Internal control corresponds to the comprehensive process that an entity implements, with the purpose of guaranteeing that its operations are carried out efficiently and that they are oriented towards its objectives. Internal control prevents fraud by establishing procedures that prevent the misuse of public resorbes, ensuring compliance with legal regulations, optimizing the management and administration of resources, promoting transparency and accountability. In Panama, the Comptroller General of the Republic, as principal director of control matters and being responsible for supervising the use of public resources, issued the Government Internal Control Standards in 1999, integrating into them the five components of internal control: environment control, risk assessment, control activities, information and communication and monitoring, ensuring an adequate internal control structure in the public sector. Solid internal control contributes to the effective and transparent functioning of the public sector. In that sense, the implementation of adequate controls guarantees compliance with the mission of each institution, which is a crucial measure to Foster trust in government entities. With this essay we describe the concept of internal control, its legal basis and how it is important in the management carried out within the public sector.
