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Article 14 Internal control of budget implementation

United Kingdom

Original text. Later amendments are not shown.

1.

Pursuant to the principle of sound financial management, the budget of the PPP body shall be implemented in compliance with effective and efficient internal control.

2.

For the purposes of the implementation of the budget of the PPP body, internal control shall be applied at all levels of management and shall be 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, taking into account the multi-annual character of programmes as well as the nature of the payments concerned.

3.

Effective and efficient internal control shall be based on best international practices and on the Internal Control Framework laid down by the Commission for its own departments, and shall include, in particular, the elements laid down in Article 36(3) and (4) of Regulation (EU, Euratom) 2018/1046.