The Lima Declaration of Guidelines on Auditing Precepts, adopted at the Ninth Congress of the International Organization of Supreme Audit Institutions (INTOSAI), determines „the audit in public financial administration not as an end in itself but an indispensable part of a regulatory system whose aim is to reveal deviations from accepted standards and violations of the principles of legality, efficiency, effectiveness and economy of financial management early enough to make it possible to take corrective action in individual cases, to make those accountable accept responsibility, to obtain compensation, or to take steps to prevent – or at least render more difficult – such breaches”. This article describes the researches undertaken by the author on the results of the implementation of the financial management and control system in public institutions.