Reviewing and evaluating financial management processes Essay

Reviewing and evaluating financial management processes - Essay ExampleThe manager takes hard-hitting measures in view asling the budgets of the organization so that the cost does not exceed the estimated budget. The allowable cost helps in determining the allowability, reasonableness and allocability of costs for the managers. Cash management and compliance of the organization atomic number 18 supervised chthonian the surveillance of the manager of the organization for better mathematical process.Matching available resources to planned activities.The four main financial records are the trading account, the profit and loss account or the income controversy, the balance sheet and the cash flow statement of a company. These financial records provide accountability, reliability and privy even be used as reasoned evidence while taking decisions regarding the concerned organization. The financial records are tool which can constrain the individuals from sweet in corrupt practices . Conversely, the financial records can protect an innocent of false accusations. Implementation of the records management control is a must for the effective financial management process of the organization. The purpose of preparing financial performance root for the organization is to bring forth the core information which would otherwise be obscured, highlighting of strong items and relationships betwixt them, enhancing comparability and improving the understandability of the financials of the organization.The timing of the financial field is as important to the organization as that of the financial information.... Conversely, the financial records can protect an innocent of false accusations. Implementation of the records management control is a must for the effective financial management process of the organisation.2 Answer 3 The purpose of preparing financial performance report for the organisation is to bring forth the core information which would otherwise be obscured, h ighlighting of significant items and relation between them, enhancing comparability and improving the understandability of the financials of the organisation. Even the stability and the riskiness of the organisation can well be determined from the financial performance report of the organisation.3 Answer 4 A someone can verify the accuracy of the financial management report by4 Reviewing the financial documents in a apprehensible manner Monitor the preparation of budget of the organisation Calculate realistic funding needs and spot the appropriate sources Matching available resources to planned activities Establishing a centralized infobase of information Ensure that all data are consistently reported amongst subsidiaries Making executives accountable for the financial reports by personally verifying their accuracy. For slip The audited financial report of a company projected in the companys annual report portrays the present financial condition of the company. This annual repo rt is issued for all the stakeholders of the company who takes the decision of investment later on going through the financial report of the company audited by some external auditor. Answer 5 The timing of the financial report is as important to the organisation as that of the financial information. Timing has owing(p) influence in the financial reporting of an entity which constraint the official information