Financial control in public service companies Enier Caamaño #1 , Raúl J. Martelo *2 , Natividad Villabona $3 # Independent researcher 1 enierc8@yahoo.com * Faculty of Engineering, INGESINFO research group. University of Cartagena. 2 rmartelog1@unicartagena.edu.co $ Faculty of Economics Sciences. University of Cartagena. 3 nvillabonag@unicartagena.edu.co Abstract— Financial control in public water utility companies was analyzed in the official sector of the Department of Cesar, Colombia. The research was descriptive, with no experimental, cross-sectional, field design. As a population, 20 subjects from three public service companies were selected. Deficiencies were found in the planning of resources, results and risks to carry out works. It is concluded that the companies studied do not always fulfill the functions of clarity, transparency, order and prediction of financial control. Keyword - Planning, Efficient Administration, Internal Control, Aqueduct, Management I. INTRODUCTION Global trends in the globalization of the economy affect not only companies in the private sector directly, but also companies in the public sector, forcing them to revise or restructure their administrative models, as control and management tools that allow them to achieve high states of effectiveness in all its processes. In this sense, control is the process established to ensure that behavior and performance conform to the organization's standard. That is, financial and non-financial errors are verified and corrected to achieve the goals and objectives expected of the organization [1]. On the other hand, the global pressure on the control of corruption and the management of public funds is the main factor that requires the implementation of a good control system in all organizations, both private and public, at national, regional and local, to guarantee financial responsibility and transparency in the management of the fund at all levels [2]. In this sense, the control is considered to be a specifically human activity, consisting of permanent, real or periodic tests and analyzes of the information, processes or phenomena in a sector, office, service or determined area, with the aim of preventing or correct any deviation from the plan and that can address different challenges [3], for which there are knowledge and techniques that offer the possibility of better control and management of highly interconnected economic and financial systems and, therefore, can help to anticipate and manage future crises [4]. Therefore, by optimizing the operating processes of the entire company, performance management is achieved that is oriented to the operating process [5]. And the measurement of this performance, serves as a database to register a balanced activity through financial control [6]. On the other hand, it is crucial to have measurability of performance measures not only at the national level, but also in the international operations of a company, if you want to achieve a standardized regulation of key indicators in financial control to have a uniform control [7]. Therefore, the evaluation was carried out in accordance with the norms, policies and auditing procedures prescribed by the Comptroller General of the Department of Cesar, compatible with those of general acceptance. In this sense, some of the companies selected for the study do not have effective information systems, which is fundamental when it comes to evaluating internal control, management and budgeting. Likewise, lack of control is reflected in the financial statements, which is necessary to verify the correct application of generally accepted accounting principles, accounting standards, and different Colombian regulations with respect to tax laws. Due to the above, it is necessary to analyze the Financial Control in Public Utility Water Supply Companies of the Official Sector in the Department of Cesar - Colombia. Because the proper analysis of financial control allows managers, specialists or not in the area, to control the finances of the organization, provide the necessary tools of the accounting system, to study the key structures that allow the proper development of it, and thus guarantee that the activities are carried out according to what is prescribed in the companies, together with the financial policies existing in the country of origin. ISSN (Print) : 2319-8613 ISSN (Online) : 0975-4024 Enier Caamaño et al. / International Journal of Engineering and Technology (IJET) DOI: 10.21817/ijet/2018/v10i4/181004057 Vol 10 No 4 Aug-Sep 2018 1217