THE ROLE OF FINANCIAL CONTROL OVER INCREASING THE EFFICIENCY OF USING BUDGET FUNDS

In the context of modern globalization and economic integration financial control is one of the key components for the implementation of important areas of public administration and state policy, which not only serves as the mechanism for carrying out the verification of the accuracy of the financial documenting process, detection of violations in fiscal legislation and financial discipline and notification of such cases, but also as an important instrument for the management of finances and economic processes through it. Financial control is a control system of legislative and executive authorities over all financial entities, i.e. financial activities of the government, enterprises and organizations. Its purpose is to ensure the successful implementation of the state's economic policy, help shape financial resources in all spheres of the national economy and effectively utilize them. Since the importance of financial control has increased dramatically in the modern day, the importance of financial control is also rising considerably. Financial control is a dynamic process that always has new features, and therefore it should hold a firm and decent place at the research object of the science of economics in the long term regardless of the degree of knowledge, especially in transition economies. Financial control is both a crucial part of financial management and a prerequisite for the effectiveness of financial system governance. Under current conditions, organization and implementation of effective state control over a deeper study of the general issues of financing budget expenditures, budget formation and particularly use of budget funds, including the role of financial control in increasing the efficiency of use of budget funds has not been sufficiently studied. This issue is particularly relevant in terms of efficient use of budget funds, improving the quality of governance in the budget sphere and the transition to international standards of budget formation and execution. The article studies and classifies the factors influencing the effectiveness of the state financial control on budget expenditures, and provides directions for enhancing the role of financial control in improving the effectiveness of the use of budget funds. The results obtained from the study provide an objective basis for the assessment of financial control in increasing the efficiency of budget expenditures.