Financial managers are responsible for the financial health of an organization. Generally speaking, public financial management activities are supposed to be properly managed and reported through adequate budget processes, which means that such activities are subject to scrutiny and controls as operations included in the budget.
The 1971 Bolton report on small firms outlined issues underlying the concept of ‘finance gap’ (this has two components-knowledge gap-debt is restricted due to lack of awareness of appropriate sources, advantages and disadvantages of finance; and supply gap-unavailability of funds or cost of debt to small enterprises exceeds the cost of debt for larger enterprises.) that: there are a set of difficulties which face a small company.
The findings revealed that guidelines are not strictly adhered to when carrying out development planning with regard to ensuring judicious use of public financial resources in local governments of Bayelsa state Though the study revealed that the performance of public financial management in local government administrations is to a moderate extent, the management of financial activities still require rapt attention.
Therefore, contemporary internal control is a management tool to ensure that an institution’s leadership is functioning in accordance with stated policies and procedures; delivering services efficiently and effectively; protecting assets and properties from improper use; keeping timely and precise accounts; and producing fiscal and no fiscal information accurately.
Aimed at helping organizations improve agility, build business value, and reduce costs, KPMG’s member firm professionals provide a time-tested approach to metrics, controls, risk management contracts and pricing to determine how a shared services model can help advance and grow the business.