Organizational and Legal Models of Supreme Audit Institutions: A Comparative Study

In the current financial situation, the upcoming financial crisis requires a review of the legal regulation of the forms and methods of state financial control. State financial control is an unnecessary part of the state financial policy. It gains the significant importance in the conditions of socio-economic reforms and transformation of financial relations at the international level. The state, in the person of financial control bodies, exercises control directed at verifying the legality of spending money, its compliance with the goals and volumes stipulated in the budget, but the sphere of responsibility of the authorities to society under the new conditions is expanding significantly. However, the legal regulation of state audit in the Russian Federation (here and after – Russia) is not systematic today. Nowadays, the need to comply with international economic standards becomes apparent because of globalization. It is necessary to research the best world practice and to improve organizational and legal model of supreme audit institution in Russia. The purpose of the study is to formulate recommendations for Russian legislative development. These recommendations are based on foreign experience and imply the improvement of the supreme audit body organization in Russia. The conclusions of this work confirm the existence of a relationship between the organizational and legal model of the supreme body of state audit, as well as the fact that the judicial model is the most effective one. Based on international standards, recommendations for improvement Russian model of state audit institution were formulated.