Controller and Rules and Operational Standards (Essay Sample)
This essay is about the major responsibilities of the controller and internal control policies and procedures for Accounting operational standards.
Please be very detailed with explaining in the job functions/responsibility of the controller and the internal control policies and procedures
The breakdown of the essay is:
The Body will be: the controller's job functions and the major responsibilities and then the internal control policies and procedures for Accounting operational standards.
Use the follow links for the information:
And any other applicable sources:
The Institute of Internal Auditors www(dot)theiia(dot)org
American Institute of Certified Public Accountants www(dot)aicpa(dot)org
Controller and Rules and Operational Standards
Controller and Rules and Operational Standards
The duties and responsibilities of the financial controller have changed significantly over the last few years. Most of the challenges that financial controllers face have been fuelled by the transforming regulatory climate as well as budget and resource constraints and plans for corporate expansion. With the change in priorities, financial controllers have found themselves conducting the duties that were traditionally designed for the chief finance officer (CFO) (Stanton, 2014). This paper examines the current role of the financial controller as well as the internal control policies and procedures for accounting operational standards.
Apart from just delivering the usual monthly reports and ensuring that there are rigorous controls, financial controllers are called upon to make more contributions in to the organizational practices. One of the things that the financial controller is being called to do is to get involved in the organization’s hiring process (Paramore, 2013). Instead of leaving the duty of locating good talent to the human resource department, the financial controller is supposed to ensure that they add value to the organization by helping the organization to invest in highly capable people who have inside knowledge about the business and can offer the chief executive with the information that is ideal to manage the business (Leung, 2013).
The other modern role of the financial controller is to ensure that there is improved reporting. Despite the changing roles, management reporting still remains the foundation on which the financial controller’s role is founded since it is essential to the interface of finance and the business. Despite this importance, internal management reporting is not considered as one of the more successful areas of the finance functions. Given the importance that internal reporting is to the organization’s success, the financial controller is supposed to ensure that management reporting is strongly linked to business strategy. Instead of just relying on a one-size-fits-all reporting tool, the financial controller must come up with the ideal measures and reporting format for the business. This means that the controller has to liaise with all the departments in the organization and even outside to come up with ideas on the areas that they can improve for better reporting (Desroches, & Lawson, 2014).
The other function of the financial controller is to ensure that there is accuracy and reliability in the reporting process. Although the management can do a lot in ensuring that the business enterprise is well serviced, the controller is still supposed to ensure that the numbers are robust. This is especially the case considering that many organizations are operating on tight budgets. Despite this, the organization still has to contend with numerous regulations and the controller is left with the pressure to enhance efficiency and effectiveness. Most of the pressure is brought in by the strict accounting rules that have been set up by the IFRS. Together with performing these new roles, controllers are still expected to perform their traditional roles of ensuring compliance as well as ensuring that all the organizational transactions are done in a timely manner (Accounting Tools, 2015).
Accounting and Internal Control Procedures
Internal controls are integral in any business entity. Most of the pro...
YOU MAY ALSO LIKE
- Women rights Essays
- Modest proposal Essays
- Domestic violence Essays
- The story of an hour Essays
- Hamlet Essays
- Social networking Essays
- A good man is hard to find Essays
- Illegal immigration Essays
- Civil rights movement Essays
- Poetry analysis Essays
- Racial discrimination Essays
- Sociological imagination Essays
- Feminist Essays
- Industrial revolution Essays
- Culture Essays
- Drunk driving Essays
- Accounting: Capital BudgetingDescription: Examine the structure and activities in your organization and identify two projects or events that required an investment...2 pages/≈550 words | 3 Sources | APA | Accounting, Finance, SPSS | Essay |
- Capital Budgeting Funding SourcesDescription: In this case the cost of capital is the finance rate at 5% and the reinvestment rate is arbitrary also assumed to be 5%...3 pages/≈825 words | 3 Sources | APA | Accounting, Finance, SPSS | Essay |
- Capital Asset Pricing ModelDescription: Forward-looking investors always know that elimination of risk is impossible regardless of the efforts to diversify their investments...1 page/≈275 words | 3 Sources | APA | Accounting, Finance, SPSS | Essay |