Financial Management and Control

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