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Financial managers are responsible for confirming compliance with federal and shareholder requirements. This includes overseeing the preparation of financial statements, such as income statements and balance sheets, to ensure accuracy and conformance to Generally Accepted Accounting Principles (GAAP). Financial managers must also review various accounting records, including accounts receivable and accounts payable ledgers, to verify that all transactions have been properly recorded. Additionally, they must coordinate with external auditors to ensure that the organization’s financial reporting practices meet applicable laws and regulations. Finally, financial managers must collaborate with other departments in order to develop strategies for meeting budget goals while maintaining compliance with all applicable laws.