Financial Management and Control system implementation in Georgia

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Presentation transcript:

Financial Management and Control system implementation in Georgia Nino Eliashvili, Giuli Chkuaseli Public Internal Control Department of Ministry of Finance o Georgia March 2016

everything or step-by-step Dilemma- Implementing Financial Management and Control everything or step-by-step I. II.: Stage 1: Financial Control Stage 2: Managerial Control Stage 3: Financial Management a) control environment; b) risk management; c) control activities; d) information and communication; e) monitoring and assessment. + managerial accountability

Implementing Financial Management and Control Financial Control Improvement of the existing financial controls Establishment of the elements of Managerial Accountability Managerial Control clear defined (SMART) objectives compatible with the programme budgets A clear linkage between the budget and the objectives. Process Analysis Risk Management Financial Management the most complex stage. Effective financial management ultimately leads to better value for money in public expenditure. 2015-2016 2017-2018 2019-2020

Implementing First Stage: Financial Control Results: 4 Pilot Ministries ( Ministry of Finance, Education, Economy, Refugees) Approved duties and responsibilities of Manamement structure according FMC instruction Developed SLA Established FMC working group is established, by the ministerial decree; The Working group defines the annual plan: Prepared monthly and quarter report of financial control matters