This manual sets detailed guidelines for the Financial Department and its employees to assist them in ensuring the orderly and efficient management and control of all company resources, and to render proper accountability to all stakeholders. It is concerned with effective financial control over assets, liabilities, income, and expenses, together with the systems required to account for the financial operations of the company.
The policies and guidelines convey procedures for sound financial management and administration of the Financial Department's work. Specifically, the policies and procedures are designed to:
Promote orderly, economic, efficient, and effective operations consistent with the company's objectives.
Minimize and attempt to prevent and detect fraud and errors.
Ensure accuracy and completeness of the accounting records.
Facilitate the timely preparation of financial information and ensure that financial statements:
Are fairly and accurately presented.
Safeguard assets.
Ensure compliance with applicable laws, financial policies, and regulations.
Financial Department staff are expected to be the main users of this manual. However, directors may find it useful when considering the financial implications of entering into a contract.
This manual is a guideline, and users are generally expected to follow the policies outlined in the manual, unless there is a justified reason to depart from them. In case of departure, proper approvals should be obtained and maintained.