Definitions

Internal control: control of activities and finances built into the processes of an organization by means of which management ensures the achievement of objectives.

Audit risk: the risk that the auditor will fail to draw attention to a material misstatement, deficiency, abuse or other unacceptable matter in an audit.

Accounting agency: a government office or other body in the capacity in which it performs the payment and accounting activities specified in the State Budget Decree (1243/1992) and is accountable for these.

Bookkeeping of accounting agencies: bookkeeping based on Chapter 6 of the State Budget Decree. It includes budget bookkeeping and financial bookkeeping.

Annual accounts of accounting agencies: financial statements comprising an income and expenditure statement, a balance sheet and a budget implementation statement, together with notes, and a report on operations.

Effectiveness and management accounting: an agency's accounting and monitoring systems form a whole in which effectiveness accounting refers to that part which is used in external supervision and reporting. Management accounting refers to that part which is used in managing the agency.