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Chapter 10 Assessment of the Financial I... > Financial Authority and Responsibili...

FINANCIAL AUTHORITY AND RESPONSIBILITY

Financial authority needs to be clearly defined and controlled. The authority and limitation of each manager to make financial commitments need to be published as a policy by the senior financial officer, and individual managers need to be given written notification, informing them about the limits of their financial signature authority and authorizing them to spend within these limits. Does each manager have a defined and documented level of financial signature authority?

All businesses need to identify an individual as its senior financial officer. This may be a chief financial officer (CFO), or it may be another officer, such as the president, who holds this responsibility. Who is the senior financial officer of the business?


  

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