LAW OF THE REPUBLIC OF TAJIKISTAN

of July 21, 2010 No. 626

About financial management and internal control in public sector

This Law establishes the organizational and legal basis of system of financial management and internal control in the public sector and the organizations financed by the Government budget of the Republic of Tajikistan (further the organizations of public sector).

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- financial management - set of obligations on accomplishment of the tasks set for the main manager, the manager and the receiver of public funds, for the purpose of ensuring compliance with regulatory legal acts, the available funds allocated for effective and productive use;

- stable financial management - set of decisions, measures and the actions allocated for use of the available funds according to the legislation of the Republic of Tajikistan and economical, effective and productive management of them;

- internal control - system of financial and other control facilities in the organizations of public sector, including organizational structure, methods, procedures and internal audit, created by management for the purpose of assistance to implementation of legal, effective, productive activities and goal achievement of the organization;

- internal control system - system of the measures and procedures adopted by management of the organization of public sector for achievement of productive, economical and effective management of public funds, including financial accounting, the financial reporting, compliance with law of the Republic of Tajikistan, ensuring safety of assets, prevention and identification of illegal actions, reliability, correctness and adequacy of the financial and management reporting and information and also their preparation;

- the annual statement about internal control in state sektoreotcht the Ministries of Finance of the Republic of Tajikistan to the Government of the Republic of Tajikistan which includes data on condition of financial management and control in the organizations of public sector.

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