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CITY OF SOUTH BEND, INDIANA <br />COMPONENT FIVE: MONITORING ACTIVITIES <br />Principle 16: Management establishes and operates monitoring activities to monitor the <br />internal control system and evaluate the results. <br />City Administration monitors and evaluates compliance with internal control policies via multiple <br />methods. Separation of duties, redundancy polices, layered approval systems, monthly reports, <br />and physical controls allow management to both review and evaluate control systems. <br />The Finance Department shall implement a system of monitoring that includes: <br />• Periodic checks to determine if controls are in place and working effectively <br />• Reviewing control activities to determine if the actual activities are in compliance with <br />established procedures <br />Documenting deficiencies in the internal control processes and remediating them quickly <br />Monitoring activities will be documented by signatures, initials, or other appropriate methods. <br />Principle 17: Management remediates identified internal control deficiencies on a timely <br />basis. <br />Breaches of internal controls are subject to significant levels of internal scrutiny. If informed of a <br />material breach of internal controls, the Finance Department and effected Department Head will <br />actively investigate and address said breach and adjust policies and procedures to prevent such <br />breaches in the future. Once breaches are identified and investigated, a formal or informal <br />corrective action plan will be developed. <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 11 <br />