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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 />4. Timely and accurate review and reconciliation <br />a. Departmental accounting records and documents are examined by <br />employees who have sufficient understanding of the City accounting and <br />financial systems to verify that recorded transactions actually took place and <br />were made in accordance with City policies and procedures. <br />b. Departmental accounting records and documentation are compared with <br />City accounting system reports and financial statements to verify their <br />reasonableness, accuracy, and completeness. <br />5. The general internal control principles should be applied to all departmental <br />operations, especially accounting records and reports, payroll, <br />purchasing /receiving /disbursement approval, equipment and supply inventories, <br />cash receipts, petty cash and change funds, billing and accounts receivable. <br />B. All City systems, processes, operations, functions, and activities are subject to evaluations <br />of internal control systems. The results of these evaluations provide information regarding <br />the City's overall system of control. <br />C. Information and communication — Information must be timely and communicated in a <br />manner that enables people to carry out their responsibilities. <br />1. All covered employees must be trained on Internal Controls according to Ind. Code <br />§ 5- 11- 1- 27(g). Covered employees are those employees who handle cash or have <br />access to assets other than cash that are covered by this policy. <br />All personnel must receive a clear message from the City's administration that <br />control responsibilities are to be taken seriously. Failure to comply with established <br />practices will subject individuals to the terms of disciplinary action or dismissal. <br />2. Employees must understand their own roles in the internal control system, as well <br />as how individual activities relate to the work of others. To this end, whenever a <br />new budgetary unit, financial activity, etc. is set up, the City Controller will provide <br />notification to the appropriate parties of the responsibilities incumbent on them for <br />good business practices and sound financial management, including reference to <br />the principles within this policy. <br />3. Employees must have a means of communicating significant information to the <br />City's administration. <br />4. The City must communicate effectively with external parties, such as auditors, <br />creditors, contractors, suppliers, regulators and other stakeholders. <br />D. Internal controls are meant to keep the City focused on achieving its mission while <br />avoiding surprises. There is a balance between effective controls and mission <br />accomplishment. Costs associated with internal controls should not exceed their benefit, <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 6 <br />
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