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An explicit statement of responsibility for internal controls and amp ICOFR must be in the performance agreements of commanders managers and amp ICAs responsible for the executionoversight of effectiv?
An explicit statement of responsibility for internal controls and Internal Control over Financial Reporting (ICOFR) should be included in the performance agreements of commanders, managers, and Internal Control Assessors (ICAs). This ensures accountability for the effective execution and oversight of internal controls within their respective areas. By embedding these responsibilities in performance agreements, organizations reinforce the importance of compliance and enhance the overall integrity of their financial reporting processes. This approach fosters a culture of responsibility and transparency in managing internal controls.
Managers basic responsibility?
The basic responsibility of managers is to ensure that their respective departments are working properly. Managers will be responsible for the running of the organization.
Is it true that an explicit statement of responsibility for internal controls and amp ICOFR must be in the performance agreements of commanders managers and amp ICAs responsible for the executionovers?
Yes, it is true that explicit statements of responsibility for internal controls and Internal Control over Financial Reporting (ICOFR) should be included in the performance agreements of commanders, managers, and Internal Control Assessors (ICAs). This ensures accountability and clarity regarding their roles in maintaining effective internal controls. Having these responsibilities outlined in performance agreements helps reinforce the importance of compliance and oversight within the organization.
What conditions are necessary for responsibility accounting to be used effectively?
For responsibility accounting to be effective, organizations must establish clearly defined responsibility centers, such as departments or divisions, where managers are accountable for specific financial outcomes. Additionally, accurate and timely financial reporting is essential to provide managers with the necessary data to make informed decisions. Furthermore, there should be a culture of accountability that encourages managers to take ownership of their performance and align their goals with the organization's objectives. Lastly, appropriate performance measures must be used to evaluate the effectiveness of each responsibility center.
What are some reasons that a managers most basic responsibility is to focus people on the activities to achieve desired outcomes?
manager are appointed to run the organization and achived the targets.
What is a basic cost statement?
A basic cost statement includes materials, labor and overhead expenses needed for a project. Its purpose is to help managers and owners track how much money is spent on certain activities.
Why budget is prepared?
Budget helps to aid the planning of actual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by compelling managers to examine relationships between their own operation and those of other departments. Other essentials of budget include:To control resourcesTo communicate plans to various responsibility center managers.To motivate managers to strive to achieve budget goals.To evaluate the performance of managersTo provide visibility into the company's performance
What does corporate responsibility and ethics mean?
Corporate responsibility and ethics refers to how managers behave on behalf of the organization. When managers aren't transparent about financials, they aren't acting ethically.
What is the importance of financial statement to the managers?
to make a decision
How do firms assure managers act in best interest of stockholders?
Firms align managers' interests with those of stockholders through various mechanisms, such as performance-based compensation, which includes bonuses and stock options tied to the company's financial performance. Additionally, corporate governance practices, such as the establishment of independent boards and regular performance evaluations, help ensure accountability. Furthermore, transparency in reporting and shareholder engagement can also encourage managers to prioritize stockholder interests. These strategies collectively foster a culture of responsibility and alignment within the organization.
The financial management board fmb and the financial working group fwg implement a quarterly phased plan that allows the fma office to distribute funds to?
responsibility center managers, who in turn, distribute the funds to cost center managers.
Resource Advisors are normally appointed by Responsibility Center Managers?
True
