The Financial Management Controls and Practices Discussion
Sample Answer for The Financial Management Controls and Practices Discussion Included After Question
The Financial Management Controls and Practices Discussion
Description
Now that you have reviewed financial controls and the accounting issues and challenges that occur, please share your findings and opinions for the discussion. You often see news reports predicting the direction of the economy; the prediction is based upon one common internal control, the separation of responsibility for related duties about financial management practices.
Please review these two concepts and discuss the following questions.
How accurate are these predictions and how should a financial manager of a state agency apply them?
Why would separating responsibilities be an efficient or effective way to control money?
- What is the difference between “managing the financial system” and “using the financial system to manage the organization”?
- Which should a budget director of a nonprofit organization of a city or state agency spend more of his or her time on?
Financial Management Controls
This week, you will focus on internal management controls for these expenditures.
Controls for financial management have been developed over time. Whenever a significant financial fraud is discovered, new controls are implemented to prevent future occurrences. Financial management controls need to be updated constantly to handle fraud because crooks keep getting smarter and finding new ways to circumvent these controls.
The major reason for implementing financial controls is to help management in accomplishing the objectives of the organization. Internal controls influence the budget of an organization by establishing priorities and expending funds. Reports and computations are included to facilitate the auditing process. This week, you will review a case study and observe the process and controls involved in a government purchase.
FINANCIAL MANAGEMENT PRACTICES
The management of finances needs to include controls for how an entity is organizationally structured and the processes by which work is done. Internal controls are part of the whole package of management controls and relate mostly to finances.
FINANCIAL MANAGEMENT—AN EXAMPLE
Let’s take an example of what it would take the government to buy a flight simulator for a B-1 bomber for the U.S. Air Force.
Internal Audit
FINANCIAL MANAGEMENT—INTERNAL AUDIT
Besides the controls from senior managers in the department of Air Force and Defense, the president and Congress supervise and use the Government Accountability Office (GAO) to investigate the process of purchase. The purchase of the B-1 flight simulator is assigned to a program office in which the financial managers document and control all the funds related to the program. The execution of the budget is monitored to keep it within the limits set by Congress.
The program office managing the purchase of the B-1 simulator needs to maintain records and make calculations for the budget. Invoices, receipts, and inventories are some records maintained for auditors. The program tracks how well contractors are doing in earning the funds given to them. Management controls compute the projections to determine the final cost of the contract and prevent government expenditure in excess of the approved amount, preventing a violation of the Anti-Deficiency Act (ADA).
Although the system is far from perfect, the result is that the war fighters are supported, pilots get the equipment they need, and the military operates within the budget given to it.
A Sample Answer For the Assignment: The Financial Management Controls and Practices Discussion
Title: The Financial Management Controls and Practices Discussion
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Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own?
Visit the Writing Center in the Student Success Center, under the Resources tab in LoudCloud for tips on improving your paper and SI score.
Late Policy
The university’s policy on late assignments is 10% penalty PER DAY LATE. This also applies to late DQ replies.
Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances.
If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect.
I do not accept assignments that are two or more weeks late unless we have worked out an extension.
As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.
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Communication
Communication is so very important. There are multiple ways to communicate with me:
Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class.
Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.
Important information for writing discussion questions and participation
Welcome to class
Hello class and welcome to the class and I will be your instructor for this course. This is a -week course and requires a lot of time commitment, organization, and a high level of dedication. Please use the class syllabus to guide you through all the assignments required for the course. I have also attached the classroom policies to this announcement to know your expectations for this course. Please review this document carefully and ask me any questions if you do. You could email me at any time or send me a message via the “message” icon in halo if you need to contact me. I check my email regularly, so you should get a response within 24 hours. If you have not heard from me within 24 hours and need to contact me urgently, please send a follow up text to
I strongly encourage that you do not wait until the very last minute to complete your assignments. Your assignments in weeks 4 and 5 require early planning as you would need to present a teaching plan and interview a community health provider. I advise you look at the requirements for these assignments at the beginning of the course and plan accordingly. I have posted the YouTube link that explains all the class assignments in detail. It is required that you watch this 32-minute video as the assignments from week 3 through 5 require that you follow the instructions to the letter to succeed. Failure to complete these assignments according to instructions might lead to a zero. After watching the video, please schedule a one-on-one with me to discuss your topic for your project by the second week of class. Use this link to schedule a 15-minute session. Please, call me at the time of your appointment on my number. Please note that I will NOT call you.
Please, be advised I do NOT accept any assignments by email. If you are having technical issues with uploading an assignment, contact the technical department and inform me of the issue. If you have any issues that would prevent you from getting your assignments to me by the deadline, please inform me to request a possible extension. Note that working fulltime or overtime is no excuse for late assignments. There is a 5%-point deduction for every day your assignment is late. This only applies to approved extensions. Late assignments will not be accepted.
If you think you would be needing accommodations due to any reasons, please contact the appropriate department to request accommodations.
Plagiarism is highly prohibited. Please ensure you are citing your sources correctly using APA 7th edition. All assignments including discussion posts should be formatted in APA with the appropriate spacing, font, margin, and indents. Any papers not well formatted would be returned back to you, hence, I advise you review APA formatting style. I have attached a sample paper in APA format and will also post sample discussion responses in subsequent announcements.
Your initial discussion post should be a minimum of 200 words and response posts should be a minimum of 150 words. Be advised that I grade based on quality and not necessarily the number of words you post. A minimum of TWO references should be used for your initial post. For your response post, you do not need references as personal experiences would count as response posts. If you however cite anything from the literature for your response post, it is required that you cite your reference. You should include a minimum of THREE references for papers in this course. Please note that references should be no more than 5 years old except recommended as a resource for the class. Furthermore, for each discussion board question, you need ONE initial substantive response and TWO substantive responses to either your classmates or your instructor for a total of THREE responses. There are TWO discussion questions each week, hence, you need a total minimum of SIX discussion posts for each week. I usually post a discussion question each week. You could also respond to these as it would count towards your required SIX discussion posts for the week.
I understand this is a lot of information to cover in 5 weeks, however, the Bible says in Philippians 4:13 that we can do all things through Christ that strengthens us. Even in times like this, we are encouraged by God’s word that we have that ability in us to succeed with His strength. I pray that each and every one of you receives strength for this course and life generally as we navigate through this pandemic that is shaking our world today. Relax and enjoy the course!
Hi Class,
Please read through the following information on writing a Discussion question response and participation posts.
Contact me if you have any questions.
Important information on Writing a Discussion Question
- Your response needs to be a minimum of 150 words (not including your list of references)
- There needs to be at least TWO references with ONE being a peer reviewed professional journal article.
- Include in-text citations in your response
- Do not include quotes—instead summarize and paraphrase the information
- Follow APA-7th edition
- Points will be deducted if the above is not followed
Participation –replies to your classmates or instructor
- A minimum of 6 responses per week, on at least 3 days of the week.
- Each response needs at least ONE reference with citations—best if it is a peer reviewed journal article
- Each response needs to be at least 75 words in length (does not include your list of references)
- Responses need to be substantive by bringing information to the discussion or further enhance the discussion. Responses of “I agree” or “great post” does not count for the word count.
- Follow APA 7th edition
- Points will be deducted if the above is not followed
- Remember to use and follow APA-7th edition for all weekly assignments, discussion questions, and participation points.
- Here are some helpful links
- Student paper example
- Citing Sources
- The Writing Center is a great resource