Policies and Procedures

Haynes Path team helps the clients in developing Financial Policies, Procedures and SOPs to establish a structured framework to enhance productivity, efficiency and business performance. Financial Policies and Procedures development and implementation project is an organization wide change management project and is managed by Haynes Path team with professional project management practices that include Project charter, project manager, defined roles and responsibilities of team members, project plan, timelines, costs and benefits, detailed list of activities, and approval mechanism.

Our team considers the following critical elements in the development of Financial Policies and Procedures along with a monitoring mechanism to ensure compliance:

  • Alignment with strategic objectives, business plan and market practices
  • Specific needs of key stakeholders (customers, vendors, employees, Banks)
  • Review, documentation and approval of existing practices
  • Compliance with IFRS, internal controls and regulatory framework
  • Review and approval by all relevant functions
  • Facilitate designing or customizing the IT systems (to the extent commercially feasible) to enhance productivity, efficiency and reduce cost
  • IT systems should facilitate compliance with Financial Policies, Procedures and SoPs
  • Training the relevant functional teams for complete involvement, understanding and commitment to the project
  • Support and approval of senior management and Board of Directors/Owners
  • Periodic review of Financial Policies and Procedures and IT systems to ensure alignment with the business and regulatory requirements