Ordinances 2016 - Laserfiche WebLink

Home Browse Search

TOWN OF MOORESVILLE, INDIANA Internal Controls Policy Pursuant to IC 5-11-1-27 I. Policy The purpose of this policy is to communicate the Town Council's internal control objectives to all employees and elected officials of the Town of Mooresville and to firmly commit the Town to the seventeen (17) key principles of internal control as established by the Indiana State Board of Accounts. COMPONENT ONE: CONTROL ENVIRONMENT Principle 1: The oversight body and management demonstrate a commitment to integrity and ethical values. The Town has the responsibility to establish and maintain an adequate system of internal control and to furnish to the Town Council, various boards and commissions, governmental agencies, creditors and others reliable financial information on a timely basis. An adequate system of internal control is necessary for the Town to discharge these responsibilities. Controls help ensure that assets are not exposed to unauthorized access and use, transactions are properly recorded in the financial records and the resultant financial information is reliable. External organizations and stakeholders of the Town rely on financial information to make decisions toward appropriations, loans and other debt, grants and other contractual relationships. Town resources are dependent upon the system of internal control. Auditors are required annually to report upon the adequacy of the Town's systems for control over financial reporting and compliance per IC 5-11-1-27€. The safeguarding of Town assets and the reliability which the Town and others can place upon its financial records is dependent upon the effectiveness of the internal control process. As the fiscal body, Town Council expects the Town administration to effect an internal control environment with policies and procedures necessary to provide reasonable assurance that practices cause effective and efficient operations, reliable financial reporting and compliance with applicable laws and regulations. Exhibit "A"