Corporate Governance · glossary
A rule plus a check, joined by a written record. Schedule B is the rule about who may approve what. The Audit & Risk Committee's quarterly review of spending against those limits is the check, and it found one machine bought on four orders. Charter §9.2 · Chapter 7
Explained in Chapter 7, Committees and Controls: The Split Purchase Orders, of Corporate Governance.
A board of five cannot read every order its staff place. So it writes rules and has someone check that people keep them. An internal control is that pair: a rule about what must happen before the company is committed, and a check afterwards that it did. At Brackenholme the rule is Schedule B, which says who may approve what alone.Read Chapter 7, Committees and Controls: The Split Purchase Orders →
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