Definitions for TrueValueMetrics
Financial Controls

Weak financial controls are endemic in much of the public sector and in international development institutions. As a result all sorts of resources have gone missing ... stolen money ... stolen inventory ... over invoicing ... under delivering. Embezzlement of all sorts ... petty corruption and grand corruption.

There has been talk for decades at high levels about these problems, but very little action has been taken to improve the financial controls in a meaningful way.

Financial controls are about both process and people. In many, if not most, public sector organizations, including the development institutions, both process and people are compromised.