Financial controls refer to the policies, procedures, and systems put in place by an organization to ensure the accuracy, completeness, and reliability of its financial information. These controls are designed to prevent errors, fraud, and other financial irregularities that could negatively impact the organization’s financial health and reputation. Effective financial controls provide management with the confidence that financial information is accurate and reliable, enabling them to make informed decisions and take appropriate action. They also help ensure compliance with regulatory requirements and reduce the risk of financial loss. Financial controls can include a range of activities, such as internal audits, segregation of duties, and the use of automated systems to track financial transactions. Ultimately, financial controls are critical to the success of any organization, as they provide the foundation for sound financial management and decision-making.
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