Common use of FINANCIAL MANAGEMENT POLICIES AND PROCEDURES Clause in Contracts

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES. 2.1 It is agreed that: 2.1.1 to conduct its business efficiently, the Company needs to ensure that it has sound financial management policies and procedures in place and that they are strictly adhered to; such policies and procedures in force at the Commencement Date being the Financial Management Policies & Procedures; 2.1.2 these Financial Management Policies & Procedures should provide clarity regarding the collective and individual responsibilities and accountabilities in each area of the Company’s activity and must be approved by the Board (and see also Schedule 5 with respect to changes to the Financial Management Policies & Procedures); 2.1.3 any breaches of these Financial Management Policies & Procedures must be promptly reported to the Board and to the officer that Council has from time to time designated as the person responsible for the administration of its financial affairs pursuant to section 151 of the Local Government Xxx 0000; 2.1.4 these Financial Management Policies & Procedures apply to every Director and employee of the Company and anyone acting on its behalf. The Company has a duty to inform all Directors, officers and relevant employees of the Company of their existence and content to ensure compliance; 2.1.5 key controls and responsibilities will be addressed for each area of activity including but not limited to the following: (a) accounting records and returns; (b) audit requirements; (c) budget and budgetary control; (d) expenditure;