Risk-based internal financial audit within modern public administration

The article analyses risk-oriented internal financial audit as a mechanism to ensure the stability of core activities within the functioning of public institutions. The key areas of risk-oriented financial audit as a tool for shaping control activities have been investigated. The key conclusions are that the issues of financial control improvement are urgent in crisis economic conditions. Budget funds are used to finance the activities of public institutions, through which the basic functions of the state are carried out. To ensure sustainability and efficiency of spending of budgetary funds on the basis of public institutions, riskbased internal financial audit is beginning to be used. The paper gives the main directions of formation of effective risk-based approach within the framework of financial audit. It emphases particularly the application of digital technologies that facilitate smooth and effective financial audit. It considers the risk mapping features, within which the risk-based approach in financial audit is organized and formed.