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Establishing Internal Control Standards and Establishing a Materiality Threshold
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Establishing Internal Control Standards and Establishing a Materiality Threshold
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4/26/2017 8:24:17 AM
Creation date
12/7/2016 4:04:31 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2016
Ord-Res Number
10482-16
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CITY OF SOUTH BEND, INDIANA <br />nor should controls be allowed to stifle mission effectiveness and timely action. All levels <br />of management must assess the costs, benefits, and risks when designing controls to <br />develop a positive control environment and compensate for the risks of non - compliance, <br />loss of assets, or unreliable reporting while accomplishing the City mission. <br />The following specific internal control policies are adopted for use by City Departments: <br />Payroll Activities <br />• Salaries and wage rates are verified by the Human Resources Department. <br />• The responsibilities for hiring, terminating, and approving promotions are segregated from <br />those preparing payroll transactions or inputting data. <br />• The responsibilities for approving time sheets are segregated from those for preparing <br />payroll transactions or inputting data. <br />• Employees' time and attendance records are approved by their supervisors. <br />• Corrections to recorded time and attendance records are approved by the employee and <br />employee's supervisor. <br />• Procedures are in place to ensure that changes in employment status are promptly reported <br />to the payroll processing unit. <br />• Payroll disbursements are reviewed and approved by an authorized individual mior to <br />payment. <br />• Access to payroll applications is appropriately controlled by user logins and passwords. <br />• Changes to a payroll disbursement are approved by an individual other than the ones <br />authorized to process the changes. <br />• Access to the electronic signature used to sign payroll checks is adequately controlled. <br />• Check stock for printed checks is stored in a secure location. <br />• Unclaimed payroll checks are returned to Finance Department. <br />• Employees are cross - trained on the payroll process; those assigned to payroll take regular <br />vacations. <br />• The City uses a "positive pay" program with 1st Source Bank to preauthorize payroll checks <br />to be honored by the bank and identify fraudulent checks issued by other parties attempting <br />to use City information. <br />Disbursement Activities <br />• The responsibility for approving claims is segregated from those preparing the claims <br />wherever possible. <br />• Checks are written by an individual other than the one approving the claim. <br />• Claims for payment (including trustee escrow payments) are reviewed and approved by the <br />Board of Public Works, Redevelopment Commission, or other appropriate public body <br />prior to payment. <br />• A reconcilement is completed between the claims for payment approved by the board and <br />the actual disbursements posted to the ledger. <br />• The responsibility for acknowledging the receipt of goods or services is segregated from <br />those preparing claims and writing checks. <br />• Vendor checks are accounted for in numerical order and reconciled to the disbursement <br />ledger. <br />• Invoices or other receipts are attached to each claim to support the disbursement. <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 7 <br />
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