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  • Essay / Local Public Financial Management - 951

    Local Public Financial ManagementLocal public financial management is a branch of economics that involves the collection of sufficient resources from the local and public sections of an economy or a particular country (Shah, 2007). The internal control of these resources is their effective and efficient management through their allocation to guarantee income acceptable to the population and the stability of local and public economies in a given city like Verdemont (Matthew, 2008). The local government of such a city should ensure that its internal control is effectively strengthened to ensure that the city's activities have effective approaches to administration and design, particularly with regard to projects financing in the city (Shah, 2007). This involves the manner in which revenue is generated, the allocation of the various resources collected and their appropriate expenditure of resources on the city to ensure the achievement of the financial goals already set. StatementTo design an internal control system for a city like Verdemont, several controls are necessary. activities that ensure an effective and efficient system. The control activities usually carried out must comply with internal control standards developed and managed by a main centralized authority mainly chosen by a legislative body (Chorafas, 2000). For any internal control system, we must have several highly effective control strategies (Shah, 2007). First and foremost, a good distribution of knowledge through training and skills management must be maximized to ensure orderly and efficient achievement of results by those involved. The use of electronic equipment will ensure good monitoring and tracking of all audit equipment. There should be a clear division of the example of authorities,......in the middle of the document......and a prioritization of the programs to be involved. Effective control of budgetary processes and good management of their resources should also be encouraged. In addition to encouraging these budgetary resources, their exercise should be strongly supported. These will ensure that the management of local public finances positively affects the city's internal controls, directly or indirectly. Emphasis is also placed on optimizing citizen resources, which makes the management of public and local finances very vital. Works Cited Chorafas, ND (2000). Reliable Financial Reporting and Internal Control: A Global Implementation Guide: New York: John Wiley Publishers. Matthew, L. (2008). Design high-performance risk control systems. Chicago: Gower Publishing Ltd. Shah, A. (2007). Management of local public finances. World Bank Editors: Washington.