financial controls

Financial controls are processes and procedures that organizations use to manage their finances effectively and ensure accuracy in financial reporting. They include budgeting, tracking expenses, reviewing financial statements, and setting up safeguards against fraud. By implementing financial controls, a business can safeguard its assets, ensure compliance with laws and regulations, and make informed financial decisions. Essentially, these controls help organizations maintain financial health, accountability, and transparency, ensuring that resources are used efficiently and that financial information is reliable for stakeholders.