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In order to improve the control system in the public sector in line with international standards and best practices in the European Union, the European Commission created the concept of public internal control in 2002. This model is globally recognized as a best practice that provides the foundation for preventing fraud and corruption. A successfully established and implemented financial management and control system ensures compliance with positive legal regulations, which is reflected in the responsible spending of entrusted pub lic funds, contributing to efficient and effective financial reporting. The obligations to establish internal financial control systems in all West ern Balkan countries were undertaken by signing the Stabilization and Association Agreement with the European Union. Bosnia and Herzegovina, thus, committed to cooperation in the field of audit and financial control, which is defined by Article 90 of the Stabilization and Association Agreement. This cooperation is achieved through the establishment of a financial management and control system, independent internal auditing, as well as the creation and strengthening of Central Harmonization Units and independent external audit systems. Finan cial management and control (FMC) is one of the three pillars of inter nal financial control in the public sector and is based on the principles of modern public administration and managerial accountability.
Vedrana Vuković Perduv (Mon,) studied this question.