Financial discipline is special procedure for the implementation of financial transactions. It is based on the observance of state regulations on the creation, distribution and use of funds. Features state financial discipline will be considered further.
Requirements financial discipline is rules, the execution of which is mandatory forinstitutions, citizens, organizations, enterprises, state authorities, territorial administration, as well as their employees. They are aimed at observing the interests of the state, municipalities, specific citizens.
Financial discipline is the necessary condition for stability in the country. It presupposes not only the responsibility of the subjects for timely fulfillment of budgetary obligations, but also for personnel involved in production or other economic activities. Observance of financial discipline guarantees the efficiency of the work of enterprises, institutions, authorities.
Legislation provides for various sanctions for violation financial discipline. it and fines, penalties, and collection of arrears. In some cases, a subject can be declared bankrupt. This procedure entails the termination of activities and the foreclosure of property.
Head of enterprises, institutions, organizations, associations, power structures are responsible for violations of established regulations.
In the current legislation, criminal sanctions are also fixed for non-compliance with the requirements.
With the transition to a market economy, the rights of enterprises have expanded significantly. At the same time, the regulation of their activities was reduced. All this was accompanied by an increase in the requirements for financial discipline of organizations.
Its strengthening is provided by improvingsolvency of the enterprise by improving and optimizing production, increasing the economic efficiency of the activity. Of particular importance is the balance of financial and production plans. It is also important to tighten the responsibility for violation of the order of settlement transactions.
Supervision of observance of discipline is carried out by authorized bodies. One of them, in particular, is the Federal Tax Service.
The objects of control are:
Classification of supervisory activities is carried out depending on the subject composition. By this criterion, control is distinguished:
In the latter case, we are talking about an audit analysis.
Financial discipline can be controlledstructures of state power and management, regardless of the departmental ownership of the subjects under control. Such supervision is called nationwide. Departmental control is exercised by the control and audit departments of concerns, ministries, and territorial authorities. The object of supervision is the activities of specific institutions and enterprises.
Intraeconomic monitoring is carried outfinancial services of the organization itself (enterprises or institutions). The object of supervision is the activity of the entire economic entity as a whole, and its subdivisions.
During the Soviet period,public control. Today, this oversight activity has taken on a new form. So, the control of banking structures over the financial condition of their customers is very common.
Audit (independent control) conductsspecialized services or companies. Such a check allows users of the financial statements to obtain additional confirmation of the completeness and reliability of the information presented in the documentation. The key conditions for the audit are the independence of the performer from the controlled entity, disinterest in the audit results.
Monitoring compliance with the requirements of financial discipline can be current, preliminary and subsequent.
The first is called operational. It is carried out in carrying out settlement activities to prevent abuse of expenditure and the receipt of funds.
Preliminary control is carried out when drawing up, reviewing, approving the draft budget, estimates, financial plans.
Subsequent control provides for the analysis of financial and accounting reporting. Based on the evaluation results, plans are drawn up for the next period.
Supervision of observance of financial discipline is carried out by:
The checks are carried out on the basis of the reporting,expenditure, balance documentation. During the process, certain issues related to financial activities are investigated, measures are planned to eliminate the consequences of violations.
Surveys cover a fairly wide range of indicators. Based on the results of their analysis, the solvency of the business entity is determined, the prospects for the development of the enterprise.
Audits are conducted, as a rule, at the end of the reporting period. The process assesses the content, completeness and reliability of the documentation.
The analysis assumes a detailed study of annual or periodic reporting.
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