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COMPONENT FIVE:MONITORING ACTIVITIES <br />Principle 16: Management establishes and operates monitoring <br />activities to monitor the internal control system and evaluate <br />the results. <br />Town Administration monitors and evaluates compliance with <br />internal control policies via multiple vectors. Separation of <br />duties, redundancy policies, layered approval systems, monthly <br />reports and physical controls such as video monitoring allow <br />management to both review and evaluate control systems. <br />The Clerk -Treasurer and Town Council shall implement a system of <br />monitoring that includes: <br />• Periodic checks to determine if controls are in place and <br />working effectively. <br />• Reviewing control activities to determine if the actual <br />activities are in compliance with established procedures. <br />• Documenting deficiencies in the internal control processes <br />and remediating them quickly. <br />Monitoring activities will be documented by signatures, initials <br />or other appropriate methods. <br />Principle 17: Management remediates identified internal control <br />deficiencies on a timely basis. <br />Breaches of internal controls are subject to significant levels <br />of internal scrutiny. If informed of a material breach of <br />internal controls, the Clerk -Treasurer and Town Council actively <br />investigate and address said breach and adjust policies and <br />procedures to prevent such breaches in the future. Once breaches <br />are identified and investigated, a formal or informal corrective <br />action plan will be developed. <br />