Opportunities And Problems In Implementing Electronic Data Systems For Financial Management And Control In The Public Sector

Abstract

The methodological and normative framework of the internal control is constantly developed and enriched, as a result of external and internal challenges and the accumulated experience in the organizations. Internal Control - Integrated Framework (ICIF) of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) laying the foundations and principles of the modern understanding of internal control, also got a new edition in 2013. One of the goals of change is its rules to comply with the requirements of the Sarbanes-Oxley or SOX Act. The normative base of the financial control in the organizations from the public sector in Bulgaria is adequate to the elements and principles of the updated version of ICIF, but its implementation shows some shortcomings due to the formal attitude to the requirements and the lack of an appropriate "tone at the top" in some organizations. The article emphasizes the need for electronization of control systems in public organizations. The possibilities of some cloud-based software products and electronic platforms for improving the efficiency and transparency of control are presented.