In December 1718, a decree was issued that defined the collegium functions (control over the expenditure of budgetary funds in the centre and in the regions), in 1719 it began its activity.
The forerunner of the collegium was the Blijneaea (Nearest) Chancellery, which did not cope with the functions of financial control assigned to it.
The work of the collegium was also unfortunate: due to the lack of a well-established accountability system at the institutions, the Revision college was unable to organize large-scale state control and in 1723, it was reorganized from an independent governing body into the Revision college of the Senate.
Under Peter II, the college was relocated to Moscow, but by the decree of the Empress Anna Ivanovna was returned to Petersburg; at the same time, the revision regulations were promulgated (the charter, a complete set of resolutions and rules defining the scope and operation of the collegium).
In the 1780s, in the course of the public administration reform carried out by Catherine II, the functions of financial control were redistributed among the new gubernias institutions (state chambers), county treasuries, and the office of the state treasurer, who was united with the post of prosecutor general.