Policies & Procedures: Is it Important to Have Formally Documented Policies and Procedures?
Policies and procedures help create an internal control framework within an organization. Management uses this internal control framework to rely upon and ensure that the organization's objectives are being met.
The main objective of having formally documented policies and procedures is to help guide the organization’s operation and the procedures needed to fulfill the policy.
Having well written policies and procedures helps auditors when assessing risk and performing any type of compliance work. It also helps an organization stay consistent when management needs to make decisions. When documenting formal policies and procedures, it is important to keep them as simple as possible and involve all staff members for their development. It is also important to keep them easily accessible and promote them throughout the organization.
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