INTERNAL AUDIT IN THE PUBLIC SECTOR AS AN OBJECT OF LEGAL REGULATION
Olga Borisova
Pages: 67-91
ABSTRACT The study considers internal audit in the public sector as a specific object of legal regulation.
Within the meaning of the Act on financial management and control in the public sector, the internal audit is part of the system for monitoring the financial management and control and aims to assess its functioning and timely provide information on identified weaknesses and omissions to those responsible for undertaking corrective actions, as well as to ensure its timely updating in case of changes in the conditions.
Taking into account the legal nature of public sector organizations and the established administrative order for the implementation of state powers in the Financial Management and Control in the Public Sector Act and the Public Sector Internal Audit Act, the control exercised over public organizations and state supervisions and regulation mechanisms is legally regulated. It is an integral part and continuation of the executive activity, through which the tasks of the state are carried out in the various branches and spheres of the public sector.
Proposals de lege ferenda have been made to fulfill the condition of bindingness of the Methodological guidelines and instructions of the Minister of Finance regarding the internal audit.
Keywords: internal audit, monitoring, public sector
