THE ROLE AND PLACE OF AUDIT IN THE SYSTEM OF STATE FINANCIAL CONTROL

Abstract

This article is dedicated to the key role of audit in the system of state financial control, as it ensures the verification of the efficiency, legality, and appropriateness of the use of financial resources in the public sector. Audit is one of the most important instruments of state financial management, as it promotes transparency, accountability, and the rational use of budget funds. The aim of the study is to identify the role and place of audit in the system of state financial control. State financial control in Ukraine is carried out by specially designated bodies, including: - The Accounting Chamber of Ukraine; - The State Audit Service of Ukraine; - The State Tax Service of Ukraine; - The National Anti-Corruption Bureau of Ukraine. The State Audit Service of Ukraine is the central executive authority, whose activities are directed and coordinated by the Cabinet of Ministers of Ukraine. This body ensures the development and implementation of state policy in the field of public financial control. In its activities, it is guided by the Constitution and laws of Ukraine, decrees of the President of Ukraine and resolutions of the Verkhovna Rada of Ukraine adopted in accordance with the Constitution and laws of Ukraine, acts of the Cabinet of Ministers of Ukraine, other acts of legislation. Audit plays a crucial role in the system of state financial control and is one of the most important tools of state financial management, as it enhances transparency, accountability, and the efficient use of budget funds. It ensures: - the formation and implementation of state policy in the field of public financial control; - the execution of state financial control aimed at assessing the funds of national target and extra-budgetary funds; - the effective, lawful, targeted, and result-oriented use and preservation of state financial resources, non-current and other assets, and the achievement of budget savings; - the reliability and transparency of accounting data and financial reporting in ministries, executive authorities, budgetary institutions, and public sector enterprises. The significance of audit for business entities is also substantial. Its importance lies in ensuring the accuracy of financial information, increasing trust in financial data, preventing fraud and errors, improving internal processes, and supporting macroeconomic stability.