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High level Conference on Public Internal Financial Control

Tuesday, July 16
The Georgian Ministry of Finance held a high ranking conference on Public Internal Financial Control (PIFC) hosted by the Minister of Finance Nodar Khaduri 10 – 11 July in Tbilisi. The conference was supported by the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Public Financial Management Program, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The aim of the conference was the exchange of international expertise – inter alia with Belgium, England, France, Germany, Hungary, Lithuania, Poland, – with the main focus on the topics of financial management control and internal audit. As special guest speaker Mr. Robert Gielisse from Directorate-General Budget, EU Commission was participated in the event.

Georgia is currently undertaking strong reform efforts to modernize their Public Financial Control system, taking international standards into account. Resources shall be safeguarded from mismanagement and misuse with the ultimate aim to reach more efficiency as well as transparency in using public funds and boost citizens` confidence in the state. The establishment of a modern Public Internal Financial Control system in public administration, comprising both internal audit and management control system is also an important element of the EU reform agenda. Financial Management and Control (FMC) is a set of rules and regulations that govern the use of resources and manage risks in public institutions on the management side. Internal Audit (IA) is an independent organizational unit that assesses the functioning of FMC. A good working public internal control system can support to save millions of tax payers Laris.

The participants of the conference engaged actively in fruitful discussions on the current reform process of the Public Internal Financial Control system in Georgia. The conference provided new impulses and contributed to strengthen Georgia’s international network with other countries as well as to the approximation to the European Union.