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Pub 04 Mid Term

In: Business and Management

Submitted By killabee
Words 909
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PUB 04 , AL Public Budgeting and Finance
Mid-term Exam
Brandon Alford
4
Discuss the financial controls within governmental agencies, communication of the budgetary process as well as maintaining budget compliance?
Local government implements budgets with the common purpose of any financially sound business; to plan and forecast how revenues will be managed. However, local government budget standards are fundamentally different from the common public business enterprises in several important ways. They have different purposes, processes of generating revenues, stakeholders, budgetary obligations, and propensity for longevity.
These differences require more stringent audit and financial reporting in order to provide information to meet the same legal and political compliance requirements used to assess government accountability and to make political, social, and economic decisions.
Being subject to the constant scrutiny of the public eye is a difficult objective as both, the accomplishments and the mistakes are visible in order to reflect a transparent posture.
Nowadays, with the internet, dissemination is a very effective and effortless task.
Releasable documents, as more are, become available almost as soon as they are generated.
That said, keep in mind that human error, natural disasters, terrorism and other inevitable events may happen and a local government’s efforts and goals to remain in compliance can be destroyed overnight. To mitigate these probabilities of derailment, budgets are

implemented with financial controls. Financial controls provide early indicators of potential problems and are basically a constant monitoring tool for the financial health of local government when adhered to.
There are three levels of financial controls: budget implementation, accounting and reporting. I personally feel that accountability is the most...

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