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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 />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 <br />October 26, 2016 <br />I. Policy <br />The purpose of this policy is to communicate the Common Council's internal control objectives <br />to all employees and elected officials of the City of South Bend and to firmly commit the City to <br />the seventeen (17) key principles of internal controls as established by the Indiana State Board of <br />Accounts. <br />COMPONENT ONE: CONTROL ENVIRONMENT <br />Principle 1: The oversight body and management demonstrate a commitment to integrity <br />and ethical values. <br />The City has the responsibility to establish and maintain an adequate system of internal control <br />and to furnish to the South Bend Common. Council, various boards and commissions, <br />governmental agencies, creditors and others reliable financial information on a timely basis. An <br />adequate system of internal control is necessary for the City to discharge these responsibilities. For <br />purposes of this policy, the South Bend Common Council is the oversight body and the City <br />Administration and Finance Department is management. <br />Controls help ensure that assets are not exposed to unauthorized access and use, transactions are <br />properly recorded in the financial records, and the resultant financial information is reliable. <br />External organizations and stakeholders of the City rely on financial information to make decisions <br />toward appropriations, loans and other debt, grants, and other contractual relationships. City <br />resources are dependent upon the system of internal control. Auditors are required annually to <br />report upon the adequacy of the City's systems for control over financial reporting and compliance <br />per I.C. 5- 11- 1- 27(e). The safeguarding of City assets and the reliability which the City and others <br />can place upon its financial records is dependent upon the effectiveness of the internal control <br />process. <br />As the fiscal body, the Common Council expects the City Administration to effect an internal <br />control environment with policies and procedures necessary to provide reasonable assurance that <br />practices cause effective and efficient operations, reliable financial reporting, and compliance with <br />applicable laws and regulations. <br />The system of internal control is meant to keep the City on course toward its mission and to <br />minimize surprises. The system promotes efficiency, minimizes risks of asset loss, helps ensure <br />the reliability of financial information, and compliance with applicable laws, rules, and <br />regulations. <br />Internal control is a process; a means to an end, and not an end unto itself. The control environment <br />is the foundation upon which all components of internal control are based. It sets the tone for City <br />operations. Internal control is about people, operations, communications, and the work <br />environment. It is not about policies and forms though it takes shape through the implementation <br />1 <br />
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