The Federal Service for Fiscal and Budgetary Supervision is a federal body of executive authority in charge of controlling and monitoring the financial and budgetary sphere, and currency control.
The Federal Service for Fiscal and Budgetary Supervision has the following functions:
• to audit and inspect compliance with legislation and effectiveness of the use of federal budget funds, state extra-budgetary funds and federally owned material values in Russia and outside it, and to hold such audits and inspections at justified requests of the heads of federal law enforcement agencies and head of law enforcement agencies of the constituent regions of Russia;
• to take measures to prevent, expose and preclude violations of Russia's financial and budgetary legislation;
• to supervise the application of Russia's financial and budgetary legislation and financial control agencies of the federal bodies of executive authority, bodies of state authority of the constituent regions of Russia, and local governments;
• to monitor, within its competence, compliance of currency operations conducted in Russia by residents and non-residents (with the exception of lending organisations and exchanges) with Russian legislation, licence conditions, and permits, and to ensure their compliance with the provisions of foreign currency regulation and control agencies;
• to organise, jointly with foreign currency control agencies, law enforcement, control, and other federal bodies of executive authorities, inspections of registration and financial reports of foreign currency operations as well as operations conducted by non-residents in the Russian national currency;
• to organise the establishment and operation of a common information system of control and supervision in the financial and budgetary sphere.