RISK MANAGEMENT IN THE FINANCIAL AND ACCOUNTING ACTIVITY

The financial and accounting activity represents an important function of the organisation, through which measurement, evaluation, knowledge, management and control of assets, liabilities and equity can be performed, as well as the outcomes of the economic activity. Risk management process ensures that risk management is regularly monitored and that there are mechanisms that alert the management of the entity about arising risks or changes in already managed risks and that the appropriate control devices in order to minimize them are identified. The role of the internal audit is to conduct assessments on all components and financial and accounting activities or activities with financial implications and to track how public funds are used, namely if they are used efficiently and effectively and weather the financial information given to the management is appropriate and can contribute to achieving the planned results.