MANAGERIAL INTERNAL CONTROL

Managerial Internal Control represents all policies and procedures designed and implemented by the management and staff of a public entity in order to provide reasonable assurance as to:

• reach the public entity’s objectives in an economic, efficient and effective way;
• comply with external rules and to management policies and regulations;
• protect the assets and information;
• prevent and detect frauds and errors;
• ensure the quality of accounting documents and producing timely reliable information on financial management segment;

Internal control is a dynamic process that is constantly adapting to the changes faced by an entity with the direct involvement of management and staff at all levels in the organization to identify and address risks and to provide reasonable assurance that the mission of the entity and general objectives have been fulfilled.

Whatever the nature or size of the entity, efforts to pursue a satisfactory internal control are related to the application of best practices, by continuously monitoring, assessing, adapting and updating the implementation thereof. Internal Control Management is governed by GSG no. 600/2018, its implementation being a regulatory requirement imperative to adopt a new type of management in public entities and strengthening managerial accountability.