Accounting Procedures Handbook

3 GOVERNANCE I. OVERVIEW Governance refers broadly to the direction and oversight from the Board (and senior management), influencing how the organization runs its day to day activities to ensure it is meeting, in an ethical manner, all of its major goals and objectives while also ensuring compliance with all laws, regulations, industry standards, etc. Having a sound governance structure, processes and controls in place is critical to this end. The Board has the primary leadership/ directional and oversight responsibility for the overall WCBOE. The Board acts basically in a fiduciary like capacity in performing its ongoing oversight role for the WCBOE, including such key responsibilities for approving the annual Budget for the WCBOE, ongoing monitoring of the proper application/ usage of approved funds, etc. The Business Support Services Department plays an integral role in terms of being centrally accountable for providing the Board with various financial and non-financial reporting data to assist the Board in meeting their monitoring and oversight charge. The Board approves formal policies to establish the authoritative and foundational guidelines upon which all WCBOE activities are/ should be conducted (including Business Support Services Department related activities as applicable). Throughout the various sections of this manual are examples of Business Support Services Department related underlying procedural activities promoting and evidencing day to day implementation support for applicable Board approved Fiscal Management Policies. Board meeting agendas/ reporting packages/ minutes and approved policies provide an evidentiary support vehicle documenting Board performance accountability, particularly as related to the conduct of key Board leadership/ directional and monitoring/ oversight responsibilities and activities. A listing of Fiscal Management Board (approved) Policies is contained in Sub-Section III (page 4) of this section of the manual for reference purposes. A sound system of internal controls and well-defined organizational reporting lines/ structure play a critical foundational role supporting the governance structure of the organization. Refer to Section 4 (Internal Control) and Section 5 (Organizational Reporting Structure) of this manual for more information regarding these related topics. II. CONTROL OBJECTIVES To ensure effective leadership, direction and oversight of the WCBOE is in place and that a proper governance and control structure exists to foster ongoing compliance with all applicable laws, regulations, industry standards, and Board approved policies