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Factors Affecting the Effectiveness of the Implementation of a Modern System of Financial Management and Control in Albania

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  • Ariana Konomi

Abstract

One of the three pillars of public internal financial control is financial management and control. Through this work, we aim to address the factors which influence the effectiveness of the implementation of a modern system of financial management and control in public sector entities.''The model of Public Internal Financial Control is welcomed and widely implemented in many countries, within and out the European Union. It has a track record of success and I strongly recommend that countries should follow the exciting journey toward the world art of internal control system ''. This system means: assignment of authority and responsibility; empowerment and accountability; and appropriate reporting lines, resulting in improved governance of the organization.Based on data on self-evaluation questionnaires (COSO model) designed by CHU / FMC for public units of the general governance, about the opinions on each component of the system and on the first results obtained from questionnaires sent in some local government units it will be analyzed, that the effectiveness of the modern system of FMC in Albania depends on: The level of knowledge, in the Albanian context, of concepts and principles of FMC; Simultaneous functioning of its five components for each category of principles; Undertaking the appropriate management actions.

Suggested Citation

  • Ariana Konomi, 2015. "Factors Affecting the Effectiveness of the Implementation of a Modern System of Financial Management and Control in Albania," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 1, ejes_v1_i.
    • Handle: RePEc:eur:ejesjr:33
    DOI: 10.26417/ejes.v2i1.p212-222
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