The Impact of Using Open Government Data to Mitigate the Asymmetric Information Problem on Public Financial Audit: Armchair Audit

Ebru Yalã‡in and Alparslan Abdurrahman BAÅžARAN

Fiscaoeconomia, 2024, issue 3

Abstract: It is necessary to establish transparency and accountability in public financial management in order to mitigate the effects of asymmetric information, which is one of the causes of the principal-agent problem inherent in democracy. The concept of armchair audit, which is the subject of this study, refers to the direct involvement of principals in public financial audit by using open government data, which is the modern-day equivalent of transparency. Since The United Kingdom was one of the first countries to experience the transition from traditional budget audit to armchair audit developments in The United Kingdom have been examined in the study.Armchair audit activities in The United Kingdom not only increase citizens' knowledge of the budget process but also enable the detection of anomalies and corruption in the budget process using open government data and parliamentary debates, creating public awareness about them. Armchair audit plays an important role in mitigating the asymmetric information problem in The United Kingdom by increasing the public visibility of legislative budget audit tools such as parliamentary debates and parliamentary questions, as well as the interaction between MPs and citizens.

Keywords: Armchair Audit; Open Government; Public Financial Audit; Open Government Data; Budget Right (search for similar items in EconPapers)
JEL-codes: M10 M42 P16 Q56 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:240325

DOI: 10.25295/fsecon.1485690

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