Search Results for financial-transparency

Abstract

The purpose of this study is to look into how internal control and auditing procedures affect financial performance in state-owned firms.

The study focuses on the function of these technologies in increasing financial transparency, lowering financial risks, and optimizing resource allocation in public sector organizations. It also investigates the importance of internal audits in discovering errors and financial manipulation, as well as the obstacles associated with adopting these systems in the public sector. The primary premise of this study is that efficient implementation of internal control and auditing systems improves financial performance in state-owned firms by increasing transparency, lowering financial risks, and achieving better resource allocation. A descriptive analytical technique was utilized to collect qualitative and quantitative data from financial managers and internal auditors in state-owned firms using questionnaires and interviews. In addition, financial data and yearly reports were examined to identify the relationship between internal control and auditing systems and financial results. The research hypothesis was supported using statistical tools such as variance analysis and correlation analysis. One of the research's primary results is that effective use of internal control and auditing systems improves financial performance by increasing transparency, minimizing financial errors, and optimizing resource allocations. Furthermore, senior management's backing is vital to these systems' success. The research's crucial direction is to improve and develop internal control and auditing systems in state-owned firms by offering ongoing staff training and implementing new technologies to improve these systems' performance. Beyond that, complete support from top management should be ensured in order to assure the achievement of financial goals and the elimination of operational financial risks.

Abstract

This research aims to shed light on the concept of real-time financial reporting, the benefits of preparing such reports, and to demonstrate the concept and importance of financial reporting transparency. It also aims to identify the role of real-time financial reporting in improving the transparency of financial reporting. To achieve the research objectives, a questionnaire was distributed to a number of employees at the Baghdad Soft Drinks Company. The research reached several conclusions, including that real-time financial reporting represents a qualitative leap for entities seeking to maintain their competitiveness and flexibility in today's rapidly evolving environment. By providing immediate access to accurate financial data, these reports enable better decision-making, strengthen financial control, improve forecasting, increase transparency, and comply with regulations.