Purpose: The objective was to determine the relationship between internal control and treasury management in a Peruvian municipality.   Theoretical framework: The theory used allowed for an in-depth study of internal control and treasury management, demonstrating that compliance with supervision and control activities greatly reduces the risks of embezzlement in the public sector.   Design/methodology/approach: A quantitative, applied, non-experimental, cross-sectional, descriptive and correlational methodology was used; the sample consisted of 75 workers of the municipality.   Results: It became evident that when internal control is deficient, treasury management is deficient in 78.8%, as is the case with each of its dimensions. In addition, they obtained a p=0.000<0.05, allowing to accept the alternative, and also obtained a Spearman's Rho of 0.554. Research, practical and social implications: When operational guidelines are not followed in the treasury management phases, the process will be deficient, which will result in misapplication of public funds because there will not be sufficient economic funds to cover the municipality's needs. Therefore, it is important to follow the rules established in the entity.   Originality / value: Concluding that internal control is related to treasury management in the municipality studied; this is due to the fact that, by complying with the appropriate rules and stipulated in the entity, that officials and authorities encourage ethical values throughout the institution and comply with the assigned functions, then the operational guidelines in treasury management will be complied with.