1. Financial Management and Control system implementation in Georgia
Nino Eliashvili,
Giuli Chkuaseli
Public Internal Control Department of
Ministry of Finance o Georgia
March 2016

2. everything or step-by-step
Dilemma- Implementing
Financial Management and Control
everything or step-by-step I.
II.:
Stage 1: Financial Control
Stage 2: Managerial Control
Stage 3: Financial Management
a) control environment;
b) risk management;
c) control activities;
d) information and communication;
e) monitoring and assessment.
+ managerial accountability

3. Implementing Financial Management and Control
Financial Control
Improvement of the existing financial controls
Establishment of the elements of Managerial Accountability
Managerial Control
clear defined (SMART) objectives compatible with the programme budgets
A clear linkage between the budget and the objectives.
Process Analysis
Risk Management
Financial Management
the most complex stage. Effective financial management ultimately leads to better value for money in public expenditure.

4. Implementing First Stage: Financial Control
Results:
4 Pilot Ministries ( Ministry of Finance, Education, Economy, Refugees)
Approved duties and responsibilities of Manamement structure according FMC instruction
Developed SLA
Established FMC working group is established, by the ministerial decree;
The Working group defines the annual plan:
Prepared monthly and quarter report of financial control matters