Financial Management and Control and Internal Audit System in the Public Sector in BiH

2021 ◽  
Vol 20 (1) ◽  
Author(s):  
Antonio Vukoja ◽  
Antonela Vukoja
Keyword(s):  
Public Sector ◽  
Financial Management ◽  
Internal Audit ◽  
The Public ◽  
Audit System ◽  
And Control

scholarly journals A "forest" of concepts and solutions in internal audit regulations

Revizor ◽  
2021 ◽  
Vol 24 (93) ◽  
pp. 47-53
Author(s):  
Olivera Radović
Keyword(s):  
Control System ◽  
Public Sector ◽  
Financial Management ◽  
Internal Audit ◽  
Unanswered Question ◽  
Public Funds ◽  
The Public ◽  
Common Criteria ◽  
Audit Reports ◽  
And Control

The Law on Budget System stipulates that the head of public funds is responsible for establishing and providing conditions for adequate functioning of internal audit. The Rulebook on Common Criteria and Standards for the Establishment, Functioning and Reporting of the Public Sector Financial Management and Control System stipulates that the head of internal audit reports directly to the head of the user of public funds. The unanswered question is who is the manager of the user of public funds.

scholarly journals Promoting Good Governance through Internal Audit Function (IAF): The Nigerian Experience

2016 ◽  
Vol 9 (5) ◽  
pp. 196
Author(s):  
Taiwo Olufemi Asaolu ◽  
Samuel Adebayo Adedokun ◽  
James Unam Monday
Keyword(s):  
Quality Of Service ◽  
Public Sector ◽  
Professional Competence ◽  
Good Governance ◽  
Internal Audit ◽  
The Public ◽  
Audit System ◽  
Internal Audit Function ◽  
Public Organisations

<p>The subject of governance has become a pertinent issue for business, government, politics, and the general public. In both the private and the public sectors, there is an increasing demand for good governance in terms of accountability and transparency, and internal audit function within organizations has an important role to play in the achievement of these objectives. This study therefore assessed the effects of internal audit function (IAF) on good governance in the public sector in Nigeria. Primary data was obtained through the administration of structured questionnaire to purposively selected respondents comprising Head of Internal Audit, Director of Finance and Supplies, and Head of Local Government Administration, in 33 public sector organizations in Oyo State, Southwestern Nigeria. A total of 99 respondents participated in the study. IAF was measured by independence of internal audit system, scope of work, professional competence, examination process, and management support, while quality of service, management of public resources measured good governance. Data obtained was analysed using correlation analysis and multiple regression technique. The results showed that the effectiveness of IAF in Nigerian public sector organisations was moderate since internal audit system in the public organisations was not absolutely independent and professional competence was limited due to the challenge of insufficient funds to successfully carry out its duties. Moreover, the study revealed that IAF had significant and positive effect on the quality of service delivery and management of resources in the public organisations. The study concluded that internal Audit function is a veritable tool for promoting good governance in the Nigerian Public Sector. This study therefore recommended that there should be legal mandate in public sector organisations that allows government information to be publicly published and special funds should be made available to internal auditors as it would enhance effectiveness of internal audit function and boost good governance in the organisations.</p>

scholarly journals CONTROL OF QUALITY AS AN IMPORTANT TOOL FOR DEVELOPMENT OF INTERNAL CONTROL

2019 ◽  
Vol 48 (05) ◽  
pp. 5-7
Author(s):  
Tatia Udesiani
Keyword(s):  
Control System ◽  
Internal Control ◽  
Financial Management ◽  
Internal Audit ◽  
Internal Controls ◽  
Public Institutions ◽  
The Public ◽  
Internal Control System ◽  
Effective System ◽  
And Control

Development of internal controls is a highly important issue for the organization, especially for public institutions, because internal control system creates mechanism to effectively utilize human, financial and time resources. Public institutions are characterized by various risks, such as: uneconomic and unreasonable spending of budget funds, corruption, fraud and so on. In order to reduce these and other risks, it is important that organizations have an effective system of internal control. The internal control system in the public sector is regulatedby the relevant legislation and standards, which determines that internal control includes: Financial management and control system. Functionally independent internal audit and Harmonization Center. Each of them is an integral part of internal control. Their independence is the prerequisite for the existence of an effective system. The article presents results of our research carried out by the internal audit benefit and quality.

