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A report on how to keep stock cost under the revenue budget in your ward as a manager - Essay Example

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Financial control systems comprise of the various measures implemented by an organization to streamline the financial reporting and management systems with the objectives and missions of the organization. The financial control environment consists of both the internal control…
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A report on how to keep stock cost under the revenue budget in your ward as a manager
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Download file to see previous pages The financial controls systems include internal and external auditing as a major part of evaluating, monitoring and validating the financial statements of the organization. The financial control measures are designed by those people in the organization who are charged with management and governance.
A financial control environment mainly consists of auditing and accounting. The financial control within an organization is used to ensure that the risks levels within the organization are controllable. A financial control system involves the implementation of the different financial measures to evaluate and monitor the performance of an organization. The focus of the financial control system may be on a product, a department or the organization as a whole. The financial control system establishes a contradicting view to that of a balanced scorecard as it establishes that the financial results are major drivers of the organizational performance (Callaghan, Savage and Mintz, 2007, pp.9-12). It is important to develop suitable financial measures for evaluating the performance and the targets of an organization because the external stakeholders of the business will rely on the financial statements and the financial reporting done by the organization. Therefore following suitable accounting and auditing systems within the financial control environment is critical for improving the performance and goodwill of the organization.
The main objective of the financial control environment is to increase the operational efficiency and performance of the organization while maintaining the activities in compliance with the standard policies and regulations. The financial control environment in the healthcare industry is a critical aspect of the financial management in the industry. The financial control measures are directed to monitor and measure the financial resources and financial activities within an organization (Sarens ...Download file to see next pagesRead More
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