On 8th August 2019 the new cooperation project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova” implementation started. High-level internal audit experts of the Ministry of Finance of Latvia will share their experience and practice on Performance Auditing and Auditing of the Information and Communication Technology Governance in order to strengthen internal control system and internal audit and to develop internal audit methodology of the Republic of Moldova.
In addition, discussions with heads of public administrations and other relevant stakeholders and a study visit for internal audit experts of Moldova to Latvia will be organized in order to raise awareness of the role of internal audit and internal control system in public administration.
At the result of the implemented project, a capacity of internal auditors of the Republic of Moldova will be improved and principles of effective governance will be promoted. In addition, guidance on Performance Auditing and Information and Communication Technologies Governance Auditing will be developed, knowledge and skills of internal auditors will be enhanced and principles of effective internal controls system will be promoted. Finally, fruitful international cooperation between two states will be strengthened.
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.
Latvia is an example, because it has modernized the internal control arrangements based on internationally recognized guidance of the COSO and INTOSAI definitions and principles of internal control and the frameworks and principles of public administration, financial management, budgetary governance and public governance. The focus is on objectives and performance management, risks and governance in general, as well as quality of service delivery and cost effectiveness. The Public Internal Finance Control (PIFC) is integrated and vital part of modern governance system in Latvia.
The project received development cooperation financing from the Ministry of Foreign Affairs of Latvia in a grant project competition “Support for Development Cooperation in the Recipient Countries selected by the Republic of Latvia”. The objective of the Grant Project Competition is to support implementation of development cooperation projects in the European Union’s Eastern Partnership countries - Georgia, Moldova, and Ukraine, as well as specific countries in the Central Asia - Kyrgyzstan, Tajikistan, Uzbekistan, in accordance with the Development Cooperation Policy Guidelines 2016-2020.
The project “Further Development of Effective Internal Control Systems and Internal Audit in the Republic of Moldova” will be implemented by the Ministry of Finance of Latvia from 8th August to 15th November 2019.
The total amount of the project is EUR 41 461. The project is funded by the Ministry of Foreign Affairs of Latvia and co-financed by the Ministry of Finance of Latvia.