My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Establishing Internal Control Standards and Establishing a Materiality Threshold
sbend
>
Public
>
Common Council
>
Legislation
>
Ordinances
>
2016
>
Establishing Internal Control Standards and Establishing a Materiality Threshold
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/26/2017 8:24:17 AM
Creation date
12/7/2016 4:04:31 PM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2016
Ord-Res Number
10482-16
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
26
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF SOUTH BEND, INDIANA <br />Principle 9: Management identifies, analyzes, and responds to significant changes that could <br />impact the internal control system. <br />The Finance Department, in coordination with Department Heads, will regularly evaluate and <br />adjust internal control policies in order to accommodate for the impact of future changes, including <br />but not limited to, personnel changes, newly elected officials, new programs, new technology, new <br />laws and regulations, and financial fluctuations. <br />COMPONENT THREE: CONTROL ACTIVITIES <br />Principle 10: Management designs control activities to achieve objectives and respond to <br />risks. <br />The Finance Department will establish and maintain a system of internal controls that satisfies the <br />City's objectives in the following categories: <br />1. Risks are identified and effectively managed <br />2. Safeguarding of City assets <br />3. Reliability and integrity of financial information <br />4. Compliance with City policy, plans, procedures, laws and regulations <br />5. Economical and efficient use of City resources <br />6. Meeting established objectives and goals for City operations and programs. <br />A. General internal control principles for Departments are: <br />Segregation of duties <br />a. Duties are separated so that one person's work routinely serves as a check <br />on another's work. <br />b. No one person has complete control over more than one key function or <br />activity (e.g., authorizing, approving, certifying, disbursing, receiving, or <br />reconciling). <br />2. Authorization and approval <br />a. Proposed transactions are authorized when proper and consistent with City <br />policy and the department's plans. <br />b. Transactions are approved by the person who has delegated approval <br />authority, which is usually delegated on the basis of special competency or <br />knowledge. <br />3. Custodial and security arrangements <br />a. Responsibility for physical security /custody of City assets is separated from <br />record keeping/accounting for those assets. <br />b. Unauthorized access to City assets and institutional data is prevented. <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 <br />
The URL can be used to link to this page
Your browser does not support the video tag.