The Public Financial Inspection Agency (PFIA) is an administration under the minister of finance created in 2006 after the implementation of a significant reform in the sphere of Public Internal Financial control (PIFC). The main objectives of the Public Financial Inspection Agency are to protect the public financial interest by carrying out ex post financial inspections, in order to ensure adherence to state regulations which are related to the budget and the financial-economic or accounting activities of the organizations or individuals under its jurisdiction.PFIA is an institution which upon an ascertainment of a violation has the legal authority to impose administrative and financial sanctions against the liable person. Moreover, upon discovering any damages caused to the property of the organizations and entities under Article 4; where the relevant legal grounds are present, PFIA holds the perpetrators administratively, penally and property liable. In addition, the Agency is authorized to impose administrative or financial sanctions in the sphere of the public procurements. An essential function of the PFIA is to uncover frauds and violations against the common financial interest of the European communities. The fundamental guiding principles of the agency are lawfulness, objectivity, ex officio and confidentiality.
