Assessing the Effects of Efficient Financial Controlson the Financial Position of an Organisation. a Case Study...

CHAPTER ONE 1.1 Background Information Financial encounters broadly allow in the task of keeping expenditure in check and act upon the inflow of revenue, safeguarding assets, and ensuring that imagings be sufficient to implement the plans and policies. It generally ensures honour domain in terms of an organisations mental imagery Management and applications. Gyamfi, (2010). Financial control enables expenditure to be unplowed in check under the will and directions of the controlling ashes and the inflow of revenue to be constantly under palingenesis; this enables the bole to know whether its intentions have been carried out. All nerves ought to have sufficient invoice clays so that responsibilities to various stakeholders atomic number 18 discharged, including compliance with the pertinent statutory and other regulatory compulsions. A vital righteousness of directors and old management is to ensure effective control of the organization and those who croak w ithin it. Recent developments in the sports stadium of incorporate governing body have continued to place considerable fury on the roles and responsibilities of directors in the discharge of their duties. One such area is the requirement to ensure that an effective internal control system is in place. Internal control essentially comprises the control environment and control procedures.

It includes all the policies and procedures adopted by the directors and senior management of an organization to assist in attempting to achieve the orderly and good orchestrate of business. Internal control systems attempt to ensure that: a. stop and exact accounting ! records are kept that pecuniary minutes tin can be recorded and disclosed in an instructive manner. b. Assets are safeguarded on behalf of their rightful owners. c. Error and fraud are prevented and are likely to be detected if they occur. 1 d. Information (including monetary information) can be prepared and disclosed in a timely informative manner. e. Staff adheres to...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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