The document discusses two methods of financial controls used by school districts: internal control and financial audits. Internal control involves policies and procedures implemented by the accounting unit, such as formal organization, separate financial accounts for each unit, and separation of asset handling from record keeping. Financial audits, which can be external or internal, independently verify that accounting principles were correctly applied and financial reports are accurate. Both types of audits examine areas like cash flow, accounts receivable, inventory, fixed assets, loans, and revenues/expenditures. Financial controls help administrators safeguard resources and ensure their efficient and effective use.
Decision Usefulness Approach to Financial Reporting: A Case for EmployeesIJAEMSJORNAL
Financial reporting it centers on about the FRS 101 known as presentation of financial statements. The International Accounting Standard Board (IASB) develop this standard to revised IAS 1 for improvement the qualities when present in the financial statement. FRS 101 is usually based on IAS 1 presentation of financial statements issued by IASB. That means, compliance the FRS 101 also will cause compliance with IAS 1. There are no different between two accounting standards. This paper describes and underlying criticism raised in the decision usefulness approach of financial reporting in the case of employees. The employees of the company can be categorized into two, i.e., the present and prospective employees. This paper examines why the reward system and corporate social responsibility must be used by organizations as an instrument for employees to improve their living conditions. The underlying significant role which employees play in organizational development has drawn considerable attention all over the world because the employees as the key to ensuring tactics and strategis of company’s run successfully. The argument is that employees increase the performance of the organizations through efficient and effective information that comes from financial reporting.
Decision Usefulness Approach to Financial Reporting: A Case for EmployeesIJAEMSJORNAL
Financial reporting it centers on about the FRS 101 known as presentation of financial statements. The International Accounting Standard Board (IASB) develop this standard to revised IAS 1 for improvement the qualities when present in the financial statement. FRS 101 is usually based on IAS 1 presentation of financial statements issued by IASB. That means, compliance the FRS 101 also will cause compliance with IAS 1. There are no different between two accounting standards. This paper describes and underlying criticism raised in the decision usefulness approach of financial reporting in the case of employees. The employees of the company can be categorized into two, i.e., the present and prospective employees. This paper examines why the reward system and corporate social responsibility must be used by organizations as an instrument for employees to improve their living conditions. The underlying significant role which employees play in organizational development has drawn considerable attention all over the world because the employees as the key to ensuring tactics and strategis of company’s run successfully. The argument is that employees increase the performance of the organizations through efficient and effective information that comes from financial reporting.
Dr. William Allan Kritsonis, Students Rights, Student Freedom of Speech, Student Expression, Pickering and other cases, Censsorship of Student Publications, Due Process, Discrimination, Diversity, Multicultural Issues, Personnel Administration
Dr. William Allan Kritsonis, Public School Law, School Law, School Legal Issues, Educational Laws & Policies
Professorial Roles
Dr. Kritsonis has served in professorial roles at Central Washington University, Washington; Salisbury State University, Maryland; Northwestern State University, Louisiana; McNeese State University, Louisiana; and Louisiana State University, Baton Rouge in the Department of Administrative and Foundational Services.
In 2006, Dr. Kritsonis published two articles in the Two-Volume Set of the Encyclopedia of Educational Leadership and Administration published by SAGE Publications, Thousand Oaks, California. He is a National Reviewer for the Journal of Research on Leadership, University Council for Educational Administration (UCEA).
In 2007, Dr. Kritsonis was invited to write a history and philosophy of education for the ABC-CLIO Encyclopedia of World History.
Currently, Dr. Kritsonis is Professor of Educational Leadership at Prairie View A&M University – Member of the Texas A&M University System. He teaches in the PhD Program in Educational Leadership. Dr. Kritsonis taught the Inaugural class session in the doctoral program at the start of the fall 2004 academic year. In October 2006, Dr. Kritsonis chaired the first doctoral student to earn a PhD in Educational Leadership at Prairie View A&M University. He has chaired over 18 doctoral dissertations. He lives in Houston, Texas
PhD Students in Educational Leadership at Prairie View A&M University/Member of the Texas A&M University System
William Allan Kritsonis, PhD
Professor & Faculty Mentor,
PVAMU - The Texas A&M University System
Dr. William Allan Kritsonis
Editor-in-Chief
NATIONAL FORUM JOURNALS
(Founded 1983)
Over 5,000 professors published. A group of national refereed periodicals.
