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11-1-27(1) relating to the Report of Misappropriation of Funds to <br />State Board of Accounts and Prosecuting Attorney and IC 5-11-1- <br />27(j) relating to the Report of Material Variances, Losses, <br />Shortages or Thefts to the State Board of Accounts. The Town <br />shall utilize a materiality threshold of Five Hundred Dollars <br />($500.00) <br />Principal 9: Management identifies, analyzes and responds to <br />significant changes that could impact the internal control <br />system. <br />The Clerk -Treasurer and Town Council, in coordination with <br />Department Heads, will regularly evaluate and adjust internal <br />control policies in order to accommodate for the impact of future <br />changes, including but not limited to, personnel changes, newly <br />elected officials, new programs, new technology, new laws and b_.Ga <br />regulations, and financial fluctuations. <br />COMPONENT THREE: CONTROL ACTIVITIES <br />Principle 10: Management designs control activities to achieve <br />objectives and respond to risks. <br />The Clerk -Treasurer and Town Council will establish and maintain <br />a system of internal controls that satisfies the Town's <br />objectives in the following categories: <br />1. Risks are identified and effectively managed. <br />2. Safeguarding of Town assets. <br />3. Reliability and integrity of financial information. <br />4. Compliance with Town policy, plans, procedures, laws <br />and regulations. <br />5. Economical and efficient use of Town resources. <br />6. Meeting established objectives and goals for Town <br />operations and programs. <br />A. General internal control principles for Departments are: <br />1. Separation of duties <br />a. Duties are separated so that one person's work <br />routinely serves as a check on another's work. <br />b. No one person has complete control over more than <br />one key function or activity (e.g. authorizing, <br />approving, certifying, disbursing, receiving or <br />reconciling). <br />