Financial control is control of financial resources as they flow into the organization, are held by the organization, and flow out from the organization.
INTERNATIONAL STANDARD ON AUDITING 200 (REVISED)
OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE
CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL
STANDARDS ON AUDITING
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
Lessons on Financial Control, Financial Reporting and Fund Sourcing for Entrepreneurs. The presentation includes several financial indicators useful for assessing and controlling company performance. The presentation also speaks of several investment instruments and techniques to impress potential investors through appropriate request for funding proposals.
Learn how to creatively meet your nonprofit's need to avoid financial chaos by setting reasonable limits on payroll, accounts payable, grants, and fundraising without impeding your organization's work.
INTERNATIONAL STANDARD ON AUDITING 200 (REVISED)
OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE
CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL
STANDARDS ON AUDITING
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
Lessons on Financial Control, Financial Reporting and Fund Sourcing for Entrepreneurs. The presentation includes several financial indicators useful for assessing and controlling company performance. The presentation also speaks of several investment instruments and techniques to impress potential investors through appropriate request for funding proposals.
Learn how to creatively meet your nonprofit's need to avoid financial chaos by setting reasonable limits on payroll, accounts payable, grants, and fundraising without impeding your organization's work.
White paper on ICFR/IFC with implementation approachChandan Goyal
It discuss about the mandatory compliance of Internal Financial Control for Financial Reporting purpose. Further, implementation approach has also been shared.
IFC
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries.The IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established on July 20, 1956 as the private sector arm of the World Bank Group to advance economic development by investing in strictly for-profit and commercial projects that purport to reduce poverty and promote development.The IFC's stated aim is to create opportunities for people to escape poverty and achieve better living standards by mobilizing financial resources for private enterprise, promoting accessible and competitive markets, supporting businesses and other private sector entities, and creating jobs and delivering necessary services to those who are poverty-stricken or otherwise vulnerable. Since 2009, the IFC has focused on a set of development goals that its projects are expected to target. Its goals are to increase sustainable agriculture opportunities, improve health and education, increase access to financing for microfinance and business clients, advance infrastructure, help small businesses grow revenues, and invest in climate health.
The IFC is owned and governed by its member countries (184), but has its own executive leadership and staff that conduct its normal business operations. It is a corporation whose shareholders are member governments that provide paid-in capital and which have the right to vote on its matters.Originally more financially integrated with the World Bank Group, the IFC was established separately and eventually became authorized to operate as a financially autonomous entity and make independent investment decisions.It offers an array of debt and equity financing services and helps companies face their risk exposures, while refraining from participating in a management capacity. The corporation also offers advice to companies on making decisions, evaluating their impact on the environment and society, and being responsible.It advises governments on building infrastructure and partnerships to further support private sector development. The IFC is governed by its Board of Governors which meets annually and consists of one governor per member country.Each member typically appoints one governor and also one alternate.[ International Finance Corporation (2010). IFC Annual Report 2010: Where Innovation Meets Impact (Report). World Bank Group. Retrieved 2012-06-09.] Although corporate authority rests with the Board of Governors, the governors delegate most of their corporate powers and their authority over daily matters such as lending and business operations to the Board of Directors.The IFC's Board of Directors consists of 25 executive directors who meet regularly and work at the IFC's headquarters, and is chaired by the President of the World Bank Group.
Cost accoounting, managerial accounting,financial accounting,cost accounting, contabilidad de costo, jose cintron, advance business consulting, http://mba4help.com
Financial reporting is becoming more challenging as the complexity of the business environment and transactions increase. This problem is amplified by significant changes in financial reporting standards expected in many jurisdictions. Additionally, many companies are trying to improve their processes to achieve timely and accurate financial reporting.
A general presentation about working capital. It gives an overview of the structure, management role, cash management. Solutions to manage working capital aspects.
The accuracy of accounting records is enhanced by the integrity of i.pdfamuthamcutpieceCente
The accuracy of accounting records is enhanced by the integrity of internal controls. Comment
on this statement and provide justification for it. Include illustrations of how this does or does
not apply
Solution
Internal control is the process designed to ensure reliable financial reporting,
effective and efficient operations, and compliance with applicable laws and regulations.
Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of
internal control. Internal accounting control is a series of procedures designed to promote and
protect sound management practices, both general and financial. Following internal accounting
control procedures will significantly increase the likelihood that: o financial information is
reliable, so that managers and the board can depend on accurate information to make
programmatic an d other decisions o assets and records of the organization are not stolen,
misused, or accidentally destroyed o the organization s policies are followed o government
regulations are met. Developing an Internal Accounting Control System The first step in
developing an effective internal accounting control system is to identify those areas where
abuses or errors are likely to occur. Many accountants can provide you with a checklist of areas
and questions to consider when you are planning your system. Price Waterhouse\'s booklet,
Effective Internal Accounting Control for Nonprofit Organizations: A Guide for Directors and
Management, includes the following areas and objectives in developing an effective internal
accounting control system: o Cash receipts To ensure that all cash intended for the organization
is received, promptly deposited, properly recorded, reconciled, and kept under adequate security.
o Cash disbursements To ensure that cash is disbursed only upon proper authorization of
management, for valid business purposes, and that all disbursements are properly recorded. o
Petty cash To ensure that petty cash and other working funds are disbursed only for proper
purposes, are adequately safeguarded, and properly recorded. o Payroll To ensure that payroll
disbursements are made only upon proper authorization to bona fide employees, that payroll
disbursements are properly recorded and that related legal requirements (such as payroll tax
deposits) are complied with. o Grants, gifts, and bequests To ensure that all grants, gifts, and
bequests are received and properly recorded, and that compliance with the terms of any related
restrictions is adequately monitored. o Fixed assets To ensure that fixed assets are acquired and
disposed of only upon proper authorization, are adequately safeguarded, and properly recorded.
Additional internal controls are also required to ensure proper recording of donated materials,
pledges and other revenues, accurate, timely financial reports and information returns, and
compliance with other government regulations. Achieving these objectives requires your
organizat.
My Business is Growing, Now What? Financial Management Skills for the Entrepr...McKonly & Asbury, LLP
This webinar will provide a foundation for entrepreneurs to properly manage their business’ growth and to position them and their business for future success. This webinar will touch upon a number of aspects that all entrepreneurs need to keep on their “radar” outside of top line revenue growth. This webinar will focus on the following key topics: balance sheet management, cash flow management, ratios, and long term value.
The word, ‘Audit’ is derived from the Latin term “audire” which means to hear. Audit is a thorough review of a department’s records and reports, in order to verify that assets and liabilities are properly recorded on the balance sheet and all profits and losses are properly assessed. To meet the objectives of Audit, verification of revenue, expenditure, bank deposits, bank reconciliations, accounts payable and accounts receivable, cash, loans and advances, disbursement and regular transactions is very necessary.
A. Primary Objectives of Audit
B. Subsidiary Objectives of Audit
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
A. Primary Objectives of Audit
The main objectives of Audit are known as primary objectives of Audit. They are as follows:
Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancing etc.
Verifying the authenticity and validity of transactions.
Checking the proper distinction of capital and revenue nature of transactions.
Confirming the existence and value of assets and liabilities.
Verifying whether all the statutory requirements are fulfilled or not.
Proving true and fairness of operating results presented by income statement and financial position presented by balance sheet.
B. Subsidiary Objectives of Audit:-
Detection and prevention of errors:
Errors of principle
Errors of omission
Errors of commission
Compensating errors
Errors of Duplication
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
2. Financial Control
What is it?
Financial control is control of financial resources as they flow into the
organization (i.e., revenues, shareholders investments), are held by
organization (i.e., working capital, retained earnings), and flow out by the
organization (i.e., expenses). This type of control method aid managers in
acquiring, allocating, and evaluating the use of financial resource, such as:
cash, accounts receivable, accounts payable, inventories, and long-term
debt. These methods also enable managers to achieve acceptable liquidity,
solvency, and profitability standards.
Why do we need it?
Help align objectives of the business
Safeguard assets
Prevent and detect fraud and error
Encourage good management
Allow action to be taken against undesirable performance
Reduce exposure to risks
Ensuring proper financial reporting
3. Achieving control:
Financial control measures are those measures that is put in place to ensure
that financial related assets or properties of an organisation are safeguarded,
either from externals or employees of an organisation from any threat
whatsoever, whether by theft, loss or misappropriation (intentional or
otherwise).
Control measures can be broadly categorised into three:
•Preventive:
Detect problems before they arise
Monitor both operation and input
Attempt to predict potential problems before they occur and make adjustments
Prevent an error, omission or malicious act from occurring
•Detective:
Use controls that detect and report the occurrence of an error, omission or
malicious act
•Corrective:
Minimise the impact of threat
Remedy problems discovered by detective control
Identify the cause of a problem
Correct errors arising from a problem
4. Implementation
Before any control measure can be put in place, an organisation must ensure
that a friendly environment for its implementation is created. This could be
through:
The development of good
attitude to the controls envisaged by
both management and employees.
