The importance of internal control in the public sector

In times of huge distresses that are affecting EU countries and provoking a growing public expenditure, understanding whether the public money is spent in the right way becomes imperative. Internal control refers to those measures and procedures designed and implemented by an organization to improve operational efficiency, financial reporting, compliance objectives and expectation of key stakeholders in matters of safeguarding assets and investments. It constitutes a continually operating system (that should be) integrated at all levels of an organization which helps detect, measure, and manage risks such as non-compliance and regula...