Ordinances 2016 - Laserfiche WebLink

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1. All covered employees must be trained on Internal Controls according to IC 5-11-1-27(g). All personnel must receive a clear message from the Town's administration that control \�` responsibilities are to be taken seriously. 4- Failure to comply with established practices will subject individuals to the terms of disciplinary action or dismissal. 2. Employees must understand their own roles in the internal control system, as well as how individual activities relate to the work of others. To this end, whenever a new budgetary unit, financial activity, etc. is set up, the Clerk -Treasurer will provide notification to the appropriate parties of the responsibilities incumbent on them for good business practices and sound financial management, including reference to the principles within this policy. 3. Employees must have a means of communicating significant information to the Town's administration. 4. The Town must communicate effectively with external parties, such as auditors, creditors, contractors, suppliers, regulators and other stakeholders. D. Internal control is meant to keep the Town focused on achieving its mission while avoiding surprises. There is a balance between effective controls and mission accomplishment. Costs associated with internal controls should not exceed their benefit, nor should controls be allowed to stifle mission effectiveness and timely action. All levels of management must assess the costs, benefits and risks when designing controls to develop a positive control environment and compensate for the risks of non-compliance, loss of assets or unreliable reporting while accomplishing the Town mission. The following specific internal control policies are adopted for use by Town Departments: Payroll Activities • Salaries and wage rates are verified by the Clerk -Treasurer. • The responsibilities for hiring, terminating and approving promotions are segregated from those preparing payroll transactions or inputting data.