scholarly journals Influence of New Public Management Philosophy on Risk Management, Fraud and Corruption Control and Internal Audit: Evidence from an Australian Public Sector Organization

2019 ◽  
Vol 18 (4) ◽  
Author(s):  
Anup Chowdhury ◽  
Nikhil Chandra Shil
Keyword(s):  
Risk Management ◽  
Control System ◽  
Public Sector ◽  
Private Sector ◽  
Financial Management ◽  
Public Management ◽  
New Public Management ◽  
Internal Audit ◽  
The Public ◽  
New Public

Research Question: This study will explore how private sector financial management technologies (specifically, risk management system, fraud and corruption control system and internal audit) become embedded in a selected public sector organisation. Motivation: The motivation for this study is to explore how private sector financial management control tools contributed to and shaped new organisational culture within the public sector organisation. Idea: The idea was generated from the philosophy of New Public Management which was based on the premise that using the private sector tools, the public sector would be efficient and at the same time effectiveness would be improved (Chowdhury and Shil, 2017). Data: Qualitative research approach was adopted and data was collected in the case study tradition. Twenty top, mid and junior level executives from a selected Government Department in the Australian Capital Territory were interviewed (Chowdhury and Shil, 2016). Tools: The main data sources were interviews and archival official documents. Another tool used was direct observation which helped researchers to support the archival documents and interview data. Data were analyzed using the approach provided by Miles and Huberman (1994). Findings: Findings of the study revealed that strategic risk management is a part of the business planning life cycle of the researched Department and business units review their strategic risks as part of their business planning process. In the Department it is evident that fraud and corruption control system is a part of their cultural environment. The Department has established an independent Internal Audit and Review Unit, who provides service to management to meet all prescribed statutory responsibilities within a performance improvement environment. Contribution: The findings of the present study are expected to increase our understanding about the private sector control devices used in a public sector context and this study will be of value to the academic researchers and practitioners. The study may be useful to the policy makers also who are engaged in formulating new public sector policies. Moreover, the findings reported on this study would be useful to the public sector managers in their day to day decision-making process.

scholarly journals The impact of performance analysis on the financial management and control at public universities in Bosnia and Herzegovina Federation

2019 ◽  
Vol 24 (2) ◽  
pp. 145-153
Author(s):  
Fuad Čergić ◽  
Emira Kozarević
Keyword(s):  
Public Sector ◽  
Balanced Scorecard ◽  
Financial Management ◽  
Financial Resources ◽  
Performance Models ◽  
The Balanced Scorecard ◽  
The Public ◽  
For Profit ◽  
And Control ◽  
The Impact

Organizations in today’s extremely competitive environment need to devote significant time, energy as well as human and financial resources to the measurement of their efficiency, in order to increase their profit, reduce costs, better plan their assets and manage their budgets, as well as to improve budget controls and risk assessment. Therefore, they need performance models, including the Balanced Scorecard. Primarily intended for profit organizations, the Balanced Scorecard is today used in the public sector, as well. This paper presents the research into the utilization of the Balanced Scorecard in the public sector, examining whether the performance of higher education institutions may be improved by the design and utilization of the Balanced Scorecard model.

A INSTITUCIONALIZAÇÃO DA ATIVIDADE DE AUDITORIA INTERNA NO PODER EXECUTIVO FEDERAL

2018 ◽  
Vol 10 (16) ◽  
pp. 36
Author(s):  
Leonardo Lins Camara Marinho ◽  
Antônio Francisco De Almeida da Silva Junior
Keyword(s):  
Public Sector ◽  
Internal Audit ◽  
The Public

