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Internal audit experts from the Ministry of Finance of the Republic of Moldova and Latvia visiting the Court of Accounts

November 07, 2019 views 586

The internal public financial control system, a topic that was discussed with the representatives of the Ministry of Finance of the Republic of Moldova and Latvia. The study visit took place at the premises of the Court of Accounts of the Republic of Moldova (CoA) on the 7th of November this year.

The event was attended by the representatives of the Ministry of Finance of the Republic of Moldova, Raisa Cotorobai and Ludmila Popa, the Policy Department in the field of internal public financial control and the representatives of the Ministry of Finance of Latvia, Arina Andreičika and Via Gurcovska. Head of Staff of the CoA, Ecaterina Paknehad, and the managers of the general audit departments were, as well, present at the meeting. participants spoke about the efficient systems of internal control and internal audit. The experts from Latvia shared their experience and reported on best practices regarding the cooperation of the internal auditor within the Latvian Ministry of Finance with the Supreme Audit Institution (SAI) of Latvia.

A strong internal control system and sound financial management, in any organization, is a preventive measure and a precondition for streamlining public expenditure and reducing corruption risks. The internal audit function plays an important role in evaluating the institution's internal management control system, contributing to the improvement of the existing control activities and introducing additional controls within the institution.

Latvia is an example, because it has modernized internal control arrangements based on internationally recognized guidelines for internal control and the frameworks and principles of public administration, financial management, budgetary governance and public governance. Emphasis is placed on objectives and performance management, risks and governance in general, as well as the quality of service provision and cost efficiency. Internal Public Finance Control (IPFC) is an integral and vital part of Latvia's modern governance system.

Ecaterina Paknehad informed the guests about the practice of the Court of Accounts in the evaluation of internal control systems and internal audit in the public sector, as well as the need to strengthen the cooperation between external public audit and internal public audit.

We mention that the visit was organized within the "Development of efficient systems of internal control and internal audit in the Republic of Moldova" Project, implemented by the Ministry of Finance of Latvia between the 8th of August - 15th of November, 2019.