Although some studies highlight the risks to fiscal discipline, others regard legislative scrutiny as essential for fiscal transparency. We consider it necessary to analyze the potential risks and benefits associated with legislative budgetary oversight simultaneously. In particular, this article aims to ascertain whether legislative budgetary oversight is a risk to fiscal discipline as well as a benefit to budget transparency. Using a sample of 75 countries from around the world for 2009, we find that legislative budgetary oversight is not only a risk in terms of decreasing fiscal discipline but also a benefit, as stronger legislative oversight leads to greater budget transparency.