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External Audit of Public Finance in Function of Macroeconomic Stability

In: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Dubrovnik, Croatia, 7-9 September 2017

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  • Ljubisavljević, Snežana
  • Grbić, Milka

Abstract

The generally accepted view is that to achieve macroeconomic stability and sustainable economic growth, good management of public finance is necessary. The concept of external audit of public finance, as a subject of research in this paper, is analyzed as an integral element of public financial management system, which significantly determines transparent, responsible, and stable functioning of the public sector in any economy. In accordance with the subject, the goal of the research is to emphasize the importance of external audit of the execution of budget at all levels of government in the process of achieving and maintaining macroeconomic stability, with a special focus on the Republic of Serbia. Recognizing the complexity of this subject matter, qualitative methodology is applied, based on the dominant application of method of analytical description. The paper concludes that external audit of public finance has potential effects on the reduction of budget deficit and public debt. Given that ministries and other state administration bodies know that their financial reports can be audited at any time, external audit has a preventive effect in terms of awareness-raising for greater responsibility with managing public funds. Furthermore, recommendations of the State Audit Institution, to the extent that they are implemented, contribute to saving and efficient use of resources in certain areas.

Suggested Citation

  • Ljubisavljević, Snežana & Grbić, Milka, 2017. "External Audit of Public Finance in Function of Macroeconomic Stability," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2017), Dubrovnik, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Dubrovnik, Croatia, 7-9 September 2017, pages 165-171, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    • Handle: RePEc:zbw:entr17:183772
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    File URL: https://www.econstor.eu/bitstream/10419/183772/1/22-ENT-2017-Ljubisavljevic-165-171.pdf
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    References listed on IDEAS

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    1. Afxentiou, Panos, 2000. "Convergence, the Maastricht Criteria, and Their Benefits," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 53(4), pages 437-448.
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    More about this item

    Keywords

    external audit; State Audit Institution; public finance; budget deficit; public debt; economy;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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