The modern financial management and control system, as one of the pillars of PIFC, is considered as a system that plays an indispensable role in fulfilling the objectives of the organization, agency or institution. Regarding the importance of this system as one of the main pillars of Internal Public Financial Control in 2011, a law was passed and a 5-year plan for its implementation in the Republic of Albania. The present paper aims to assess by analysing how the increasing the level of knowledge of the FMC system principles, affects the success of its implementation. From the findings it is noted that the knowledge, its understanding and the application of its principles is still a challenge for public sector managers. They still have not understood the benefits arising from its implementation. In this paper are also given suggestions about the necessity of its understanding and the importance of implementing financial management and control. Its implementation requires substantial changes in the organizational and managerial structures, the necessity of additional information systems, and the introduction of managerial accountability.
Key words: internal public financial control, financial management and control, risk management, managerial accountability, efficiency, economy
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