Internal Audit

Public Financial Management and Control Law No. 5018, which regulates the structure and functioning of public financial management, entered into force on December 24, 2003, and this law regulated the new public financial management system based on management responsibility. Article 63 of the law defines internal audit as an independent, objective assurance and consulting activity conducted to assess whether resources are being managed in accordance with the principles of economy, effectiveness, and efficiency, and to provide guidance in order to add value and improve the operations of public administrations. These activities shall be carried out with a systematic, continuous, and disciplined approach and in accordance with generally accepted standards, to assess and improve the effectiveness of the risk management, management, and control processes of administrations' management and control structures and financial transactions. According to the law, internal audit is conducted by internal auditors.