EFAC has four standards that are based on principles and promote good governance and a spirit of responsible stewardship. The EFAC standards are as follows:
GOVERNANCE STANDARD
Every Organization shall be governed by a responsible Board, some of whom shall be independent, who shall meet regularly, to establish policies, set goals, ensure legal compliances and review its accomplishments.
MANAGEMENT STANDARD
Ensuring that appropriate controls are exercised to provide reasonable assurance that all of the operations are carried out and resources are used in a responsbile manner and in conformity with applicable laws and regulations.
OPERATIONS STANDARD
Ensuring that operations are carried out to achieve the objectives, in terms of the policies and goals laid down by the Board, following the methods and strategies set by the Management, with utmost integrity.
FINANCIAL STANDARD
Every Organization shall have a robust system of finance management and accounting, with inbuilt internal control system and manage its affairs with accountability and transparency.
