Investigating the Sources and Use of Financial Information in the Essay

Investigating the Sources and Use of Financial Information in the Management of Prison - Essay Example The research proposal is set to investigate the sources and use of financial information in the management of the prison service in England and Wales. Justification There are various sources and uses of financial information in the management of an organization. However, these sources and uses differ from one organization to the other. Financial information is significant to an organization because it assists in rating the performance of the organization. The information also assists in improving financial auditing and management of the organization. Proper management is the key element to the success of any organization. The research is of great importance because it will help the prisons and the government to conduct duties efficiently. Thus, knowing the sources and uses of the financial information will help the government and the prison department in better management of the prison services in England and Wales. Review of Literature The main purpose of the Prison Service in Engla nd and Wales is to offer services to the public by keeping in custody those who have committed crimes; looking after these individuals humanely; and assisting them to lead useful and law-abiding lives during custody and after release. In order to support this purpose, the Prison Service has four objectives: to securely hold the prisoners, to minimize the possibility of prisoner re-offending, to offer well-ordered and safe establishments in which to treat the prisoners decently, lawfully, and humanely, and to offer an effective escort and custody service to criminal courts (Cope 2010, pix). Her Majesty’s Prison Service (HMPS) runs 127 prisons and training centres throughout Wales and England. In a number of key areas, all the 127 prisons run independently with no centralized oversight and operations. The prison service lacks a shared system for the management of procurement, human resources, and finances (Hp 2009, p1). Each of the prison maintains its own exclusive financial s ystem. Data tracking, software, and the staff responsible for handling finances and inputting data vary at each location. Thus, HMPS does not have access to the organization wide view of the finances. Therefore, the prison service has found it difficult to measure its performance, enhance financial auditing, and target areas to minimize costs (Hp 2009, p2). In the past few years, HMPS installed an Oracle-based financial system to centralize its financial reporting and accounting, and also to offer a wide and encompassing image of the financial activities of the prison service. This ensures that the personnel from various facilities and departments are conscious of the financial impacts when making decisions. Higher quality data management and improved transparency and a devoted focus of the finance resources on exceptional financial issues have led to the realization of the mentioned benefits (Hp 2009, p7). Improved financial transparency and accessibility of timely and meaningful f inancial data or information across the organization has enhanced decision-making thus, has led to better operational performance (Oracle 2009, p2). The United Kingdom (UK) sector has undergone significant changes in risk management. The UK criminological research on the prisons has not explored the manner in which the general corporate governance and the financial management at various levels of the prison sector, have been