Financial oversight refers to the process of monitoring and managing an organization’s financial activities to ensure accuracy, compliance, and efficiency. This includes the review of financial statements, budgets, and audits to assess the financial health of the organization. It involves establishing policies and procedures for financial management, ensuring accountability in financial reporting, and safeguarding assets. Financial oversight is typically carried out by boards, audit committees, or specific oversight bodies that evaluate financial practices, mitigate risks, and ensure adherence to laws and regulations. The goal of financial oversight is to promote transparency, prevent fraud, and facilitate sound financial decision-making within an organization.
Ehime Prefecture's police force uncovered unpaid NHK broadcast fees amounting to 6.44 million yen across 38 undercover vehicles. This oversight was revealed during an audit triggered by reports of fee…