Management Control and its Main Efficiency Objectives and Challenges in the Management Process of Public Finance Entities

One of the key elements of effective management in the public sector is management control, which acts as a system for monitoring and directing the organisation’s activities. The article describes what management control is, what its objectives and measures are, as well as the challenges that may arise in its implementation. Bodies in the public finance sector function to fulfil the goals and objectives set for them. Management control is a management system designed to help them achieve these objectives. This system is described in the Public Finance Act (Article 68). According to it, management control is the totality of measures taken to ensure that objectives and tasks are achieved in a lawful, efficient, economical and timely manner. Management control is exercised through the cycle of achieving the entity’s objectives and tasks, which consists of planning, day-to-day execution of tasks and monitoring. This cycle does not end and the monitoring stage is followed by another planning stage based on lessons learned.