Dr. Paul Watkins & Dr. Janet Moak - Published by NATIONAL FORUM JOURNALS, Dr. William Kritsonis, Editor-in-Chief, Houston, Texas - www.nationalforum.com
Celebrating 30 Years, NATIONAL FORUM JOURNALS - Honoring Dr. William Allan Kritsonis - Texas Chapter of the National Association for Multicultural Education (NAME) on the campus of Texas A&M University, College Station, Texas - April 28th 2012
An internal control manual is critical for local government to enhance accountability and consistency in operations. Ron Steinkamp outlines the six key steps to developing an effective manual.
Dr. William Allan Kritsonis, Students Rights, Student Freedom of Speech, Student Expression, Pickering and other cases, Censsorship of Student Publications, Due Process, Discrimination, Diversity, Multicultural Issues, Personnel Administration
Dr. William Allan Kritsonis, Public School Law, School Law, School Legal Issues, Educational Laws & Policies
Professorial Roles
Dr. Kritsonis has served in professorial roles at Central Washington University, Washington; Salisbury State University, Maryland; Northwestern State University, Louisiana; McNeese State University, Louisiana; and Louisiana State University, Baton Rouge in the Department of Administrative and Foundational Services.
In 2006, Dr. Kritsonis published two articles in the Two-Volume Set of the Encyclopedia of Educational Leadership and Administration published by SAGE Publications, Thousand Oaks, California. He is a National Reviewer for the Journal of Research on Leadership, University Council for Educational Administration (UCEA).
In 2007, Dr. Kritsonis was invited to write a history and philosophy of education for the ABC-CLIO Encyclopedia of World History.
Currently, Dr. Kritsonis is Professor of Educational Leadership at Prairie View A&M University – Member of the Texas A&M University System. He teaches in the PhD Program in Educational Leadership. Dr. Kritsonis taught the Inaugural class session in the doctoral program at the start of the fall 2004 academic year. In October 2006, Dr. Kritsonis chaired the first doctoral student to earn a PhD in Educational Leadership at Prairie View A&M University. He has chaired over 18 doctoral dissertations. He lives in Houston, Texas
PhD Students in Educational Leadership at Prairie View A&M University/Member of the Texas A&M University System
William Allan Kritsonis, PhD
Professor & Faculty Mentor,
PVAMU - The Texas A&M University System
Dr. William Allan Kritsonis
Editor-in-Chief
NATIONAL FORUM JOURNALS
(Founded 1983)
Over 5,000 professors published. A group of national refereed periodicals.
Dr. Paul Watkins & Dr. Janet Moak - Published by NATIONAL FORUM JOURNALS, Dr. William Kritsonis, Editor-in-Chief, Houston, Texas - www.nationalforum.com
Celebrating 30 Years, NATIONAL FORUM JOURNALS - Honoring Dr. William Allan Kritsonis - Texas Chapter of the National Association for Multicultural Education (NAME) on the campus of Texas A&M University, College Station, Texas - April 28th 2012
An internal control manual is critical for local government to enhance accountability and consistency in operations. Ron Steinkamp outlines the six key steps to developing an effective manual.
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
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Financial controls a safeguard against misuse of public funds-nfeasj v27 n4 2010
1. NATIONAL FORUM OF EDUCATIONAL ADMINISTRATION & SUPERVISION JOURNAL
VOLUME 27, NUMBER 4, 2010
Financial Controls:
A Safeguard Against Misuse of Public Funds
Fred C. Lunenburg
Sam Houston State University
________________________________________________________________________
ABSTRACT
Financial controls assist school administrators in safeguarding and evaluating the
efficient and effective use of financial resources. In this article, I discuss two
methods of financial controls used by school districts: internal control and financial
audits.
________________________________________________________________________
Financial control techniques assist building principals and other school
administrators in acquiring, allocating, and evaluating the use of financial resources—
cash, accounts receivable, accounts payable, inventories, purchases, and long-term debt.
Regardless of their size, school districts must be able to pay short-term obligations and
long-term debts. They must also protect the school district's revenue from theft, unlawful
conversion, and misuse. Control of financial resources in individual schools and school
districts is implemented primarily through two methods: internal control and financial
audits.
Internal Control
Internal control is an accounting function and responsibility. Through the efforts
of the school district's accounting unit headed by the CFO, policies and procedures are
adopted to safeguard assets and verify the accuracy and reliability of accounting data.
