With a view to get the things streamlined and circumvent anomalies while carrying out day to day business activities, every organization is required to establish a formally designed and approved set of rules explicitly outlining financial powers to be exercised by different positions in the Organization. Additionally, as matter of internal controls system, organizations are further required to have a system of internal checks in place together with standards of financial propriety.
This document will highlight competent authorities who are supposed to exercise financial powers in an organization together with standards of financial propriety. This document will include:
Introduction to Financial powers
Financial powers of different ranks/positions in the organization
Standards of financial propriety;
System of Internal checks
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Financial powers and Propriety Standards (4-5 pages)