Internal audit specialists of the Ministry of Finance Latvia shared experience to experts of the Republic of Latvia on effective Performance Management and Performance Auditing 01/11/2019
Internal audit experts of the Ministry of Finance of Latvia conducting the third mission in the Ministry of Finance of Moldova (October 21 - 25 2019) within the project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova”.
During the mission high-level meeting with the new State Secretary of the Ministry of Finance of Moldova Ms. Viorelia Lazar on importance of effective internal control system and internal audit function in the public sector and the role of public internal audit in effective public governance and sound financial management was organized. The ambassador of the Republic of Latvia Mr. Uldis Mikuts participated at the meeting in order to support the representatives of both financial institutions (the Ministry of Finance of Moldova and the Ministry of Finance of Latvia). During the meeting the Project progress on the implementation of the ongoing Latvian bilateral ODA project on the effective internal control systems and internal audit for all the audit professionals in State Institutions was discussed. The role of international cooperation between Latvia and Moldova was emphasised.
Also, in order to strengthen capacity of public internal auditors of the Republic of Moldova, Latvian experts shared their experience in Performance management and Performance Auditing through conducting two Training Sessions for public internal auditors and internal control system owners. In total more than 50 public internal auditors from central and local level institutions and owners of internal controls systems in public institutions participated in the Training sessions.
Also, discussions with Public Internal Auditors of Public institutions of Moldova by presenting Latvian experience on internal auditing in the public sector were conducted during the respective mission.
The following topics discussed and presented during the Training Sessions and Round-Table Discussions:
- Introduction to Performance Management and Performance Auditing in Latvia. Fundamentals of Performance Auditing: Standards, Framework, Guidelines, Principles and Audit manuals;
- The «Programme Logic Model» as a tool for Performance Auditing;
- The Performance Audit Process – theory and practical cases.
Strong internal control system is an important precondition for sound financial and control management in any organization and a preventive measure to reduce corruption risks. Internal audit function play an important role in evaluating the institution's internal control system, contributing to the improvement of existing controls and / or introducing additional controls within the institution.
The project received development cooperation financing from the Ministry of Foreign Affairs of Latvia in 2019.
Latvia encourages setting up of a single EU supervisory mechanism for prevention of money laundering13/11/2019
Minster of Finance briefs strategic collaboration partners on the progress of financial sector reform during a visit to the US30/10/2019
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