The characteristics of effective internal control include the following (American
Management Association, 2010; Pinedo, 2011).
1. Formal organization should be clear. Definitions of job responsibilities must be
estimated so as to fix accountability for each and every aspect of a financial
transaction. The organizing function of administration must be the primary source for
this important aspect of internal control.
1
2. NATIONAL FORUM OF EDUCATIONAL ADMINISTRATION & SUPERVISION JOURNAL
2_____________________________________________________________________________________
2. Financial accounts must be set up for each division or other unit of administration.
When expenses and income are readily traceable to specific administrators, they are
more easily controlled. Such communication between accounts and divisions or
building units is especially important in both the preparation of budgets and the
evaluation phase of the accounting system.
3. Employees who handle assets should not also be responsible for record keeping on
these assets. For example, employees who receive and store materials should not also
verify the receipt of those materials.
4. No one person should have complete control over all phases of an important
transaction. For example, the same individual should not be responsible for preparing
purchase orders and for making out the checks in payment of those purchases.
5. The flow of work from employee to employee should not be duplicative, but the work
of the second employee should provide a check on the work of the first. For example,
the check drawn to pay for supplies and materials should be cosigned by a second
employee who verifies the accuracy and legitimacy of the transaction.
Effective internal control procedures can be established for each distinct financial
resource. Cash, accounts receivable, interest, inventories, accounts payable, payrolls, and
purchases must be safeguarded through procedures that conform to the five
aforementioned characteristics of effective internal control.
Financial Audits
Another major financial control technique is the financial audit, an independent
appraisal of a school district's accounting, financial, and operational systems. Audits are
of two types: external and internal (Carmichael, 2010).
External Audit
An external audit is conducted by experts from outside the school district such as,
bank examiners or certified public accountant (CPA) firms. Their main purpose is not to
prepare the school district's financial reports but to verify that the district, in preparing its
own financial statements, has followed generally accepted accounting principles and
applied them correctly (American Institute of Certified Public Accountants, 2010).
External audits are so important that some states require all public school districts to have
their financial records examined and certified by outside accountants, as assurance to
taxpayers that the school district's financial reports are accurate.
Internal Audit
An internal audit is performed by employees of the school district who are trained
to examine the accuracy of the school district's accounting and financial reports. Large
school districts may have an accounting staff assigned to the internal audit function. Like
external audits, internal auditors verify the accuracy of financial and accounting
procedures used by the school district. Internal audits also focus on the efficiency and
3. FRED C. LUNENBURG
_____________________________________________________________________________________3
appropriateness of the financial and accounting procedures. Besides appraising the
accounting and financial operations of the school district, internal auditing sometimes
involves assessment of operations generally, such as policies, procedures, use of
authority, quality of management, effectiveness of methods, special problems, and other
phases of general operation (Hooks, 2011).
Both external and internal audits should be thorough. Some of the areas examined
by auditors include the following (American Institute of Certified Public Accountants,
2010).
1. Cash flow. Confirm bank balances; review cash management procedures.
2. Accounts receivable. Obtain verification from vendors concerning amounts owed and
anticipated payments; confirm bank balances.
3. Inventory. Count physical inventory to verify the accuracy of the school district's
financial reports.
4. Fixed assets. Check physical evidence of fixed assets (buildings, equipment); evaluate
depreciation; determine whether insurance is adequate.
5. Loans. Review long- and short-term loan agreements; summarize the school district's
obligations.
6. Revenues and expenditures. Evaluate proper matching; safeguard assets; prevent or
detect fraud or theft.
Conclusion
Financial controls assist school administrators in safeguarding and evaluating the
efficient and effective use of financial resources. Control of financial resources in school
districts is implemented primarily through two methods: internal control and financial
audits.
References
American Institute of Certified Public Accountants. (2010). Understanding audits and the
auditor’s report: A guide for financial statement users. Jersey City, NJ: Author.
American Management Association. (2010). Present-day administrative and financial
controls. New York, NY: Author.
Carmichael, D. R. (2011). PPC’s guide to audits of financial institutions. Fort Worth,
TX: Practitioners.
Hooks, K. L. (2011). Auditing and assurance services: Understanding the integrated
audit. New York, NY: Wiley.
Pinedo, M. (2011). Operational control in asset management: Processes and costs. New
York, NY: Palgrave Macmillan.