Checks and Balances

In: Business and Management

Submitted By adex2014
Words 645
Pages 3
What is 'Checks and Balances?'

Checks and Balance is a procedure set in place to reduce mistakes or improper behavior. Checks and balances usually ensure that no one person or department has absolute control over decisions, and clearly defines the assigned duties. The existence of checks and balances within an organization prevents any one person or department from having too much power, and forces cooperation in completing tasks.
We can also define Checks and Balances in a corporate organisation as below Internal control mechanism that guards against fraud and errors due to omission. In a system with checks and balances, the authority to make a decision, and the associated responsibility to verify its proper execution, is distributed among different departments. These department are kept logically and physically apart, and no one department can complete a transaction all on its own. For example, the purchasing department orders goods, the stores-department receives and compares them with the respective purchase orders, the quality assurance department inspects and verifies their quality, the accounts department verifies the invoice amount, and only then the comptroller authorizes the payment for the purchase. This process emphasizes interdependence without interference, and creates a data trail or paper trail for auditing.

While we can define it in a Government parliament as
Governmental Extension of the separation of powers doctrine, under which each branch of a government can (if necessary) counter the actions or decisions of the other branches. This arrangement ensures transparency, and prevents domination of the government by any branch.
In the system set up by the U.S. Constitution, the national government is divided into three branches: legislative, executive, and judicial. These three branches are not independent of one another because the…...

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