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Financial Management and Control

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Financial Management and Control is the set of responsibilities of the management (responsible for carrying out the tasks of government budget handling units) to establish and implement a set of rules aiming at a legal and regular, efficient, effective and economic use of public funds (comprising income, expenditure and assets and liabilities). It refers to planning, budgeting, accounting, reporting, ex-ante and ex-post financial controls. FMC is subject to internal and external audit. 

Source: De Koning, R. (2007). Public Internal Financial Control

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