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Accounting Policies vs Employee Policies
Accounting policies are the backbone of any well-functioning and Government contracting compliant system. Not only does it document the financial operations of the company, but it details the formal accounting plan and rules that the company follows in operating its accounting function. Sometimes, companies have policies but they are not written. While those policies are their policies, an auditor would have a difficult time following the unwritten accounting rules of the organization. The success of the company hings on the accounting standards and how they are implemented. The policies state those standards and allow consistency in how the revenue, costs, assets and liabilities of the company are treated. A well-documented set of policies basic to the organization’s treatment of their finances helps to prevent loss and the mistreatment of assets.
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