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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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Last modified
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 />Principle 12: Management implements control activities through policies. <br />The City has an employee handbook that is regularly updated to communicate policies to <br />employees. Additionally, the Finance Department regularly works with departments and <br />employees who handle financial transactions to recommend and ensure best practices. All <br />procedures are in writing and communicated frequently to all relevant employees. Policies are <br />available both electronically (via the City website) and in hard copy form. In addition, the City <br />Controller holds regular "Fiscal Officer" meetings where accounting and internal control issues <br />are discussed. <br />COMPONENT FOUR: INFORMATION AND COMMUNICATION <br />Principle 13: Management uses quality information to achieve the political subdivision's <br />objectives. <br />The City strives to lead in the areas of financial transparency and accountability. By adopting <br />standards and investing in systems that exceed State mandated minimums, City management <br />provides employees and stakeholders with high quality information and informatics systems. <br />The City Finance Department and Legal Department attend training and industry seminars to stay <br />abreast of changes and developments in requirements and communicate that information <br />effectively to impacted employees. The City Finance Department issues a variety of financial <br />reports to the Mayor, Common Council and others, to ensure transparency and accountability. <br />Financial reports are posted on the City's website. <br />Principle 14: Management internally communicates the necessary quality information to <br />achieve the political subdivision's objectives. <br />Internal communications on internal controls are communicated through adoption of formal <br />policies by relevant boards and commissions and/or the legislative body or documented through <br />memos from the Finance, Legal or relevant Department Head. Internal memos and reports are <br />maintained to document communication. <br />Principle 15: Management externally communicates the necessary quality information to <br />achieve the entity's objectives. <br />Communications with the State Board of Accounts, other State agencies, grantor agencies, and <br />regulatory agencies are documented by email, memos, letters, and other forms of written <br />correspondence. <br />All documents are maintained in accordance with the City and state's record retention policies. <br />Reports and policies are cross checked for accuracy, relevancy, and timeliness of information. <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 10 <br />
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