Posted in Finance, Accounting and Economics Terms, Total Reads: 597
Definition: Financial Control
Control of financial activities carried out in an organization to achieve desired objectives. Financial control also provides a set of rules and regulations with regard to the financial management systems followed in an organization. All organizations have financial controls to ensure effective financial management. Most organizations have financial controls to ensure that everyone is aware of procedures to be followed and to ensure that there is better understanding of each one’s responsibility.
Some of the key aspects of financial control include: