of December 31, 2013 No. 722
About approval of the Regulations on financial management and control in budgetary institutions
For the purpose of enhancement of management system public finances, according to article 8 of the Law of the Kyrgyz Republic "About regulatory legal acts of the Kyrgyz Republic", being guided by articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic", the Government of the Kyrgyz Republic decides:
1. Approve the enclosed Regulations on financial management and control in budgetary institutions.
2. Delegate to the Ministry of Finance of the Kyrgyz Republic of power according to Standards and methodological documents on financial management and control in budgetary institutions.
4. To impose control of execution of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.
Approved by the Order of the Government of the Kyrgyz Republic of December 31, 2013 No. 722
This Regulations on financial management and control in budgetary institutions (further - the Provision) establish the principles and requirements to system of financial management and control in budgetary institutions and are based on the Law of the Kyrgyz Republic "About internal audit".
1. In this Provision the following basic concepts are used:
adequate financial management and control - planning and the organization of processes for provision of reasonable guarantee that risks of budgetary institutions effectively are controlled of the purpose and task of budgetary institutions will be reached by effective and economic method;
auditor trace - implementation of the records providing complete documentation and determination of all stages of carrying out transactions and allowing to monitor transactions from summed up to separate details;
public funds - all funds raised, received, considered, allocated and used by budgetary institutions including budgetary appropriations, special means, the credits, expenses and subsidies;
proper financial management - management of public funds according to the principles of profitability, effectiveness and efficiency;
reasonable guarantee - the satisfactory level of confidence in any question taking into account these costs, benefits and risks;
effectiveness - extent of goal achievement of activities, that is compliance between the planned and actual purposes;
risk - possibility of approach of any event which can exert impact on goal achievement of budgetary institutions. The risk is measured by assessment of consequences and probability of approach of event;
profitability - minimization of costs of the resources used for achievement of the provided results of activities including guarantee of proper quality of such results;
efficiency - maximization of results of activities in the ratio with contribution.
2. Financial management and control represent the comprehensive process which is built in activities of budgetary institutions, performed by their heads and workers.
3. Financial management and control are performed through system of the rules, procedures and actions developed by budgetary institutions, for the purpose of provision of reasonable guarantee of achievement by organizations facing them the purposes and tasks in the way:
- compliances with law, internal acts;
- reliability and reliability of the financial and operational reporting;
- effectiveness and efficiency of transactions;
- savings of assets and information on financial management and control.
4. Heads of budgetary institutions shall manage public funds in the legal, economical, effective and productive way and bear responsibility for goal achievement of budgetary institutions.
5. Managerial accountability represents obligation of the head of budgetary institutions of subordinate level to provide to higher body information on observance of requirements of proper financial management constituted on the basis of reliable data and analysis results of internal control system.
6. Managerial responsibility represents responsibility of heads of budgetary institutions for observance and use of the principles of proper financial management and legality in case of the order public funds and implementation of any other activities, related.
7. Heads of budgetary institutions will organize and realize adequate financial management and control, based on the principles of legality, proper financial management and transparency.
8. Heads of budgetary institutions bear responsibility for:
- determination is more whole than budgetary institutions which they head development and implementation of strategic plans, work plans and programs for achievement of effective objectives;
- determination, assessment and risk management which threaten goal achievement of budgetary institutions;
- planning, management and accounting of public funds for goal achievement of budgetary institutions;
- respect for the principles of legality, proper financial management and transparency of use of public funds;
- effective management of personnel and support of level of his competence;
- saving, protection of assets and information on financial management and control from loss, unauthorized access and abuses;
- creation of the corresponding organizational structure for effective implementation of the obligations;
- complete, correct, exact and operational accounting of all financial transactions;
- ensuring functioning of internal audit according to the legislation of the Kyrgyz Republic;
- monitoring and updating of system of financial management and control, taking measures to improvement of system of financial management and control based on recommendations of internal audit;
- documentation of all operational processes and ensuring tracking of processes in budgetary institutions;
- holding anti-corruption procedures;
- ensuring accountability and documentary reflection of condition of system of financial management and control.
9. The ministries, the state committee, administrative departments and other state bodies submit the annual statement about condition of financial management and control to the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance) with reflection of information on functioning, adequacy, efficiency and effectiveness of system of financial management and control.
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