Ensuring financial reports accuracy
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Can someone please provide some assistance with a question. Its for an MBA course. It needs to be between 350 and 450 words or so. If you are the CEO and you are not strong in accounting experience, how do you guarantee that the financial information you need to report to the board is complete, accurate and timely? If financial management is foreign to you and you lack experience in this subject, how do you ensure financial leadership is available to the organization? Please include a question for your peers. Thank you so much in advance for all your help!
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Solution Summary
Some ways to ensure that financial information is accurate.
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The head of the organization should have at least some training in the area of financial management. If not, then the first step it to get the proper training. Other methods of providing transparency and management of finances can include hiring personnel with financial backgrounds or a firm understanding of financial issues. An explicitly written financial methods policy, including checks and balances needed to ensure financial clarity and safeguards, is necessary.
Having a regular review by an accountant can help as well, but the most important ways to ensure financial ...
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