Financial Crime World

Enhancing Financial Management Control and Internal Audit in Bosnia and Herzegovina

Results

The proposed Action aims to improve financial management control (FMC) and internal audit (IA) in Bosnia and Herzegovina (BiH). The expected results include:

  • Enhanced Legal Framework and Policies: Upgrading the legal framework and policies related to FMC and IA to comply with internationally recognized principles and standards.
  • Capacity Building for Cantonal Audit Houses (CHUs) and Coordination Body: Enhancing the capacities of CHUs and the Coordination Body to implement FMC and IA effectively.
  • Improved Capacity to Implement Public Internal Financial Control (PIFC): Training staff in FMC and IA, preparing strategic and annual internal audit plans, and conducting pilot audits.
  • Enhanced Reporting Process: Designing and implementing an IT solution for updating and improving the process of reporting and preparing the Annual Consolidated Report on IA.

Activities

The Action will comprise the following activities:

  • Upgrade Legal Framework and Policies: Ensuring that laws and regulations related to FMC and IA are aligned with international standards.
  • Enhance Implementation and Monitoring of FMC and IA: Improving the implementation and monitoring of FMC and IA in BiH.
  • Capacity Building of CHUs and Coordination Body: Enhancing the capacity of CHUs and the Coordination Body to implement FMC and IA effectively.
  • Awareness-Raising Activities: Raising awareness about the importance of FMC and IA among stakeholders.
  • Training on FMC and IA: Providing training to staff on FMC and IA best practices.
  • Pilot Audits: Conducting pilot audits to test the effectiveness of FMC and IA systems.

Means

The Action will be implemented with a budget of 2,000,000 EUR through a Service Contract. The institutional settings are defined, and staff is available to benefit from the Technical Assistance (TA).

Assumptions

The following assumptions underpin the success of the Action:

  • Institutional Settings Defined: Institutional settings are in place to support the implementation of FMC and IA.
  • Staff Available for TA: Staff is available and committed to benefiting from the Technical Assistance.

By enhancing FMC and IA, this Action aims to improve financial management control and internal audit practices in Bosnia and Herzegovina.