About Financial Control
Financial controls are the procedures, policies, and means by which an organization monitors and controls the direction, allocation, and usage of its financial resources. Financial controls are at the very core of resource management and operational efficiency in any organization.
Financial control may be construed as the analysis of a company's actual results, approached from different perspectives at different times, compared to its short, medium and long-term objectives and business plans.
Why is Financial Control important?
Financial controls play an important role in ensuring the accuracy of reporting, eliminating fraud and protecting the organization's resources, both physical and intangible. These internal control procedures reduce process variation, leading to more predictable outcomes.
The benefits of financial control are
• Economic Use of Resources
• Maintenance of Adequate Capital
• Maximization of Profit
• Survival of Business
• Reduction in Cost of Capital
• Fair Dividend Payment
• Strengthening Liquidity
• Checking that everything is running on the Right Lines
• Detecting Errors or Areas for Improvement
• Increase in Goodwill
• Increasing Confidence of Suppliers of Funds
• Financial Discipline
• Coordination of Activities
• Ensuring Fair Return
• Reduction in Wastages
• Creditworthiness
• Setting the Standard
• Measurement of Actual Performance
• Comparing Actual Performance with Standard
• Finding Out Reasons for Deviations
• Taking Remedial Measures
Who should take the Financial Control Exam?
• Finance professionals
• Auditors
• Compliance Staff
• Entrepreneurs
• Innovators
• Anyone who wants to assess their finance skills
• Finance managers and senior executives
• Financial consultants
• Professionals working in outsourced companies responsible for finance
• Any professional with skills and knowledge on finance
• Anyone interested in finance
• Students
Knowledge and Skills required for the Financial Control
Critical thinking and good communication skills helps candidate to gain quick success for career in financial control.
Financial Control Practice Exam Objectives
Financial Control exam focuses on assessing your skills and knowledge in forex, capital analysis and cash management.
Financial Control Practice Exam Pre-requisite
There are no prerequisites for the Financial Control exam. Candidates who are well versed in budgeting can easily clear the exam.
Financial Control Certification Course Outline
1. Financial Statements
1.1 Comparative Statement
1.2 Common Size Statement
1.3 Trend Analysis
1.4 Ratio Analysis
2. Cash Flow
2.1 Fund Flow Statement
2.2 Cash Flow Statement
3. Fixed Capital Analysis
3.1 Capital Budgeting
3.2 Evaluations Techniques of Projects
4. Capital Structure and Dividend Policy
4.1 Leverage Analysis
4.2 Capital Structure
4.3 Cost of Capital
4.4 Dividend Policy
5. Working Capital Analysis
5.1 Working Capital
5.2 Receivables Management
6. Inventory Management
6.1 Introduction to Inventory Management
6.2 Tools and Techniques of Inventory Management
7. Cash Management Analysis
7.1 Cash Management
7.2 Cash Management Models
8. Foreign Exchange Orientation
8.1 International Finance
8.2 Managing of Foreign Exchange Risk
8.3 Raising Foreign Currency Finance
9. Commodity Exchange
9.1 Commodities Exchange Basics
9.2 History
9.3 Commodity Market in India
9.4 Commodity Exchange Structure
9.5 Regulatory Framework
10. Financial Risk Management
10.1 Financial Risk Basics
10.2 Financial Risk Types
10.3 Components of Risk
10.4 Financial Risk Management
10.5 Financial Risk Identification
10.6 Statistical Tools
10.7 Capital Asset Pricing Model (CAPM)
11. Financial Controls
11.1 Control environment
11.2 Control classification
11.3 Financial audit
Exam Format and Information
Certification name – Financial Control Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees - INR 1199
100% Pass Guarantee
We have built the Practice Exams with a 100% unconditional Test Pass Guarantee! If you are unable to clear the exam, you can request a full refund guaranteed.(Based on 711 reviews)
This was key for mastering Internal Controls and SOX compliance. The questions on segregation of duties and financial statement reconciliation were incredibly helpful for my audit prep.
Great coverage of working capital management and cash flow forecasting. I feel much more comfortable analyzing balance sheets and detecting financial irregularities now.
I loved the focus on budgetary control and variance analysis. The scenarios regarding operational risk and the COSO framework were spot-on for the official certification requirements.