Creation of a good organisational
structure i.e. having a good reporting
structure
Segregating of at least the following
function:
•Initiation of transaction
•Custody of the underlying asset
•Recording of transaction
5. Areas where Financial control can be applied
Financial control can be applied in virtually all aspect of any business. Some
examples are:
Bank account (Bank reconciliation statement preparation)
Sales
Purchases
Cash and cheques
Fixed Assets
Payroll – Salaries and wages
Stock , amongst others
6. Setting up controls
Sales: Accurate sales figures are important to correctly estimate stock and
revenue. You also want quick and reliable feedback of sales trends so you
can take action quickly to changing circumstances. Ensure you have written
procedures for cash, cheque and credit sales. Never ship goods out of your
business without an accompanying invoice.
• Check sales figures from their individual source – such as invoices
• If sales staff work on commission ensure that their sales figures are valid and
commissions are not paid until funds are received
• Reconcile sales register with takings and credit card receipts
• Make sure that goods are sent COD or with a tax invoice and obtain evidence
of delivery.
7. Setting up controls
Accounts receivable
Accounts receivable are an important asset of the business. Delays or failure to collect due
accounts can result in cash flow shortages and profit erosion.
• Ensure credit and collection policies are in writing
• Conduct credit checks on new credit customers
• Regularly age accounts and have an independent review of the report
• Ensure credit purchases are recorded as soon as the transaction occurs
• Separate the accounts receivable function and cash receipting
• Have transactions such as noncash credits and write off of bad debts cross checked
• Have a well documented and strict policy for the follow up of overdue accounts
• Review credit balances on a regular basis
• Have numerical or batch-processing controls over billing
• Ensure cross checking of early payment discounts and penalties on overdue accounts
• Ensure mailing of accounts cannot be tapered with
• Prepare trial balance of individual accounts receivable regularly
• Reconcile trial balances with general ledger control accounts.
8. Setting up Controls
Cash and bank accounts
Heavy cash businesses often fall victim to fraud or loss since cash is easy to
misappropriate, especially in a small business because controls are often weak.
• Never leave cheque books or blank cheques lying around
• Owners should review the cheques, cheque register, cash register totals and bank
statements regularly.
• Keep a tight rein on all cash, and balance tills daily or more regularly in businesses
handling lots of cash (such as clubs, news agencies or hotels)
• Have employees balance cash at the end of each shift if they are handing over to
another employee
• Reconcile bank accounts regularly
• Where possible, separate mail-opening from the writing of deposit slips, and banking
from bank statement reconciliation
• Separate responsibility for cash disbursement and purchases from the approval process
• Ensure the accountant does not forewarn staff before coming on the premises to
conduct an audit
• Don't reimburse petty cash or credit card receipts, ask for tax invoices only.
9. Setting up Controls
Find out more about your employees
When taking on a new employee, always take the
time to check out their employment record, ring the
referees and don't just rely on written references
• Check out any education credentials that are
essential to the operation of the business
• Undertake performance reviews with staff
• Ensure adequate training is provided
• Clearly outline responsibilities and expectations
• Keep lines of communication open with
employees
• Employee resentment increases, when the owner
enjoys success without passing it on to employees
• Be sensitive of employees hopes and expectations
• Don't misplace trust – one person in a small
business usually bears an inordinate amount of
financial responsibility. Review your office staff.
Payroll
Many payrolls, even small ones, are
now automated, so it is easier to
commit fraud or make mistakes if the
internal controls are not tight and
procedures are not set or followed.
• If an electronic payroll is used
ensure supervisors change their
password often
• Ensure passwords are not handed to
other staff members when the person
is on holiday or sick
• Ensure any payroll summaries are in
the same type face as the systems
printer to avoid possible fraud
• Review bank account deposits to
ensure that each pay goes to a
different bank account
• Where possible, segregate payroll
preparation, disbursement and
distribution functions
10. Summary
Controls
• Are needed to promote the efficient use of assets;
• Encompass the total business culture, structure and methods;
• Encourage positive behaviour;
• Protect staff and resources;
• Help promote the efficient use of the business's resources
• Communicate and educate
Valid controls have a positive and necessary place within a business and are
the responsibility of everyone.