10.8. Creating the Proper Environment
Corporate governance creates an environment and structure where processes are managed by ensuring that financial controls are built into applicable policies and procedures. The finance organization recommends financial controls to help ensure transparency of procedures that are associated with each policy and provide an objective mechanism for monitoring the execution of procedures.
This is made possible by producing standardized, accurate, and timely financial reports at all levels of management, enabling managers to know when to alter plans to accommodate failing processes before the failure can affect the bottom line.
The environment also requires an effective planning cycle. Every part of the company ...
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