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Act No. 502/2001 Coll. on Financial Control and Internal Audit and amending and supplementing certain other acts
This Act regulates basic rules, aims and the manner of performance of financial control performed in accordance with this Act and special acts and of internal audit which are parts of an integrated and complex system of financial management providing for observance of generally binding legal regulations, and observance of economy, efficiency and effectiveness at management of public funds and own funds of public administration authorities, as well as at other activities of the public administration authorities.
This Act also regulates in more details the operation of the Ministry of Finance of the Slovak Republic and other bodies of public administration in the area of financial control and internal audit. For purposes of financial control, the Act defines terms such as internal audit, public funds, public administration authority, financial management, controlling authority, controlled subject, audited subject, financial operation, economy, efficiency and effectiveness.
Furthermore, the Act stipulates rules for performance of financial control that is performed as a (1) preliminary, (2) continuous and (3) subsequent financial control.
This Act is in force from 1 January 2002.
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