A atividade de auditoria interna exercida pela Secretaria Federal de Controle Interno (SFC), que exerce a função de órgão central do Sistema de Controle Interno do Poder Executivo Federal (Scipef), pode estar sujeita a uma baixa padronização e depender fortemente de iniciativas e da motivação pessoal de seus auditores. Considerando o papel fundamental exercido pelas auditorias internas no fortalecimento dos processos de governança das organizações, a presente pesquisa se propôs a investigar a função desse tipo de auditoria no âmbito do Executivo Federal brasileiro, analisando se o nível de capacidade em que se encontra indica a institucionalização e a aplicação uniforme de suas práticas. Diante disso, formulou-se a seguinte questão de pesquisa: o nível de capacidade da atividade de auditoria interna (AAI) exercida pelo Órgão Central do Sistema de Controle Interno do Poder Executivo Federal, a partir da aplicação do Internal Audit Capability Model for the Public Sector (IA-CM), indica a institucionalização e aplicação uniforme de suas práticas? Trata-se de uma pesquisa qualitativa, de natureza exploratória. A coleta de dados foi realizada por meio de entrevistas semiestruturadas e de revisão documental. Os resultados indicam que a aplicação do Modelo permite a identificação de pontos de melhoria nos processos de auditoria interna atualmente desenvolvidos pela SFC. Ademais, verificou-se que a AAI exercida por esse Órgão não alcançou o nível de capacidade 2, ou seja, áreas de processos principais de auditoria interna previstas pelo Instituto dos Auditores Internos não são implementadas, ou são executadas, mas não estão institucionalizadas ou inseridas na cultura do Órgão.Palavras-chave: Auditoria interna governamental. Governança. Gerenciamento de riscos. Modelos de maturidade.

New perspective on the black box of internal auditing and organisational change

2016 ◽  
Vol 31 (8/9) ◽  
pp. 804-820 ◽  
Author(s):  
Aviv Kidron ◽  
Yuval Ofek ◽  
Herztel Cohen
Keyword(s):  
Public Sector ◽  
Quantitative Methods ◽  
Internal Audit ◽  
Organisational Change ◽  
Internal Auditing ◽  
Content Type ◽  
Internal Auditors ◽  
The Public ◽  
Innovative Model ◽  
Audit Information

Purpose The shift from the traditional audit towards performance audit implies that internal auditors in the public sector function as change agents who underpin the fundamental change process. This paper aims to propose a model that identifies the determinants of organisational change in the public sector that result from internal auditing and the way internal auditors facilitate it. Design/methodology/approach The conceptual discussion of this paper is based on a review of relevant literature, both practical and academic. Findings This paper develops an innovative model that describes the factors leading to auditees’ change readiness after undergoing internal audit processes. The independent variable is audit information quality and the dependent variable, organisational change. Auditees’ perceptions is the mediator variable, and accessibility to audit information is the moderator variable. Practical implications The proposed model suggests the advantages that can be gained by audit-related services, which in turn will add value to the organisation. The relationships between the variables inform practitioners on how to support effective audits as a means of increasing performance and influencing organisational change. Originality/value As the paper offers an innovative model, it may open up new research areas in internal auditing that can be studied by using both qualitative and quantitative methods.

scholarly journals Assessment of Accountability Practices in the Public Sector of Malaysia

2019 ◽  
Author(s):  
Jamaliah Said ◽  
Md. Mahmudul Alam ◽  
Razana Juhaida Johari
Keyword(s):  
Public Sector ◽  
Financial Management ◽  
Primary Data ◽  
Policy Makers ◽  
The Public ◽  
Public Sector Employees ◽  
General Average ◽  
Data Validity ◽  
Accountability Practices ◽  
Survey Approach

Ensuring accountability in the public sector is a very crucial issue as it could lead to failures in governance, fraud, inefficacy, corruption as well as weak financial management. This study evaluated the state of present accountability practices among public sector employees from various Malaysian service schemes. Primary data were collected, using a questionnaire survey approach with 194 heads of departments in the Malaysian federal ministries. Data was collected in accordance with the perspective of 12 factors in accountability practices, using a five-point Likert scale. Factor analysis and descriptive statistics were utilized for data analysis. In addition, data reliability was checked by Cronbach’s alpha test; data normality was examined by Skewness and Kurtosis tests, and data validity was tested by using Kaiser-Meyer Olkin test and Barlett’s test. The findings show that 94.9% of the participants reported that they practised accountability within their departments. Nevertheless, the priority for these accountability factors varied according to the service schemes. In general, the perceived accountability practice was the highest within the group of the administrative scheme and the lowest among the employees under the accounting scheme. Moreover, the perceived accountability practice of the audit scheme was below the general average level. This findings of the study would help policy makers to take necessary steps to improve the practices of accountability in the public sector for creating a more dependable and efficient public sector in Malaysia.

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