About the Authors
Acknowledgments
Introduction
Distinguishing between “Public Law” and “Common Law” Countries
Transforming from Centralized Modes of Control to Managerial Accountability
Presentation: What is PIFC?
An Overarching Priority: Sound Financial Management
Adopting Generally Accepted Standards
Refining the PIFC Template
Chapter Outline
Executive Summary: Government Audit and PIFC
The Three Components of Internal Control and Internal Audit
1. Public Governance
2. Risk Management in the Public Sector
3. Control Processes in the Public Sector
Key Components of PIFC
Conclusion
Part One: The Key Elements of PIFC
Chapter 1: The PIFC Revolution
Chapter 2: Historical Background
Chapter 3: What is PIFC?
The European Commission’s Definition of PIFC
Summary
PIFC and Other Control Systems
Chapter 4: Internal Auditing
Chapter 5: Management and Control Systems
Prerequisites for Internal Control
1. Written Work Procedures
2. Systems
3. Control Techniques
Conclusion
Chapter 6: Inspection
Part Two: Implementing PIFC Structures
Chapter 7: Avoiding Potential Pitfalls
Chapter 8: The Three Functions of PIFC
Different Types of Control Functions
Who is Responsible for Internal Control?
Chapter 9: The Central Harmonization Unit
Role of the Internal Control Coordinator
Role of the CHU
Duties of CHUs
First Category: Regulatory Duties
Second Category: Monitoring
Third Category: Training
Can Audit Committees be Transferred to the Public Sector?
The CHU and Supreme Internal Audit
Position of the CHU
Conclusion
Chapter 10: Implementing Public Sector Internal Auditing Systems
Need for Light-handed Regulation
Internal Control Systems, a Prerequisite for Audit
Audit Needs Assessments
Auditors Are Not Required Outside the Internal Audit Function
Audit Independence
Mapping the Internal Audit Function
Training
Conclusion
Chapter 11: Implementing Public Sector Internal Control
Financial Management and Control Systems
Upgrading and Enhancing FMCS
Concluding Remarks on FMCS
Management Control Systems
Conclusion
Chapter 12
: The French Audit Trail
The Audit Trail in EU Law
Four Components of an Audit Trail
The French Audit Trail
Conclusion
Chapter 13: Management by Objectives in the Public Sector
First Example: Internal Revenue Service
Second Example: Budget Programming for EU Funding
Third Example: Definition of Operational Management Objectives
Conclusion
Chapter 14: Risk Management in the Public Sector
The Spirit
Practice
Conclusion
Chapter 15: Performance Auditing in the Public Sector
Three Types of Internal Auditing
Audit and Appraisal
Chapter 16: Establishing a Financial Inspection System
Approaches to Financial Inspection
Combating Fraud
Why Internal Control is Ill-equipped to Combat Fraud
Conclusion
Concluding Remarks
The French Model
A Stumbling Block for Modernization
The Need for Public Sector Reform
Overcoming the Hurdles
Is a Third Way Possible?
Appendices
Appendix 1: Public Internal Financial Control (PIFC) in the Context of European Union
Enlargement
Appendix 2: Tallinn Discussion Paper on Public Internal Financial Control
Appendix 3: The French Audit Trail for the Control of EU Structural Funds
Glossary
Acronyms
Figures
Figure 1: Harmonization Approach for Public Audit and Internal Control
Figure 2: Comparison between Governmental Structures
Figure 3: The Three Components of Internal Control and Internal Audit
Figure 4: Comparison of Internal and External Audit in the Public Sector
Figure 5: Old-style Public Administration versus New Public Management
Figure 6: Control Objectives for Audit Coverage
Figure 7: The Extended PIFC Equation
Figure 8: Differences between Ex-ante Approval and Preventive Control .
Figure 9: Upgrading Control Systems
Figure 10: Sample Optimization Grid
Figure 11: The Three Functions of PIFC
Figure 12: Specific Duties of CHUs
Figure 13: Sample Scope and Frequency for Internal Auditing
Figure 14: The Three Organizational Approaches for the Internal Audit Function
Figure 15: Comparison between Financial Systems and Internal Control Systems
Figure 16: Public Sector and Private Sector Audit Systems
Figure 17: The Traditional Public Sector Trail
Figure 18: Traceability of Project Proposals
Figure 19: The French Audit Trail
Figure 20: Time Line for the Audit Trail
Figure 21: The Audit Trail as an Essential Link between Internal Control and Audit
Figure 22: Objectives and Risks
Figure 23: Relationship between Objectives, Risks, and Controls
Figure 24: Evaluating the Three E’s
Figure 25: Performance Evaluation, Internal Auditing, and External Auditing
Figure 26: The Internal and External Control Organization of the European Commission
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