Public finance and audit

 

OECD countries spend on average 45% of their GDP for funding the public sector. The budget establishes the financial framework within which governments deliver their economic and social policy objectives for the benefit of citizens. Even where revenue collection is well managed, it is rarely sufficient to meet demand and public money must be managed carefully, ensuring sustainability for the medium and long term. Therefore, robust budget systems are essential at all stages of this process. SIGMA helps ministries of finance as central bodies for formulating, implementing, monitoring and controlling the budget execution. We also support public institutions in developing public internal financial control (PIFC) through peer reviews and policy papers to enhance their institutional capacity in this area.

A public financial accountability system also requires independent and professional scrutiny of the management of public funds of the executive. This is performed by Supreme Audit Institutions (SAIs). SIGMA provides assistance to working groups, meetings, technical workshops, audit activities and networks of SAIs belonging to EU candidate and potential candidate countries in co-operation with the European Court of Auditors. We also work to strengthen individual country SAIs to enable them to progress towards compliance with good European practice in line with International Standards of Supreme Audit Institutions.

 

‌Get in touch with our co-ordinator

Brian Finn
Senior Adviser
Public finance and audit
Tel: +33 (0) 1 45 24 85 51
brian.finn@oecd.org

Browse our publications on public finance and audit