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A. General1. Have formal policies and procedures been developed and promulgated governing billing and collection? Test: Review a copy of the written policies and procedures.2. Is there segregation
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Formal policies are established guidelines that an organization follows to achieve specific goals. These policies outline the rules, procedures, and standards that employees must adhere to.
All organizations, businesses, or institutions that want to operate efficiently and effectively are required to have formal policies in place.
Formal policies can be developed by conducting thorough research, consulting with stakeholders, drafting the policies, and obtaining feedback before finalizing them.
The purpose of formal policies is to provide clear guidance to employees, ensure consistency in decision-making, promote compliance with laws and regulations, and protect the organization from potential risks.
Formal policies should include the objectives, scope, responsibilities, procedures, enforcement measures, and review process related to the specific policy.
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