Financial oversight and its impact on protecting public funds

Abstract

This research addresses financial oversight and its impact on protecting public funds, considering it the cornerstone of safeguarding public money from waste and embezzlement. The researchers begin the study by outlining the historical development of oversight, which accompanied the transformation of the state's functions from "guardian" to "intervener" to ensure the well-being of society. The research reviews three jurisprudential trends in defining oversight, focusing on functional and procedural aspects and through specialized bodies, concluding that it is a process of supervision and examination to ensure the legitimacy of financial transactions. The research also identifies the objectives of oversight as verifying the collection of resources and public spending in accordance with the laws, while developing it to include performance and efficiency oversight. The research is divided into several criteria in its classification of oversight; In terms of time, it distinguishes between prior, subsequent, and concurrent oversight. In terms of purpose, traditional documentary oversight stands out alongside modern economic oversight. In terms of the entity, the research differentiates between internal and self-regulation, and external oversight, which includes political (parliamentary and popular) and specialized judicial forms. The research concludes by pointing to the role of legislative councils and the media in strengthening popular oversight. The researchers explain the specificity of oversight systems in some countries such as France, Yemen, and Egypt, showing the differences between administrative and judicial bodies.