Legal Framework for Financial Regulation in the RF as a Factor in Ensuring the Economic Security of the Russian Arctic

DOI

10.2991/aebmr.k.210222.077How to use a DOI?

Keywords

Legal framework, financial regulation, financial control, economic security, Arctic

Abstract

The article analyzes certain provisions of financial regulation, subject to the amendments to the Budget Code of the Russian Federation. The possibilities of effective financial regulation with a view to ensuring the economic security of the Russian Arctic are assessed. It has been determined that the organization of measures aimed at ensuring control and supervision functions over the compliance with the budgetary management procedure eventually makes it possible to use budgetary funds more efficiently and economically, to explore possibilities for using internal reserves of an organization, to increase the level of financial discipline and the sustainability of the economic system as a whole, which ultimately has a positive effect on ensuring the economic security of the constituent entities of the Russian Federation. This article presents an analysis of the main violations in the implementation of financial control (using the example of an Arctic region — the Murmansk region), which indicates the lack of proper control by public authorities or local self-government bodies, that distribute budgetary funds, regarding their compliance with internal procedures and standards affecting a number of aspects of budget reporting, as well as control and audit of subordinate recipients of budget funds. The article describes the role of financial regulation as a condition for the rational use of state (municipal) and other monetary funds through the application of efficiency and effectiveness principles. The article concludes that the Budget Code should reflect legal norms that make it possible to define the responsibility of certain individuals for violations revealed as a result of financial control more clearly.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - D. L. Kondratovich
PY  - 2021
DA  - 2021/02/24
TI  - Legal Framework for Financial Regulation in the RF as a Factor in Ensuring the Economic Security of the Russian Arctic
BT  - Proceedings of International Scientific and Practical Conference “Russia 2020 - a new reality: economy and society” (ISPCR 2020)
PB  - Atlantis Press
SP  - 390
EP  - 394
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210222.077
DO  - 10.2991/aebmr.k.210222.077
ID  - Kondratovich2021
ER  -