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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 />of relevant policies, procedures, and practices. Internal control can provide reasonable assurance, <br />but no system of control can provide absolute assurance to the Common Council and other users <br />of financial information. <br />The Finance Department shall be charged with: <br />• Conveying periodic messages of the City's internal control philosophy and expectations to <br />all employees; <br />• Evaluating the City's internal control system for weaknesses on a periodic (but no less <br />frequently than annual) basis, providing solutions to any discovered weaknesses, and <br />inform employees of necessary changes in procedures; <br />• Working with the Human Resources Department to establish a confidential reporting <br />system for individuals to report suspected fraud and abuse of internal control policies; and <br />• Working with the Human Resources Department to institute procedures to address <br />violations of policies and consequences for violations. <br />Principle 2: The oversight body oversees the entity's internal control system <br />As the fiscal body for the City, the Common Council is responsible for setting the institutional <br />expectations for internal control, ensuring management is aware of the those expectations, <br />requiring the upward communications channels are open through all levels of management, and <br />evaluating management's effectiveness toward monitoring the control environment and <br />implementing sound control policies and procedures. As the City's Chief Fiscal Officer, the City <br />Controller will be the Common Council's chief agent in implementing and managing the internal <br />control policies and procedures. <br />Principle 3: Management establishes an organizational structure, assigns responsibility, and <br />delegates authority to achieve the entity's objectives. <br />Individuals with delegated approval authority, e.g. Elected Officials and Department Heads are <br />responsible for establishing, maintaining, and supporting a system of internal controls within their <br />areas of responsibility and for creating the control environment that encourages compliance with <br />City policies and procedures. <br />Adequate supervision is necessary to monitor that internal controls are operating as intended, and <br />to help ensure the reliability of accounting and operational controls by pointing out errors, <br />omissions, exceptions, and inconsistencies in procedures. Staff in leadership roles are responsible <br />for the application of this policy and the design, development, implementation, and maintenance <br />of systems of internal controls focusing on the effectiveness of operations and the safeguarding of <br />assets within their respective areas of responsibility. All levels of management and supervision are <br />responsible for strengthening internal controls when weaknesses are detected. Department <br />managers should periodically review departmental procedures to ensure that the general principles <br />of internal control are being followed. <br />The Finance Department has the primary responsibility for internal control over financial reporting <br />and compliance with applicable laws, rules, and regulations. The City Controller is the City's chief <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 2 <br />
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