Regulatory Framework

The Public Internal Financial Control Act provides the main frame for the system of internal financial controls (financial management and control and internal audit), prescribes purpose of the financial management and control, managerial accountability, financial management and control components and reporting.

In addition to the above, the fundamental regulations that provide financial management and control include Budget Act and Fiscal Responsibility Act.

Financial management and control integrates a number of areas which are listed in Methodological Financial Management and Control Implementation Framework and covered by numerous laws and regulations, instructions and guidelines.