Evaluation of the Internal Management Control System - Major Objective in the Preparation and Achievement of the Public Internal Audit

In public entities, the management is required to ensure the achievement of all the entity’s objectives in an economic, efficient and effective manner, in compliance with the rules specific to the field, policy and management decisions, as well as the protection of goods and information, prevention and detection of fraud and error, quality of accounting documents and providing timely real and credible information. These objectives can only be achieved if a system of internal managerial control that includes all existing control forms, organizational structures, methods and procedures to ensure the management of funds available to public entities in an economic, efficient and effective way is implemented and developed at the level of the public entity. For at least once during a financial year, the internal management control system must be evaluated by comparing the obtained results with the proposed objectives, in order to identify the factors causing deviations from the baseline and to identify objective corrective or preventive measures to eliminate negative effects or deviations. In this context, it is considered that only public internal audit can carry out the assessment of the internal management control, as the audit, as an independent functional activity, can provide reasonable assurance through a systematic and methodical approach, aimed at improving the activities of the public entity, assisting it in fulfilling its aims.