financial controls
Fiscal accountability measures
Financial controls are the policies, procedures, and systems organizations use to manage money and prevent fraud, waste, or error.
They include approval requirements for expenditures, separation of duties so no single person handles a transaction from start to finish, regular audits, and reconciliation of accounts.
The company tightened its financial controls after discovering embezzlement.
Strong financial controls are fundamental to corporate governance and regulatory compliance.
- Sarbanes-Oxley ActCorporate financial reporting law
- reconciliationsRestorations of friendly relations
- double entryAccounting requiring offsetting records
- risk appetiteCapacity for accepting uncertainty
- balance sheetsSummaries of fiscal standing
audit trails · paper trail · bottom line · income statements · budget variance · internal audits · journal entries · red flags · tax compliance · fraud prevention · checks and balances · contingency planning
- governancegovernance, government, democracy, vote, parliament
- accountingbookkeeping, ledger, balance sheet, general ledger, accounts payable
- anti-corruptionanti-graft, whistleblower protection, whistleblowers, conflict of interest, codes of conduct
- workplace policiescode of conduct, ethics, policies, workplace policy, HR policies
- corporate financecost of capital, investment, capital markets, NPV, shareholder
- auditsinternal audit, external audit, tax audit, forensic audit, audit report
financial controlslack of oversight
Absence of supervision
spending spree · squandering · financial mismanagement · embezzlement · financial fraud
financial controlsmismanagement
Incompetent handling of responsibilities
financial controlsblank check
Unrestricted authority document
free spending · financial deregulation · carte blanche · profligacy · financial autonomy
financial, controls, finance, finances, financed, financing, financier, financiers, financially