What is required for effective financial management in the Commission?

Effective financial management in the Commission relies heavily on regular audits and assessments. This practice is crucial because it ensures that financial activities are being monitored and evaluated consistently. Regular audits provide an objective analysis of financial performance, identify discrepancies, and highlight areas where improvements can be made. They also ensure compliance with relevant laws and regulations, enhancing accountability and transparency within the organization's financial practices. By conducting audits and assessments regularly, the Commission can safeguard its financial resources, improve budgeting accuracy, and instill confidence among stakeholders regarding its financial integrity. Thus, regular audits and assessments are foundational for sound financial management practices.