Representatives of the Ministry of Finance of the Republic of Serbia took part in the plenary meeting of the Internal Audit Community of Practice (PEMPAL IACOP), held from 3 to 5 March 2026 in Madrid and organised by Spain’s General Intervention of the State Administration (IGAE).
Participants exchanged experiences and learned from one another through practical examples and peer discussions. The agenda also covered internal audit reporting, with a focus on identifying good practices and solutions aligned with the new Global Internal Audit Standards.
The first day was dedicated to Spain’s experience in public financial management. Participants learned how the country’s internal control and audit system operates, including the distribution of roles and responsibilities across institutions. Special attention was given to the use of modern technologies to streamline processes and make them more transparent and reliable.
The second day focused on reporting practices. Examples from various countries and international organisations were presented, including experiences from Austria and Belgium, as well as recommendations from international institutions. Discussions also addressed the new international standards, along with practical tools and guidance to help countries improve how they present and communicate their results.
The third day was devoted to exchanging views on what information can be made public and what should remain internal to ensure the system functions effectively. Examples from the European Commission and the Netherlands highlighted the importance of striking the right balance between building public trust and protecting sensitive data.
For representatives of the Serbian Ministry of Finance, participation in this event was valuable as it provided insights that can be applied in their work, particularly in addressing challenges in internal control and avoiding pitfalls already encountered by others.
The participation of the Ministry of Finance representatives in the PEMPAL meeting was supported by the EU PFM Facility project, funded by the European Union under IPA 2021, and implemented by the UNDP in partnership with the Centre of Excellence in Finance (CEF) and the Ministry of Finance of the Slovakia.
What are PEMPAL and IACOP?
PEMPAL (Public Expenditure Management Peer Assisted Learning) is an international network that brings together public financial management experts from Europe and Central Asia to exchange knowledge and jointly improve how governments manage public funds. The network includes thematic communities, one of which is IACOP, focused on internal audit in the public sector.
IACOP (Internal Audit Community of Practice) brings together representatives of ministries of finance and other professionals working to strengthen internal audit systems, making them more effective, reliable, and aligned with international standards. Through regular meetings, collaboration, and knowledge exchange, members develop practical solutions to public sector challenges, contributing to greater accountability and more efficient use of public resources.