MECHANISMS OF CONTROL OVER THE FINANCIAL ACTIVITIES OF LOCAL GOVERNMENT BODIES IN THE CONDITIONS OF DEFAULT

Abstract

The author analyzes the problem of controlling the financial activities of local selfgovernment bodies in conditions of economic default. Various mechanisms have been studied, such as: strict monitoring, systematic audit, expert participation, public participation and the use of sanctions, and it has been established that these tools together create an effective system of financial control. It was found that they are aimed at maintaining financial stability and restoring economic development during financial difficulties. Implementation of these mechanisms makes financial processes more transparent and increases interaction between local authorities and the public. In addition, they form an effective toolkit for ensuring a sustainable and responsible financial policy in conditions of financial difficulties. The analyzed control mechanisms, it can be noted that they jointly contribute to the avoidance of financial risks and ensure a high level of transparency and responsibility in the management of the finances of local bodies. It is substantiated that strict monitoring allows prompt identification of possible problems, systematic audit provides an objective assessment of financial reports, expert participation and public participation influence the creation of an open environment for control and cooperation. It is emphasized that the mechanisms are key in identifying and solving problems of financial instability, especially in default conditions. They are implemented to ensure sustainability and efficiency of financial management, and their interaction forms a system that contributes to the restoration of economic growth and public confidence in local finances. Therefore, the mechanisms are important components for creating a sustainable and effective financial policy at the level of self-government in the conditions of economic default. The actual problem of control over the financial activities of local self-government bodies in the conditions of economic default is highlighted. Through a detailed analysis of mechanisms such as strict monitoring, systematic audit, expert participation, public participation and the use of sanctions, it has been proven that these tools form a comprehensive and effective control system.