Regulatory and legal framework as a key factor in increasing the effectiveness of financial control

The article attempts to analyze new provisions in the sphere of financial control in terms of the changes and additions to The Russian Budget Code of May 1, 2017, and to assess their possible influence on the efficiency and effectiveness of using budgetary funds. We have con­sidered the international acts in the field of financial control. Attention is drawn to the ad­vantages of certain principles set forth in these acts. The article analyzes the role of financial control in rational use of state (municipal) and other monetary funds of financial nature in accordance with the principles of legality, efficiency and effectiveness. It has been concluded that changes in The Russian Budget Code in the field of state (municipal) control will not yield the expected Results unless the responsibility of particular persons for specific offences and adequate penalties are clearly defined.