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2. Authorization and approval <br />a. Proposed transactions are authorized when proper <br />and consistent with Town policy and the <br />Department's plans. <br />b. Transactions are approved by the person who has <br />delegated approval authority, which is usually <br />delegated on the basis of special competency or <br />knowledge. <br />3. Custodial and security arrangements <br />a. Responsibility for physical security/custody of <br />Town assets is separated from record <br />keeping/accounting for those assets. <br />b. Unauthorized access to Town assets and <br />institutional data is prevented. <br />4. Timely and accurate review and reconciliation <br />a. Departmental accounting records and documents are <br />examined by employees who have sufficient <br />understanding of the Town accounting and financial <br />systems to verify that recorded transactions <br />actually took place and were made in accordance 0 <br />with Town policies and procedures. <br />b. Departmental accounting records and documentation <br />are compared with Town accounting system reports <br />and financial statements to verify their <br />reasonableness, accuracy and completeness. <br />5. The general internal control principles should be <br />applied to all departmental operations, especially <br />accounting records and reports, payroll, <br />purchasing/receiving/disbursement approval, equipment <br />and supply inventories, cash receipts, petty cash and <br />change funds, billing and accounts receivable. ol'l <br />B. All Town systems, processes, operations, functions and <br />activities are subject to evaluations of internal control <br />systems. The results of these evaluations provide <br />information regarding the Town's overall system of control. <br />C. Information and communication - Information must be timely <br />and communicated in a manner that enables people to carry ��, <br />out their responsibilities. O <br />