Ozone Accounting, Financial, and Reporting Policies and Procedures

1. Books and Records Keeping Policy:
   • Purpose: - This policy ensures accurate, complete, and reliable recording and maintenance of financial transactions and records in compliance with applicable laws, regulations, and accounting standards.
   • Policy Statement:
     1. - All financial transactions must be promptly, accurately, and completely recorded in Ozone's books and records.
     2. - The books and records must reflect the true nature of transactions, supported by appropriate documentation and evidence.
     3. - Falsification, alteration, or unauthorized destruction of records is strictly prohibited.
   • Procedures:
     1. - All financial transactions must be supported by appropriate source documents, such as invoices, receipts, contracts, or vouchers.
     2. - Financial records should be maintained in accordance with generally accepted accounting principles (GAAP) and local regulations.
     3. - All transactions must be recorded in a timely manner and properly classified to the appropriate accounts.
     4. - Regular reconciliations of bank accounts, ledgers, and subsidiary records should be performed to ensure accuracy and detect any discrepancies.
2. Authority to Approve Payments Policy:
   • Purpose: - This policy defines the authorization process for approving payments to ensure proper controls, accountability, and compliance with internal policies and external regulations.
   • Policy Statement:
     1. - Payments should only be made based on valid and authorized documents, and in accordance with established policies and procedures.
     2. - Only authorized individuals with appropriate levels of authority should approve payments.
     3. - The approval process should ensure appropriate segregation of duties and prevent any conflicts of interest.
   • Procedures:
     1. - Establish a clear and documented approval hierarchy outlining the levels of authority required for various payment amounts.
     2. - Designate specific individuals or positions responsible for reviewing and approving payment requests based on predetermined thresholds.
     3. - Maintain a proper documentation trail, including invoices, purchase orders, expense reports, or contracts, to support payment authorization.
     4. - Regularly review and update the approval hierarchy to reflect changes in personnel, responsibilities, or organizational structure.
3. Documents Retention Policy:
   • Purpose: - This policy outlines the requirements for retaining and disposing of financial documents and records to ensure compliance with legal, regulatory, and internal control requirements.
   • Policy Statement:
     1. - Ozone will retain financial documents and records for the periods specified by applicable laws, regulations, and industry best practices.
     2. - Documents should be stored securely and be readily accessible for audit, legal, and regulatory purposes.
     3. - Proper disposal methods should be employed to protect sensitive information and maintain data privacy.
   • Procedures:
     1. - Identify the types of financial documents and records that need to be retained, such as financial statements, invoices, bank statements, tax records, contracts, and payroll records.
     2. - Determine the retention periods for each type of document based on legal and regulatory requirements.
     3. - Establish a centralized and secure document management system to store and organize financial records.
     4. - Regularly review and purge outdated and unnecessary documents in accordance with the established retention schedule.
4. Conclusion: These policies and procedures are designed to ensure the accuracy, integrity, and compliance of Ozone's accounting, financial, and reporting practices. All employees are expected to familiarize themselves with these policies, adhere to the procedures outlined, and seek guidance from the appropriate authority in case of any questions or concerns.