The Fiscal Affairs Department and the Fiscal Administrator consolidated the accounting and financial functions of the five different divisions under one department.
Agencies shall notify JFMIP on plans to acquire software supporting core financial system functions.
The pattern began in the 1950s, when hugely expensive mainframe computers were first used to save correspondingly huge sums in information-intensive functions in the financial-services industry, then in accounting, payroll and inventory-control tasks in other big organisations.
It is a common refrain from bankers that the euro area no longer functions as a single financial market, although that has the paradoxical advantage of making a break-up less destructive.
The investigation also found that during the financial restatement period, this environment of weak financial controls and under-supported accounting functions allowed accounting errors to occur, some of which arose from certain instances of intentional misconduct to improve the financial results of specific business segments.
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Sales and marketing reps rank No. 6 on the list, ahead of controllers, No. 8, who direct an organization's accounting functions, typically reporting to the chief financial officer.
Jeremy Grant, who covers exchanges for the Financial Times, said that in racing after high frequency trading the utility functions of exchanges may be lost.
Financial and strategic decisions are often intertwined such that choices made in relation to one of these functions carry critical implications for the other.
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And they would consolidate the consumer protection functions currently spread across half a dozen agencies and vest them in a new Consumer Financial Protection Agency.
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