What are the specefic control procedures of benchmarking, Financial Management

Assignment Help:

What are the specefic control procedures of benchmarking

Specific control procedures must be in place which include:

O Organisational structure (clear lines of responsibility and authority)

A Authorisation (approval of transactions or limits)

P Personnel (recruitment of trustworthy individuals and the right training)

S Supervision (discourages fraud and improves quality data entry when the work is complex)

P Physical (physical barriers to prevent theft)

A Accounting (reconciliation's, trial balances and input controls)

S Segregation of duties (separate responsibilities between those that record, process and initiate, such as the receipt, recording and banking of cash)

M Management (internal audit, regular review of management accounts and exception reporting)

 


Related Discussions:- What are the specefic control procedures of benchmarking

Traditional approach of financial management, Q. Traditional Approach of Fi...

Q. Traditional Approach of Financial Management? Traditional Approach: - Under this schema the role of financial management was limited to the procurement of funds on suitable

Determining optimum liquid balance, Q. Determining Optimum Liquid Balance? ...

Q. Determining Optimum Liquid Balance? Liquid balance (balance of cash and marketable securities) must be maintained at the optimum level. It is the level which gives the minim

What do you signify by risk analysis in capital budgeting, Q. What do you s...

Q. What do you signify by Risk Analysis in Capital Budgeting? Risk Analysis: - Risk in an investment demotes to the variability that is likely to observe between the estimated

Determine the wealth maximisation decision criterion, Wealth Maximisation D...

Wealth Maximisation Decision Criterion This is also called as value maximisation or net present worth maximisation. Presently academic literature value maximisation is almost u

Revenue recognition or realisation, Revenue Recognition or Realisation ...

Revenue Recognition or Realisation The resources of business are utilized to earn revenue through sale of goods or rendering of services.The American Accounting Association d

Pre-requisites for effective budgetary control system, ORGANISATION FOR BUD...

ORGANISATION FOR BUDGETARY CONTROL (or) PRE-REQUISITES FOR THE INTRODUCTION OF AN EFFECTIVE BUDGETARY CONTROL SYSTEM 1.   BUDGET CENTRE:  It is a section of the organization

State the cash flow from investing activities, Cash flow from investing act...

Cash flow from investing activities The items included in this heading are: Cash payments Cash receipts Acquiring proper

What is percentage of sales method, Q. What is Percentage of Sales Method? ...

Q. What is Percentage of Sales Method? Percentage of Sales Method: - Under this process certain key ratios based on past year's information are established. These ratios is abl

Current yields for treasury bond, ACT presently is all-equity financed. Thi...

ACT presently is all-equity financed. This reflects the stance of the former CEO, a dominant personality who stated repeatedly: "I don't want us to be in thrall to the demands of t

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd