Compliance

Rules and Regulations Guidelines

Does your company have a Code of Conduct? Do you have policies relating to procurement, business expenses, use of credit/debit cards, sexual harassment, and/or bullying.

It does not matter the size of your company – you could be a major international conglomerate or the local corner shop. You need to have guidelines in place.

A comprehensive and understandable code of conduct clarifies your company’s mission, value, and principles. It is the foundation of your company. It highlights the values you want to promote in all employees from senior managers to junior personnel. It defines the expected standards of behaviour.

The Code should be linked to other policies within the company. There should be clear guidelines on procurement (all purchases). These guidelines should address conflict of interest, collusion, and bribery to highlight a few of the critical risk areas. 

Another high-risk area is the use of expenses by employees – how do you verify these expenses? What are the rules about receipts and vouchers?

It is rare for a week to pass without a report of a manager or a person in the accounts area stealing thousands of dollars under the nose of their employer. How can this happen? History shows if you do not have a segregation of duties between purchasing, receipt, and payment then you are going to be hit by a fraudster. 

Another area of concern is sexual harassment and bullying and harassment. The various courts nowadays are very critical of organisations who do not have policies and training addressing these issues. What was accepted last year may not be accepted today. What was accepted ten years ago will definitely not be accepted today. 

You can be exposed to litigation, costs, and adverse publicity – your company could be made insolvent through your lack of planning and oversight. 

ACCA can assist you by reviewing your policies, assisting you to prepare policies and training of personnel. Contact us now for a free initial assessment.

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