Accounting controls shall be designed and implemented to provide reasonable assurances that:
(A) Capital expenditures made by the town, its various departments, and utilities be in accordance with management’s authorization, as documented in the minutes;
(B) Transactions of the utilities be recorded as necessary to permit preparation of financial statements in conformity with generally accepted principals;
(C) Adequate detailed records be maintained to assure accountability for town- and utility-owned assets;
(D) Access to assets be permitted in accordance with the existing assets at least every two years and appropriate action taken with respect to any differences; and
(E) The recorded accountability for assets be compared with the existing assets at least every two years and appropriate action taken with respect to any difference.
(Prior Code, § 2.16.1) (Ord. 1996-6, passed 7-2-1996)