The Government approved the Regulations on the Financial Control Office

The Cabinet of Ministers of Ukraine approved the regulations on the Financial Control Office. This is the next logical step in the formation of a new state body. The regulation defines its main tasks, functions, and powers.

More specifically, the approved regulation states that the Financial Control Office will carry out control measures in ministries, other executive state bodies, state funds, state social insurance funds, budgetary institutions, entities of the public sector of the economy, as well as in enterprises and institutions organizations that receive (received) funds from the budgets of all levels, state funds and state social insurance funds or use (used ) state or municipal property. Control measures will also be exercised upon the court decision in criminal proceedings in business entities, regardless of the form of ownership.

What exactly will be controlled?

The newly created body will be responsible, in particular, for supervising:

• the use and maintenance of public financial resources, non-current assets and other assets, including special-purpose financing, efficient and effective use of state budget and local budget proceeds;
• compliance with legislation at all stages of the budget process regarding state and local budgets;
• compliance with procurement legislation;
• proper use and timely repayment of loans obtained under state (local) guarantees;
• implementation of investment projects and other programs supported by international organizations;
• the legality and lawfulness of the costs made by beneficiaries (partners) within an implementation of joint programs of cross-border and across border cooperation;
• the status and reliability of the accounting statement and financial reporting.

Also, the newly adopted regulation provides for the implementation of the financial analytics institution, which is conducting a risk analysis on the management of state resources with the subsequent implementation of control measures for high-risk operations. It will allow moving to process automation and processing of information in the information-analytical systems of the Financial Control Office. Therefore, the quality of the tasks will be improved, the time for gathering, processing and analyzing information on the activities of the supervised institutions will be reduced, and the priority will be ensuring timely response to the problems of compliance with the legislation.

On February 6, Oksana Markarova, the Minister of Finance, introduced to employees Ihor Buhrak, the Head of the Financial Control Office.