| Abstract [eng] |
The Master‘s thesis considers financial control system in the centralized accounting of public sector entities and presents a developed financial control model for the execution of centralized accounting in public sector entities. The theoretical part of the master thesis reveals significance of financial control and centralized accounting in public sector entities, identifies elements of financial control and measures which ensures each element implementation. Also, in the theoretical part the basis of the financial control model is developed. To conduct the empirical research part, in the chosen Accounting Center of the Šiauliai City Municipality, document analysis, questionnaire survey, and expert assessment of survey methods were applied. The conducted Šiauliai Accounting center internal documents analysis and the questionnaire survey among employees responsible for centralized accounting allowed identify that the implementation and functioning of financial control elements (control environment, risk assessment, control activities, information, communication, and information systems, monitoring) are ensured through the measures implemented in the public sector entity. These measures include: financial control rules; accounting department regulations; principles and rules of professional conduct; continuous and targeted anti-corruption policy; organizational structure; job descriptions; risk management process rules; identification of risk factors; analysis and assessment of risk factors; selection of risk mitigation measures; accounting policies; separation of duties for employees; delegation of authority; review of performance results; ensuring compliance with policies and procedures; document retention procedures and timelines; internal communication; external communication; ongoing monitoring and separate assessments; evaluation of deficiencies and reporting on them. Additionally, the empirical research revealed that in order to ensure effective financial control in a public sector entity, financial control needs to be conducted consistently by implementing preliminary, ongoing, and subsequent financial control procedures. Based on the results of document analysis and the questionnaire survey, the theoretical financial control model was revised, improved, and presented for evaluation by experts. The conducted expert assessment affirmed that the proposed financial control model for the execution of centralized accounting effectively structures the financial control activities carried out by the Šiauliai Accounting Center and is deemed suitable for its intended purpose. |
