The Financial Management Responsibility Procedure outlines methods for ensuring that the responsibility, authority and interrelation of all personnel who manage, perform, and verify work affect quality is defined. The procedure also explains how to review the management system to ensure continuing suitability and effectiveness. It applies to Top Management and all managers involved with the financial management system. (8 pages, 1524 words)
Financial Management Responsibilities:
Top Management is responsible for implementation of this procedure and, ultimately, for the entire financial management system.
Financial Management, as part of the Management Team, is responsible for supporting Top Management in implementing this procedure.
The CFO (Chief Financial Officer) is responsible for ensuring that processes needed for the financial management system are established, implemented, and maintained. The CFO is also responsible for reporting to the CEO and Board of Directors (or Advisory Board) on the performance of the financial management system and reporting any need for its improvement.
Financial Management Responsibility Procedure Activities
- Management Commitment to the Financial Management System
- Financial Policy
- Financial Objectives-Planning
- Responsibilities, Authority, and Communication
- Management Review
Financial Management Responsibility Procedure Forms