Public internal financial control | EUNewsletter

Public internal financial control

16 September 2014
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The launch of the EU-funded twinning project called “Strengthening the Regulatory and Institutional Framework of Public Internal Financial Control and Supporting the Central Harmonisation Unit (CHU) in its role of operationalising the new system in the Republic of Armenia” took place on 11 September. The project is designed to support public internal financial control in the Armenian finance sector and to develop the capacity of the Armenian Ministry of Finance to adopt EU best practices in the field of public internal financial control (PIFC). The project is to be implemented with the support of Swedish National Financial Management Authority (ESV) and has four components: 1) reviewing of current legislation and other documents; 2) raising methodological capacity for PIFC system implementation; 3) supporting CHU in risk management; 4) supporting CHU in establishing internal audit services.

Deputy Minister of Finance Suren Karayan described the project aims: ‘This project was devised in order to support internal financial administration reforms. As a result we expect to have a solid foundation for PIFC. This, in turn, will strengthen the transparency and accountability of internal financial transactions’.

The Head of Cooperation Unit of the EU Delegation to Armenia, Hoa-Binh Adjemian, noted that PIFC was a model for a state government: ‘It is highly important for citizens, taxpayers to be aware and participate in this process. The EU believes that strong commitment from central government is the best way to improve PIFC. Communication strategy is to be built up to explain how public administration contributes to sustainability and prosperity’. He added that cooperation between the EU and ESV would allow the government and the ministry to realise their reform agenda.

Deputy Director of ESV Kristina Lundqvist gave a presentation of the company: ‘Being a twinning partner, we will do our best to ensure managerial accountability. Short-term experts will come to Armenia in order to consult local professionals’.

Public internal financial control

The launch of the EU-funded twinning project called “Strengthening the Regulatory and Institutional Framework of Public Internal Financial Control and Supporting the Central Harmonisation Unit (CHU) in its role of operationalising the new system in the Republic of Armenia” took place on 11 September. The project is designed to support public internal financial control in the Armenian finance sector and to develop the capacity of the Armenian Ministry of Finance to adopt EU best practices in the field of public internal financial control (PIFC). The project is to be implemented with the support of Swedish National Financial Management Authority (ESV) and has four components: 1) reviewing of current legislation and other documents; 2) raising methodological capacity for PIFC system implementation; 3) supporting CHU in risk management; 4) supporting CHU in establishing internal audit services. Deputy Minister of Finance Suren Karayan described the project aims: ‘This project was devised in order to support internal financial administration reforms. As a result we expect to have a solid foundation for PIFC. This, in turn, will strengthen the transparency and accountability of internal financial transactions’. The Head of Cooperation Unit of the EU Delegation to Armenia, Hoa-Binh Adjemian, noted that PIFC was a model for a state government: ‘It is highly important for citizens, taxpayers to be aware and participate in this process. The EU believes that strong commitment from central government is the best way to improve PIFC. Communication strategy is to be built up to explain how public administration contributes to sustainability and prosperity’. He added that cooperation between the EU and ESV would allow the government and the ministry to realise their reform agenda. Deputy Director of ESV Kristina Lundqvist gave a presentation of the company: ‘Being a twinning partner, we will do our best to ensure managerial accountability. Short-term experts will come to Armenia in order to consult local professionals’.