The Risk Management Assurance Unit within the Internal Audit and Investigation Department is responsible to develop, promote and oversee implementation of policies on Public Internal Financial Control (PIFC).  

The function of PIFC is to ascertain internal, adequate and transparent methods and organisations to provide a reasonable assurance that public funds are being used for objectives identified by Government and approved by Parliament. In addition, the environment created by a PIFC framework provides an effective tool in the prevention of fraud and corruption.

PIFC recognizes today’s challenges and provides a useful guide to implement an effective modern management control system in line with modern European practices.  PIFC strategies are designed on modern internal control principles which focus on transparency, both in terms of clear lines of responsibility and in terms of harmonised methodology and standards.

This state-of-the-art internal control system will ensure an effective and efficient operational and financial system.  Whilst safeguarding assets, the PIFC framework provides reasonable assurance that an organisation will not be hindered in achieving its objectives.  A sound system of internal control reduces the possibility of poor judgement in decision-making, human error, control processes being deliberately circumvented, and management overriding controls. Early controls assessment ensures resources are committed to designing and implementing front-end preventive controls, as opposed to more costly back-end remedies.