Kaizenlog

NO. 0682

Public Internal Financial Control Seminar

A seminar on Public Internal Financial Control was launched by the Hon Prime Minister Dr Lawrence Gonzi this morning.

The programme outlines the Public Internal Financial Control (PIFC) concept which will provide a structured and operational model to assist the national government in re-engineering the internal control environment so as to ensure that public funds are safeguarded.

The management functions within the Public Sector need to be continuously upgraded to embrace the best practices employed by modern management. The public internal financial control is the common thread that will provide a framework that ascertains internal, adequate and transparent methods that will serve as a roadmap in guiding government officials within the public sector and government service to assure that public funds are spent wisely and utilised in accordance with the objectives identified by Government and approved by Parliament.

In addition, the environment created by a functioning public internal financial control framework provides an effective tool in the prevention of fraud and corruption.

The Government has identified this initiative as one of the important tools by which the effectiveness and efficiency of the Public Sector will be enhanced. This encompasses the strengthening of the internal audit function of Government.

The Internal Audit and Investigations Directorate falls under the Cabinet Secretary and shall be investing heavily in its resources and addressing not only public finances from an ex post point of view, but will also focus on an ex ante approach by entrenching internal controls within the Public Sector.

The public internal financial control framework is built upon three fundamental concepts: managerial accountability, internal auditing and the harmonisation of a common approach throughout Government.  Together these three provide a framework where decentralisation is embraced and facilitated by a centralised monitoring and control framework.  Such a control environment will be bolstered by Government through a number of new initiatives that will be taken in the coming months.

The PIFC framework has a track record of success in other countries, and it is strongly recommended for top management to get thoroughly acquainted with the state-of-the-art internal control environment so as to assist Government in its  mandate.

DOI - 13.05.2008

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