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- Ελληνικά
The Ministry of Education, Sports and Youth (MESY), in the framework of the evaluation of state sponsorships to the School Ephorates, must ensure an effective and efficient internal control system for the School Boards, as provided for in the Law on Accounting and Financial Management and Financial Control of the Republic (38(I)/2014) (the "Law").
The development of an effective and efficient internal control system aims, inter alia, to achieve the following objectives (Article 8(2) of the Law): (a) effectiveness, efficiency and economy of budget implementation; (b) reliability and confidentiality in the information provided; (c) safeguarding of assets; (d) prevention, detection and resolution of fraud and irregularities; (e) adequacy in managing risks relating to the legality of transactions; and (f) assurance that the proposed amounts in the budget are used for the purpose for which they have been provided.
According to Section 26(2)(a) of the Law, recipients of government grants, depending on the amount of the grant, must ensure that an efficient and effective system of internal control is in place. Circular No. 5 of the General Accounting Office specifies that the amount of the grant amount to which the assurance of an efficient and effective internal control system applies is at least €500,000 per year.
It is the intention of the Ministry of Finance to explore the possibility of implementing an effective and efficient internal control system for the School Boards by purchasing services from a Contractor private agency through an open procedure with a call for tender in the eProcurement system. In this regard, the relevant School Boards Committee is issuing an open invitation to private firms providing internal audit services to come to the Ministry's offices for presentations of their services and discussion of the potential cost and scope of a possible tender.
To arrange an appointment, please contact Mr. Andreas Ioannou, Accountant, at 22800679 or email anioannou@treasury.gov.cy.
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