Report on the review of the effectiveness of the system of internal financial control

Hdl Handle:
http://hdl.handle.net/10147/129850
Title:
Report on the review of the effectiveness of the system of internal financial control
Authors:
Health Service Executive (HSE)
Publisher:
Health Service Executive (HSE)
Issue Date:
20-May-2011
URI:
http://hdl.handle.net/10147/129850
Item Type:
Report
Language:
en
Description:
Internal control in the public sector must be understood within the context of the specific characteristics of the organisation i.e. the focus on meeting social and/or political objectives; the proper use of public funds; the importance of the budget cycle; the complexity of performance and the corresponding broad scope of public accountability. A solid internal control framework is required to underpin these organisational operations and set the keystone to good governance. The HSE’s system of internal control is intended to provide a framework which promotes best practice throughout the organisation, safeguards the assets of the HSE and plays an important role in preventing and detecting fraud and protecting the organisation's resources. It is a means by which an organisation's resources are directed, monitored, and measured. It is the means by which management is ensured that they are not unnecessarily exposed to avoidable financial risk and that financial information within the business and for publication is reliable. Effective internal control assists the organisation achieve its operations, internal and external financial reporting and compliance objectives. Effective internal controls is a built-in part of the management process to plan, organise, direct and control the business thus keeping the organisation on course towards its objectives and the achievement of its mission. The system of internal controls in the HSE cannot ensure success of these objectives, rather it is designed to provide reasonable assurance regarding the achievement of the set down goals. Reasonable assurance is the concept that acknowledges that the HSE control systems shall be maintained and developed where required to provide management with the appropriate balance between risk of a certain business practice and the level of control required to ensure business objectives are met. Effective internal control implies that the HSE adopts best practice, generates reliable financial reporting and complies with the laws and regulations that apply to it. There is growing appreciation that effective internal control does not evolve naturally. It requires concerted effort on an ongoing basis from all staff in the organisation. Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. This report undertook to perform a formal internal review of the control framework within the HSE with the goal of ascertaining its overall effectiveness. The review examined the key processes in place across the HSE which are in place to provide an effective internal control environment.
Keywords:
HEALTH SERVICES AND THEIR MANAGEMENT; FINANCE; BUDGET; GOVERNANCE
Local subject classification:
ACCOUNTABILITY

Full metadata record

DC FieldValue Language
dc.contributor.authorHealth Service Executive (HSE)en
dc.date.accessioned2011-05-20T11:29:35Z-
dc.date.available2011-05-20T11:29:35Z-
dc.date.issued2011-05-20-
dc.identifier.urihttp://hdl.handle.net/10147/129850-
dc.descriptionInternal control in the public sector must be understood within the context of the specific characteristics of the organisation i.e. the focus on meeting social and/or political objectives; the proper use of public funds; the importance of the budget cycle; the complexity of performance and the corresponding broad scope of public accountability. A solid internal control framework is required to underpin these organisational operations and set the keystone to good governance. The HSE’s system of internal control is intended to provide a framework which promotes best practice throughout the organisation, safeguards the assets of the HSE and plays an important role in preventing and detecting fraud and protecting the organisation's resources. It is a means by which an organisation's resources are directed, monitored, and measured. It is the means by which management is ensured that they are not unnecessarily exposed to avoidable financial risk and that financial information within the business and for publication is reliable. Effective internal control assists the organisation achieve its operations, internal and external financial reporting and compliance objectives. Effective internal controls is a built-in part of the management process to plan, organise, direct and control the business thus keeping the organisation on course towards its objectives and the achievement of its mission. The system of internal controls in the HSE cannot ensure success of these objectives, rather it is designed to provide reasonable assurance regarding the achievement of the set down goals. Reasonable assurance is the concept that acknowledges that the HSE control systems shall be maintained and developed where required to provide management with the appropriate balance between risk of a certain business practice and the level of control required to ensure business objectives are met. Effective internal control implies that the HSE adopts best practice, generates reliable financial reporting and complies with the laws and regulations that apply to it. There is growing appreciation that effective internal control does not evolve naturally. It requires concerted effort on an ongoing basis from all staff in the organisation. Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. This report undertook to perform a formal internal review of the control framework within the HSE with the goal of ascertaining its overall effectiveness. The review examined the key processes in place across the HSE which are in place to provide an effective internal control environment.en
dc.language.isoenen
dc.publisherHealth Service Executive (HSE)en
dc.subjectHEALTH SERVICES AND THEIR MANAGEMENTen
dc.subjectFINANCEen
dc.subjectBUDGETen
dc.subjectGOVERNANCEen
dc.subject.otherACCOUNTABILITYen
dc.titleReport on the review of the effectiveness of the system of internal financial controlen
dc.typeReporten
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