What are the essential features of a financial control system?

A financial control system is an essential component of the overall management framework of an organization. It refers to the processes, procedures, and tools employed by an organization to manage, monitor, and control its financial resources effectively. The main purpose of a financial control system is to ensure that financial activities align with organizational goals, reduce wastage and fraud, and enable informed decision-making. It plays a crucial role in maintaining financial discipline and enhancing the overall efficiency and accountability within an organization. The essential features of a financial control system can be understood through the following points:

1. Budgeting and Planning:
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