OpenLegislation

Article 12 Internal control of budget implementation

United Kingdom

Original text. Later amendments are not shown.

1.

The Agency's budget shall be implemented in compliance with effective and efficient internal control.

2.

For the purposes of the implementation of the Agency's budget, internal control is defined as a process applicable at all levels of management and designed to provide reasonable assurance of achieving the following objectives:

(a)

effectiveness, efficiency and economy of operations;

(b)

reliability of reporting;

(c)

safeguarding of assets and information;

(d)

prevention, detection, correction and follow-up of fraud and irregularities;

(e)

adequate management of the risks relating to the legality and regularity of the underlying transactions.

3.

Effective and efficient internal control shall be based on best international practices and include, in particular, the elements laid down in Article 32(3) and (4) of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Councilf1, taking into account the structure and size of the Agency, the nature of the tasks entrusted to it and the amounts and financial and operational risks involved.

Annotations

Footnotes

f1

Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).