Wealth Example

Wealth Example Wealth – Coursework Example Wealth and local cash management controls that are in place in North Carolina In the of North Carolina, there is a policy that all agencies, departments, bureaus, institutions, commissions, boards and state officers whether they are subject to the Act governing state budget or not, have to device procedures and techniques for the receipt, disbursement and deposit of all money coming to their custody. These are money meant to maximize interest bearing cash investments and to minimize nonproductive and idle cash balances (Office of the State Controller, North Carolina, 2009). For each financial year, the state treasure is required to publish a quarterly report on all state funds in their custody control, indicating investments of cash balances, cash balances at hand, and a comparative analysis of the investment and earnings performances. When making disbursements, it is a requirement that the cash management plan for the state shall make some minimum provisions before releasing any mo ney. These include provision that money deposited with North Carolina’s treasurer remain on deposit with them until the ultimate payee receives the final disbursement. It also provides that billings to the state for services rendered or goods received shall be paid on due date or discount date and not nearly rely or late. Staffs of various departments, bureaus. Commissions, institutions, boards and agencies prepare than distribute annual cash updates to the Audit Manual for state auditors. This serves as a resource for the local government’s independent auditors. They give illustrative financial statements for counties, local educational boards, municipalities and other entities (Office of the State Controller, North Carolina, 2009). Personally, I do believe these controls are necessary. This is because they regulate how money is disbursed increases accountability. The submission of billings for services or goods on due date or discount date minimizes the chances of f alse claims. ReferenceOffice of the State Controller, North Carolina. (2009). Cash management. Retrieved 1st August, 2011. ncosc.net/.../cash_management/state.