Public Internal Financial Control (PIFC)

Many colleagues will be familiar with the PIFC however for those who are not - a quick overview and links for further reading. Starting from its initial concern relating to the EU funds management and control, the PIFC concept was applied in EU Accession countries and is increasingly being developed in a number of Neighbourhood States.

There are three basic components for the definition of PIFC. The three pillars of managerial accountability-based PIFC are composed of:

- Financial management and control systems and procedures- Internal audit- Central harmonisation functions

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