Financial and Procurement Policies and Procedures

This book looks at the two critical areas in an entity involving finance and procurement. Part A deals with financial policies and procedures while part B deals with procurement policies and procedures. The Financial Policies and Procedures purpose is to govern the administration of all the financial activities of the organisation. The overall aim of this section is to ensure that the objectives of the company are met through effective use of financial resources. It also helps to improve accountability and transparency in resource acquisition and allocation thereby enhancing efficiency and effectiveness in the management of financial resources within an organisation. On the other hand, the purpose of the procurement policies and procedures is to enable a business/organisation secure quality and marketable goods and services in the most efficient and effective way at the least cost price. It also aims at ensuring that the company s/firm s financial resources used in procuring processes are free from fraud and manipulation thereby increasing the company s profitability and growth.