USAID Government Accountability Initiative provides technical assistance to the City of Novi Pazar to establish financial management and control
July 23, 2020
USAID Government Accountability Initiative and City of Novi Pazar starts to implement activities to establish system for financial management and control (FMC) in local self-governments organs. Support to Novi Pazar to establish this complex and comprehensive good governance system will be provided through non-governmental organization Center for sustainable local and regional development, founded to achieve goals in promoting and improving sustainable local and regional development.
FMC is a part of the overall Public Internal Financial Control (PIFC) framework, initiated by the European Commission to assist implementation of well-developed and effective control systems in public sector within the EU accession process. It represents one of four policy areas envisaged by Chapter 32: Financial Control. The aim of this system is to ensure that public funds are well managed, and cost effectively controlled, to provide value for money. FMC is a system of policies, procedures and activities that is established, maintained and regularly updated by the head of organization, and which provides, by means of risk management, an assurance to a reasonable degree that the objectives of the organization will be achieved in an adequate, and cost-effective manner. Besides effectiveness and effectivity, FMC is designed to ensure openness, integrity, transparency, and public accountability of public funds use.
Government Accountability Initiative and selected experts will lead the City of Novi Pazar through the process of designing and implementing an FMC in line with legal requirements and methodology developed by the Ministry of Finance of the Republic of Serbia.