Nobody downloaded yet

Investigating the Sources and Use of Financial Information in the Management of Prison - Essay Example

Comments (0) Cite this document
Summary
Investigating the Sources and Use of Financial Information in the Management of Prison Service in England and Wales Introduction The sources and use of financial information vary in most organizations. The sources of this information are usually from the audit reports and annual reports of the organization or the department…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.1% of users find it useful
Investigating the Sources and Use of Financial Information in the Management of Prison
Read TextPreview

Extract of sample "Investigating the Sources and Use of Financial Information in the Management of Prison"

Download file to see previous pages The research proposal is set to investigate the sources and use of financial information in the management of the prison service in England and Wales. Justification There are various sources and uses of financial information in the management of an organization. However, these sources and uses differ from one organization to the other. Financial information is significant to an organization because it assists in rating the performance of the organization. The information also assists in improving financial auditing and management of the organization. Proper management is the key element to the success of any organization. The research is of great importance because it will help the prisons and the government to conduct duties efficiently. Thus, knowing the sources and uses of the financial information will help the government and the prison department in better management of the prison services in England and Wales. Review of Literature The main purpose of the Prison Service in England and Wales is to offer services to the public by keeping in custody those who have committed crimes; looking after these individuals humanely; and assisting them to lead useful and law-abiding lives during custody and after release. In order to support this purpose, the Prison Service has four objectives: to securely hold the prisoners, to minimize the possibility of prisoner re-offending, to offer well-ordered and safe establishments in which to treat the prisoners decently, lawfully, and humanely, and to offer an effective escort and custody service to criminal courts (Cope 2010, pix). Her Majesty’s Prison Service (HMPS) runs 127 prisons and training centres throughout Wales and England. In a number of key areas, all the 127 prisons run independently with no centralized oversight and operations. The prison service lacks a shared system for the management of procurement, human resources, and finances (Hp 2009, p1). Each of the prison maintains its own exclusive financial system. Data tracking, software, and the staff responsible for handling finances and inputting data vary at each location. Thus, HMPS does not have access to the organization wide view of the finances. Therefore, the prison service has found it difficult to measure its performance, enhance financial auditing, and target areas to minimize costs (Hp 2009, p2). In the past few years, HMPS installed an Oracle-based financial system to centralize its financial reporting and accounting, and also to offer a wide and encompassing image of the financial activities of the prison service. This ensures that the personnel from various facilities and departments are conscious of the financial impacts when making decisions. Higher quality data management and improved transparency and a devoted focus of the finance resources on exceptional financial issues have led to the realization of the mentioned benefits (Hp 2009, p7). Improved financial transparency and accessibility of timely and meaningful financial data or information across the organization has enhanced decision-making thus, has led to better operational performance (Oracle 2009, p2). The United Kingdom (UK) sector has undergone significant changes in risk management. The UK criminological research on the prisons has not explored the manner in which the general corporate governance and the financial management at various levels of the prison sector, have been ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Investigating the Sources and Use of Financial Information in the Essay”, n.d.)
Investigating the Sources and Use of Financial Information in the Essay. Retrieved from https://studentshare.org/business/1445040-b-a-research-plan
(Investigating the Sources and Use of Financial Information in the Essay)
Investigating the Sources and Use of Financial Information in the Essay. https://studentshare.org/business/1445040-b-a-research-plan.
“Investigating the Sources and Use of Financial Information in the Essay”, n.d. https://studentshare.org/business/1445040-b-a-research-plan.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Investigating the Sources and Use of Financial Information in the Management of Prison

Information sources and services

...and content, forming strategies and procedures, interpreting publishers’ policies, contacting and servicing faculty members, acquisition of content, and promotional efforts...”. The other example of changing trends in reference services in the modern scenario can be observed with the example of ‘Central Library of Viswa-Bharti’. Through the extensive use of IT, the library has intended to enhance the reference services in a highly personalised mechanism. It has further been observed that IT has helped the library to enhance the standard of information collected from different sources (Das, Gurey & Saha, 2009). The improvement in technology is not the only aspect which has transformed the...
12 Pages(3000 words)Assignment

Information Flows and Financial Management

...by the salesmen in terms of units and dollars. The information would flow from the field outside to the sales manager and then consolidated into a financial or e-document recording the sales per day, week or month, as the case may be. An Example of Horizontal Flow: Using Kuali’s HR System References Kathleen T. McNeely and Mary S. Wheeler. A Flexible Financial System, 2006. Accessed on 20 June 2011 at http://www.nacubo.org/Business_Officer_Magazine/Magazine_Archives/February_2006/A_Flexible_Financial_System.html. Overview of the Kuali Financial System. Accessed on 20 June 2011 at...
3 Pages(750 words)Coursework

