Internal Financial and Budgetary Controls
Internal financial and budgetary controls simply entails a process of continous assurance that the controls and systems that produce management information are operating correctly and effectively. These are vital to ensure the financial statements and reports adhere to the statutory accounting guidelines.
A company’s budgetary financial control takes account of four main policies and procedures:
- Provide assurance that all the transactions and documents fully support the financial statements preparation.
- Preparation, justification and presentation of budgets to management
- Provide reasonable assurance concerning acquisitions and disposal of a company’s assets which could affect the values within the financial statements
- Maintenance of records that fairly and accurately reflect the transactions of the company’s assets.
Budgeting is one of the important activities when it comes to your business and it requires sufficient attention by a competent qualified financial accountant. Assured FD as your Part Time or Interim Financial Controller are here to further improve your business, find cost efficiency prospects and drive growth.