Financial Management and Control is the set of responsibilities of the management (responsible for carrying out the tasks of government budget handling units) to establish and implement a set of rules aiming at a legal and regular, eﬃcient, eﬀective and economic use of public funds (comprising income, expenditure and assets and liabilities). It refers to planning, budgeting, accounting, reporting, ex-ante and ex-post ﬁnancial controls. FMC is subject to internal and external audit.
Source: De Koning, R. (2007). Public Internal Financial Control