Financial control
It aims to enhance transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.
Financial Control
Financial control is the process of managing and reviewing financial resources to ensure that they are used effectively, legally, and in accordance with established objectives. It aims to promote transparency, reduce waste, and combat corruption by ensuring compliance with financial policies and laws.
Ensure maximum use of available resources.
Detect any suspicious or illegal financial activities.
Ensuring that institutions comply with financial laws and legislation.
Reduce financial risks and balance budgets.
Types of financial control:
Internal control:
Practiced within the organization through mechanisms and procedures such as periodic reviews.
External control:
Is carried out by independent or governmental regulatory bodies, such as national audit bodies.
Ex-ante control:
Focuses on examining financial activities before they are implemented to ensure their legality.
Ex-post control:
Involves reviewing and evaluating financial transactions after they have occurred.
The importance of financial control
Anti-corruption
Detect and stop illegal financial activities
Boost confidence
Building trust between institutions and stakeholders (e.g. investors and citizens)
Risk management
Helps identify challenges before they turn into big problems.
To communicate with this email
