Solid System Solutions offers professional consulting services for the implementation and development of internal Management Control System in accordance with Order 400/2015 (OMPF 946/2005).
Managerial Internal Control is all policies and procedures designed and implemented by the management and staff of a public entity in order to provide reasonable assurance for:
– reaching the objectives of the public entity in an economic, efficient and effective way;
– compliance with external rules and policies and management rules;
– protection of assets and information;
– prevention and detection of fraud and errors;
– the quality of accounting documents and produce in time reliable information on financial and management segments;
Internal control is a dynamic process that is constantly adapting to the changes that the entity faces, directly involving the management and personnel at all levels of the organization, to identify and address risks and to provide reasonable assurance that the mission of the entity and general objectives have been met. Whatever the nature or size of the entity, efforts to pursue a satisfactory internal control are related to the application of best practices, monitoring, evaluation, adaptation and continuous updating of their implementation.
The legislation currently dictates the need that all institutions should update the budgetary their entire documentation concerning the new operational procedures to implement the 16 standards included in the regulations provided in order 400/2015. In theory, these regulations are intended to simplify and streamline procedures for the managerial internal control in accordance with the model already adopted by the EU member states, in practice, however, change is a logistical nightmare that falls to the civil state employees already buried in various other tasks.
Managerial internal control is a process conducted by all employees of the institution and is coordinated by officers of all departments within an entity trough operational procedures and it is the responsibility of the general management/authorizing officer, who must implement and monitor it.
This order requires the implementation of 16 standards in all public institutions.
Standard 1 – ETHICS, INTEGRITY
Standard 2 – ATTRIBUTIONS, FUNCTIONS, TASKS
Standard 3 – COMPETENCE, PERFORMANCE
Standard 4 – ORGANIZATIONAL STRUCTURE
Standard 5 – OBJECTIVES
Standard 6 – PLANNING
Standard 7 – PERFORMANCE MONITORING
Standard 8 – RISK MANAGEMENT
Standard 9 – PROCEDURES
Standard 10 – SURVEILLANCE
Standard 11 – ACTIVITY CONTINUITY
Standard 12 – INFORMATION AND COMMUNICATION
Standard 13 – MANAGEMENT OF DOCUMENTS
Standard 14 – ACCOUNTING AND FINANCIAL REPORTING
Standard 15 – ASSESSMENT OF THE INTERNAL CONTROL SYSTEM
Standard 16 – INTERNAL AUDIT