Once a new venture establishes good financial controls, the next step is to _____________ them.

Question

Quizplus · Accepted Answer

Once good financial controls are established in a new venture, the next step is to reinforce them. This ensures that the financial controls are being followed consistently and that the business is operating in a financially responsible manner. Ignoring or easing up on financial controls can lead to problems down the line. Revision may be necessary if changes in the business impact the effectiveness of the financial controls, but reinforcement should always be a priority. Letting employees be responsible for financial controls may be appropriate in some cases, but ultimately it is the responsibility of the business owner or management team to ensure that financial controls are in place and functioning effectively.

Once a New Venture Establishes Good Financial Controls, the Next