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theoritical letratur about internal control system
Case study on internal control system
theoritical letratur about internal control system
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Local Public Financial Management
The local public financial management is a branch of economics that involves the collection of sufficient resources from the local and public sections in a particular economies or country (Shah, 2007). The internal control of these resources is their effective and efficient management through their allocation to ensure acceptable incomes by the people and stability of the local and public economies in a given city like Verdemont (Matthew, 2008). The local government of such city should ensure its internal control is effectively enhanced to ensure the cities activities have effective administration and design approaches especially on finance projects in the city (Shah, 2007). This involves the how incomes are generated, the allocation of the various resources collected and their appropriate expenditure of the resources on the city to ensure achievement of already set financial goals.
Statement
On designing an internal control system for a City like Verdemont, one needs several control activities that ensure an effective and efficient system. The control activities usually made should abide to internal control standards developed and managed by a main centralized authority mainly chosen by a legislative body (Chorafas, 2000). For any internal control system, we should have several control strategies that are very effective (Shah, 2007). First and for most, a good split knowledge through trainings and management of skills should be maximized to ensure orderly and effective achievement of results by the concerned people. The usage of electronically enabled equipments will ensure good monitoring and follow up of all the auditing equipments. There should be clear division of authorities’ example,...
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...and prioritization of the programs to be involved. Also the efficient control of budgetary processes should be encouraged plus a good management of their resources. Apart from the encouragement of these budgetary resources, their exercising should be highly backed up. These will ensure the local public financial management positively affects the internal controls of the city either directly or indirectly. Also emphasis on the citizen’s value for money is done hence making public and local finance management very vital.
Works Cited
Chorafas, N. D. (2000). Reliable financial reporting and internal control: a global implementation guide: New York: John Wiley Publishers.
Matthew, L. (2008). Designing High - Performance Risk Control Systems. Chicago: Gower Publishing Ltd.
Shah, A. (2007). Local public financial management. The World Bank Publishers: Washington.
At the beginning of the 20th century, government budgeting was a decentralized process more conducive to the small government ideals at that time. The executive branch was less involved in the process and less influential in terms of funding decisions. There were no definitive procedures and no real central authority. The submission process was informal and chaotic. Each agency subm...
Due to the use of the company’s annual report for users to make decisions, ensuring that the financial reports convince the objective of general purpose financial reporting and qualitative characteristics of useful financial information as outlined in the IASB September 2010 ‘Conceptual Framework for Financial Reporting’ (CF) have become extremely important. Such failure of disclosures can mislead information on the company’s financial statements.
Tiny Town is a small, yet ambitious city. With the financial capital to implement a number of improvement projects throughout the city, there are a couple of things to consider prior to implementing such plans. Through the use of a capital improvement plan, Tiny Town will be able to development economically while providing needed services.
While pursuing a master’s degree I explored the basic principles, logic and processes of public budgeting in understanding the allocation resources. Furthermore, through my studies, I learned to use economic tools such as an economic cost and benefit analysis and an evaluation matrix to develop and evaluate public policy respectively.
...ulating corporate reporting. a critical review of arguments. ‘Accounting and Business Research’, Vol. 40. , pp. 275-77.
"Treasury Reporting Best Practice Guide." The Corporate Treasurer. N.p., n.d. Web. 06 Feb. 2014. .
The current wave of economic revitalization resonates as a wake-up call for governments to come up with appropriate policies and apply them in both private and public administration to be at par with global competition from countries that they have historically shared favorable trade relations. As a result of this awareness, public sectors in these nations have continued to experience periodic policy reforms all aimed at increasing efficiency in the use of public resources as well as reducing prodigality. This paper addresses some of the strategies used in management of public administration that could have potential lingering effects on normal public service activities.
The issue, which I have chosen to investigate, is the allocation of resources, which are primarily money, by a local authority, namely the City of Westminster Council. The reason why this allocation of resources has become an economic problem is because money is a finite resource, so therefore there is scarcity and the council have to make choices as to how to allocate the resources they have been given. This type of resource allocation is different to that faced by a private company as they have the opportunity to expand and increase their resources, whereas local authorities often do not have the ability to increase their resources overall, rather than deflecting resources from one need to another.
This essay discusses the radical transformation of the principles and foundations of public administration from traditional to New Public Management. Firstly the essay will attempt to define the key terms of traditional public administration and the doctrine of New Public Management. Rabin J. (2003) explains that New Public Management embodies “a process in public administration that uses information and experiences obtained in business management and other disciplines to improve efficiency, usefulness and general operation of public services in contemporary bureaucracies.“Traditional Public Administration progresses from governmental contributions, with services perceived by the bureaucracy.
Public Administration involves the development, implementation and management of policies for the attainment of set goals and objectives that will be to the benefit of the general public. Since Public Administration involves taking decisions that affect the use of public resources there is often the question of how to utilize public resources for maximum public good. The National Association of Public Administration has identified four pillars of public administration: economy, efficiency, effectiveness and social equity. These pillars are equally important in the practice of public administration and to its success. This paper seeks to explain the role of each of the pillars in the practice of public administration.
...et is important for the realization of public sector reform under the New Public Management ethos. Meanwhile, in the same time, local governments in Indonesia still experiencing a number of challenges regarding to the implementation of public assets management. There are three main aspects that obstruct the effective public asset management. They are include traditional perception in managing municipal assets, lack of government control, and the limitation of human resources who have adequate skills to manage public assets. This problems would affect the local governments’ financial statement audit report and hence influencing the audit opinion. It is recommended that the government either in central or local units to learn from other countries which have been successfully applied a number of strategies to support the implementation of public sector asset management.
“Public administration is the management of affairs of the government at all levels-national, state, and local. It is the branch of the wide field of administration” (Basu, 2004 p. 3). There are many scopes and areas of focus that public administration overlaps and are involved in. The areas that public administration is prominent in are politics, managerial, and judicial structures. Public administration plays a significant role in the impact of decisions that are made in politics. Quite often it is those decisions that influence operation and management of various structures. In managerial functions public administration plays an integral position in managing projects that focus on strategic development, public policies,
Public procurement also has an important impact on micro and macroeconomic aspects of the national economy and public finances. Proper public procurement system provides important end results, such as: a) ‘better value for money’ for the contracting authorities who thus create a climate of greater volume and better quality public services, b) a healthier public finances, which contributes to the quality of public provision of financial services, c) promotion of the preconditions for economic growth through the creation of a competitive public procurement markets and d) improvement of accountability for the use of public funds in particular through the promotion of the ability of contracting authorities for the quality implementation public procurement procedures (Mujevic, 2012, pp.
Despite criticism about its ineffectiveness, bureaucracy is necessary in the society to enforce order and organization in the delivery of services and interactions between the state and citizens, especially considering the national scale of government and its service for a multitude of citizens. The reforms aimed at rectifying the political circumstances that had facilitated the prevalence of financial crises, corruption, and various inefficiencies in the delivery of public services. Introduction of a market-oriented model of public administration focusing on efficiency, public expenditure control (mainly through shrinking the government), and treatment of citizens as clients in the delivery of public service suited the evolving circumstances. Rather than an end in itself, the regime of bureaucratic reforms was a means to ascertain desired quality and standards in public service delivery. It represented a phase in the continuous objective of public administration to achieve and maintain high quality in public service
Moreover, financial management and practices play critical roles in the financial success of a business or of any individual. Therefore, any person or organization should consider financial management a key component of the general management of one’s future life (Benjamin. 2005).