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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 />Credit Cards Transactions <br />• A designated official or employee oversees the issuance and use of the credit cards. <br />• During the disbursement process, a designated person reviews transactions listed on the <br />credit card statements for sufficient documentation prior to payment. <br />Budgeting Activities <br />• The City Administration will budget all funds and accounts. <br />• Budget forecasts will be updated annually covering a multi -year time period. <br />• Budget vs actual reports for revenue and expenditures will be prepared monthly. The City <br />Finance Department will follow up on significant variations between budget and actual <br />results. <br />Information Technology <br />• The City Innovation & Technology (IT) Department will ensure that all users (employees) <br />have a unique username. <br />• The City Human Resources Department will immediately notify the IT Department when <br />an employee is terminated so that IT can deactivate the user's access to all computer related <br />applications. <br />• The IT Department will ensure that an authentication system (i.e. password) is in place so <br />access to the network and computer related applications is protected and limited to the <br />appropriate users. <br />• Users will be required to lock or log off their computer before stepping away from their <br />computer for an extended period of time. <br />• Users will be required to log off their accounts when they leave work. <br />• The IT Department will give a user access only to the specific applications and network <br />files the user needs to perform his or her job duties. <br />• The IT Department will monitor access to the network and audit the logins for applications, <br />including the financial software. <br />Principle 11: Management designs the political subdivision's information system and related <br />control activities to achieve objectives and respond to risks. <br />The Finance Department and Department Heads will work with the Innovation and Technology <br />Department to ensure that information technology is used as an integral part of the internal control <br />system. This may include, but not be limited to: <br />• Setting permission such that only certain users may perform certain tasks <br />• Using technology to accomplish segregation of duties by forcing duties to be completed by <br />different users <br />• Automating certain processes and calculations <br />• Limiting the authority to access different components of various software to employees <br />with duties specifically related to that component <br />• Prohibiting user ID and password sharing among employees <br />• Restricting the authority to correct or make adjustments to records to key employees <br />• Requiring the use of prescribed forms or the approval of alternative forms <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 <br />
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