Ordinances 2016 - Laserfiche WebLink

Home Browse Search

The system of internal control is meant to keep the Town on course toward its mission and to minimize surprises. The system promotes efficiency, minimizes risks of asset loss, helps ensure the reliability of financial information and compliance with applicable laws, rules and regulations. Internal control is a process; a means to an end and not an end unto itself. The control environment is the foundation upon which all components of internal control are based. It sets the tone for Town operations. Internal control is about people, operations, communications and the work environment. It is not about policies and forms though it takes shape through the implementation of relevant policies, procedures and practices. Internal control can provide reasonable assurance but no system of control can provide absolute assurance to the Town Council and other users of financial information. The Clerk -Treasurer shall be charged with: • Conveying periodic messages of the Town's internal control philosophy and expectations to all employees; • Evaluating the Town's internal control system for weaknesses on a periodic (but no less frequently than annual) basis, providing solutions to any discovered weaknesses and inform employees of necessary changes in procedures; • Working to establish a confidential reporting system for individuals to report suspected fraud and abuse of internal control policies; and, • Working to institute procedures to address violations of policies and consequences for violations. Principle 2: The oversight body oversees the entity's internal control system. As the fiscal body for the Town, the Town Council is responsible for setting the institutional expectations for internal control, ensuring management is aware of those expectations, requiring the upward communications channels are open through all levels of management and evaluating management's effectiveness toward monitoring the control environment and implementing sound control policies and procedures. As the Town's Chief Fiscal Officer, the Clerk -Treasurer will be the Town Council's chief agent in implementing and managing the internal control policies and procedures.