Information Use

...sectors, information has changed markedly following technological changes. There have been changes in ways information is captured, stored, processed, disseminated, and used (Beg, 2009). Therefore, informational changes should be managed properly to realize its cost effectiveness. Information is an ingredient of quality management, and if proper management it equally becomes as powerful as organization’s physical materials, personnel, and financial resources. Currently, organizations are increasingly recognizing information as an independent resource from any form of...
3 Pages(750 words)Essay

Financial and Management Accounting information

...Financial accounting is concerned with determining profits and balance sheet position (Atrill and McLaney, 2003; Berry & Jarvis, 1997; Dyson, 2003; Glynn & Murphy, 1998; Wood & Sangster,2002). Financial accounting information is mainly used for communication to outside parties and to satisfy legal requirements (Atrill & McLaney, 2003; Berry & Jarvis, 1997; Glynn & Murphy, 1998). Management accounting is the process of identifying, recording, classifying, analysing and reporting of all cost aspects of information for management decisions, planning and control, performance evaluation, and even strategic purpose (Berry &...
6 Pages(1500 words)Essay

Financial Management of Information Systems

...and produce important financial statements such as the balance sheets and income statements. Such systems also generate forecasts of future conditions such as projected financial statements and financial budgets. Many accounting software packages are available to enable the implementation of such systems. Generally, these systems include transaction-processing systems such as order processing and inventory control. The most widely used accounting information systems are shown in the below table. Cash Management This module helps organizations forecast cash flows in any currency and in multiple periods, streamli8ne the...
10 Pages(2500 words)Essay

Information Sources Analysis

...not on a specific marketing problem but is an attempt to continuously monitor the marketing environment. These monitoring or tracking exercises are continuous marketing research studies, often involving panels of farmers, consumers or distributors from which the same data is collected at regular intervals. The study and continuous marketing research differs in the orientation, yet they are both proactive. Marketing intelligence systems: A marketing intelligence system is a set of procedures and data sources used by marketing managers to shift information from the environment that they can use in their decision-making. It is the province of...
6 Pages(1500 words)Essay

Information flows and financial management

...Information Flows and Financial Management The Kuali Driver’s manual contains instructions regarding basic navigational scenarios that are very clearand precise. The testing was done on the first 2 scenarios. The main menu in KFS (Kuali Financial System) had a number of choices for the different applications grouped by Transactions, custom document searches, balance inquires, reports, administrative transactions, year end transactions and maintenance. The access to these transactions will be restricted to specific user groups depending on the institutional requirement. The design and the structure of the main menu are self explanatory and user friendly thus helping the...
2 Pages(500 words)Essay

Financial information management

...Financial information management Table of Contents Introduction An important way of managing risk in a portfolio is through diversification. The inclusion of a variety of asset classes in a portfolio spreads out the risk and thus is effective for the purpose of hedging. This is because the fluctuation of one security does not have a significant impact on the value of the portfolio. A portfolio can comprise of various assets like equity, options, futures, bonds, real estate etc. With growing globalization the portfolio can also include overseas security. This is done by investing in equities and other assets of a foreign country. For instance due to...
10 Pages(2500 words)Essay

Information flows and financial management

...or route details displays (Dan, 2011). It is notable that this system is operational and accessible 24 hours. The refreshing done on Saturdays facilitates its efficiency. A couple of benefits are associated with this financial system. For instance, the system is cost effective to institutions, since it does not require licensing fee. The system also routes financial transactions and other documents meant for maintenance, electronically (Greg 2010). In addition, its consistent look and integrated modules facilitates easy access of information. The architectural design used in the system modules enables institutions to employ modules that suit their requirements. Moreover,...
2 Pages(500 words)Essay

Information sources in marketing

... talks of business expectations in the Gulf region. An example of such information is the call for a common currency in this region. The Gulf Yearbook contains information on businesses and the big steps they have made in the Arabian Gulf. This information is useful in Financial Management since it provides information on viable markets that exist within this region. Specialized information sources include the Commodity Trade Statistics Database. It contains all the financial statistics of businesses operating in the Arabian Gulf. It also gives statistics on the economy of this region. This database provides information that can be used in the comparison of data with other corporate investments and corporations. Another example... ...
5 Pages(1250 words)Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Investigating the Sources and Use of Financial Information in the Management of Prison for FREE!

Contact Us