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Questions and Answers
What should be included in reporting to promote greater accountability across management levels?
What should be included in reporting to promote greater accountability across management levels?
- Detailed information on performance indicators
- Explanations and action plans for outlier variances (correct)
- High-level indicators of performance
- Notifications to proactively notify users
What should be provided by dashboards and reports to indicate performance?
What should be provided by dashboards and reports to indicate performance?
- Detailed information on performance indicators
- Explanations and action plans for outlier variances
- High-level indicators of performance (correct)
- Notifications to proactively notify users
What should be included in reports for managers?
What should be included in reports for managers?
- Detailed information on performance indicators (correct)
- Explanations and action plans for outlier variances
- High-level indicators of performance
- Notifications to proactively notify users
What should managers understand and offer commentary on in reporting?
What should managers understand and offer commentary on in reporting?
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What should be promoted with management and executives in reporting?
What should be promoted with management and executives in reporting?
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Study Notes
- Reporting should include explanations or action plans for outlier variances.
- This promotes greater accountability across management levels.
- Reports should be tailored to each level of the organization.
- Dashboards and reports should provide high-level indicators of performance.
- Reports for managers should include more detailed information.
- Notifications should be incorporated to proactively notify users.
- Explanations and commentary should be part of the reporting process.
- Managers must understand and offer commentary on outliers.
- Feedback loops should be promoted with management and executives.
- Effective financial performance reporting should be role-based.
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