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Chapter 32 – Financial Control Main Policy Areas Icelandic Legislation and Institutional Structure Bilateral Meeting with the EU Commission February 2, 2011. Chapter 32: Financial Control --- Content ---. Four main policy areas Public Internal Financial Control (PIFC)
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Chapter 32 – Financial Control Main Policy Areas Icelandic Legislation and Institutional Structure Bilateral Meeting with the EU Commission February 2, 2011
Chapter 32: Financial Control--- Content --- • Four main policy areas • Public Internal Financial Control (PIFC) • External Audit (EA) • The Protection of the EU´s Financial Interest (PFI) • The Protection of the Euro
1. Public Internal Financial Control(PIFC) • EU Standards • Financial Management & Control (FMC) • Internal Audit - independence (IA) • Central Harmonization Unit (CHU) • IFAC, IIA, INTOSAI • Current legislation and institutional structure • The Government Financial Reporting Act • The Parliament • MOF – Financial Management Department • Financial Management Authority • Treasury Accounts Committee • National Audit Office
2. External Audit(EA) • EU Standards • Supreme Audit Institution – reports only to Parliament • Independence ; functional, institutional and financial • Constitutional anchorage • Lima and Mexico declarations • Current legislation and institutional structure • The National Audit Act • The National Audit Office • The Parliament
3. Protection of the EU Financial Interests(PFI) 1. EU Standards • PFI Convention - protection against irregularities and fraud • Single contact point for co-operation with OLAF (AFCOS) • Communication of irregularities • Current legislation and institutional structure • The Penal Code, the Criminal Procedure Act • The National Commissioner of Police, District Police Commissioners - MIA • Customs, Internal Tax Authorities – MOF
4. Protection of the Euro against counterfeiting • EU Standards • Geneva Convention, Council Regulations • Cooperation with OLAF, ECB, Europol and Euro just • National Central Office – analysis of counterfeiting • Current legislation and institutional structure • The Penal Code, the Criminal Procedure Act • The National Commissioner of Police, District Police Commissioners • Central Bank of Iceland