CFO Techniques: A Hands-On Guide to Keeping Your Business Solvent and Successful

Enforcing the Law: Policies, Procedures, and Controls

A company is a microcosm of a country—a nation with its own government (sometimes monarchic, other times democratic), population, sovereign territory, and “foreign” relations. Like any country, it must have the Law of the Land—a system of rules and guidelines, which shapes its internal and external activities. Well-defined policies and procedures, properly followed, ensure the company's efficiency and effectiveness as an entity. They minimize risks and perpetuate advancement. Managing the application of the law requires persistent monitoring. Altogether, these components constitute the internal ...