Question: please choose the right answer Financial controls for charities The main reason for having financial controls is to reduce the risk of error and fraud.

please choose the right answer

please choose the right answer Financial controls

Financial controls for charities The main reason for having financial controls is to reduce the risk of error and fraud. Errors are likely to result in a loss of money, because donors are more likely to give money to charities that they can trust. Once you have established your financial controls, they should be discussed and approved by the trustees. You need to ensure that you have the support of all trustees before implementing any new controls. Then, implement the financial controls noting who is responsible for each control. By making someone accountable for a financial control, it is more likely to be effective. Controls are only good if they are relevant; therefore, you need to ensure that you routinely review your controls to see if they are still effective. As things change, you need to think about making changes to your controls as your organization evolves. It can be hard to make changes to existing controls, but assessing why the controls are no longer valid and how new controls can help the organization will help you in putting the changes into place. Match the following with the correct answer: Choose... the control which can be done with the same stage of impact is called one types of control which can be established during the the intervals of risk (before, during, and after risk) is called Choose... the example is about Choose... the controls which can be establish before the occurrences of risk only is called Choose... - Please answer all parts of the question. Choose... corrective control the controls of opportunity risks Detective preventive

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