Federation, where the market institutions cannot be considered effective, particularly in connection with the short-lived period of their activities.