A Model for Financial Oversight of the Country's Public Sector Budget with an Internal Oversight Approach

Abstract

Objective: The objective of this study is to present a model for the financial oversight of the country's public sector budget with an internal oversight approach within the executive branch.  Methodology: This research is qualitative in nature and was conducted using the fuzzy Delphi method. The statistical population consists of 131 experts and specialists in the field of financial oversight of the public sector budget, who were selected as research experts using the non-probabilistic chain sampling method. Findings: Based on the results, 8 dimensions, 27 components, and 86 indicators for the financial oversight of the country's public sector budget with an internal oversight approach were identified. Through the fuzzy Delphi process and confirmatory factor analysis using the Smart PLS software, 2 components and 6 indicators were ultimately removed, resulting in a final set of 82 indicators. The research findings indicate that all 8 identified dimensions—financial oversight pillars, training and human resources, organizational culture and ethical values, oversight strategies and tactics, forecasting of oversight laws and regulations, oversight infrastructures, financial oversight tools, and the design of financial oversight and control procedures and methods—have positive and significant relationships with the performance of financial oversight of the public sector budget with an internal oversight approach. Conclusion: This model can assist supervisory bodies that are effective in overseeing the public sector budget and serve as a pathway for efficient and effective financial oversight for executive bodies in the country's public sector.