Approval and Authorization Policy

This policy sample outlines a set of procedures for the approval and authorization requirements necessary to commit company funds or assets.

According to this policy, all employees must be aware of and adhere to their approval authorization limits; the finance organization is responsible for ensuring compliance with these guidelines; either the president or the chief financial officer may approve exceptions to this policy, but not beyond the limits of their authority; the authorization limits should be converted to the functional currency of the operation; and it is the local finance manager's responsibility to update the local levels, as needed, due to foreign currency exchange fluctuations.