Compliance with Financial Management & Control in public sector

Law on Financial Management & Control (FMC) in public sector (“Narodne novine” 141/06) states obligation in constituting FMC at all government budget beneficiaries and it includes all resources and funds including those related to European union.

Implementation of FMC mandates establishing business process management, determining roles and responsibilities for activities within processes, time frames for activities, and monitoring controls established within business processes. That way, transparency in business activities is ensured.

FMC also ensures:

  • Compliance with Law on Financial Management & Control in public sector (NN 141/06)
  • Compliance with Policy on internal revision of budget beneficiaries (NN 35/08)
  • Compliance with Policy on conducting Financial Management & Control in public sector (NN 35/08)
  • Protecting loss of critical assets
  • Establishing roles and responsibilities
  • Ensuring efficient financial reporting and contoling
  • Ensuring effective, efficient, ethic, economic conducting of business processes

ECS offers consultancy services and efficient implementation of all FMC phases:

  • Developing vision and mission statement along with key company objectives,
  • Estimating five components of internal controls,
  • Establishing business process book and audit trails
  • Risk management
  • Control analysis, preparation of vulnerability mitigation plan for internal controls and process monitoring