HomeMy WebLinkAboutEstablishing Internal Control Standards and Establishing a Materiality Threshold (2)ORDINANCE No.
10482 -16
Passed by the Common Council of the City of South Bend, Indiana
20 16
Attest:
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
November 28, 20 16
Approved and signed by me DebtWh PR_ LQ 20 L lQ
City Clerk
President of Common Council
City Clerk
Mayor
Substitute
ORDINANCE NO. I 01f 2--j (p
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, ESTABLISHING INTERNAL CONTROL STANDARDS AND
ESTABLISHING A MATERIALITY THRESHOLD.
STATEMENT OF PURPOSE AND INTENT
Indiana Code § 5- 11 -1 -27 requires all Indiana political subdivisions to adopt
minimum levels of internal control standards developed by the State Board of Accounts
as published in the Uniform Internal Control Standards for Indiana Political Subdivisions;
and
The City Controller has reviewed and recommends adoption of the proposed
internal control standards and materiality threshold.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
South Bend, Indiana, that:
Section I. The City of South Bend, Indiana hereby adopts the Internal Control
Policy attached hereto and incorporated herein as Exhibit A.
Section II. The City Controller is directed to ensure that all personnel receive
training concerning the internal control procedures adopted and approved herein.
Section III. For reporting to the State Board of Accounts and the City of South
Bend Common Council, the City of South Bend, Indiana hereby adopts a materiality
threshold of $10,000 for cash and $10,000 for assets other than cash, for the internal
control procedures adopted and approved herein. All instances of suspected employee
theft must be immediately reported to the State Board of Accounts and the City of South
Bend Common Council regardless of the dollar amount. There is no materiality threshold
for theft. Significant variances less than $10,000 will be investigated internally by the
staff of the City of South Bend.
Section IV. This ordinance shall be i d effect from and after its
passage by the Common Council and approval o e Mayor.
Member of the Common Council
Attest:
City Cle
Presented by me to the Mayor of the City of South Bend, Indiana, on the
2&— day of Chf6 , 2016 at 61 : 05 o'clock 0,. m.
Substitute
( i 1, - i L
"M O�O
lJep41&YrCrV
Approved and signed by me on the _(DI'6 day of QCUYL/bA , 2016 at
00 o'clock *. m.
Mayor ity of th Bend, Indiana
1st READING 11- 14 -1(D
PUBLIC HEARINC 11 - 2.$ -1 le
3rd READING 1I - Z.S -11V
NOT APPROVED
REFERRED 11-14 -1 Lo
PASSED 11 -Zg -Ito
04: 29 PM
Filed in Clerk's Office
NOV 2 6 2016
KAREEMIAH FOWLER
CrrY CLERK, SOUTH BEND, IN