(A) The purpose of this policy is to communicate the Town Council’s internal control objectives to all employees and elected officials of the town and to firmly commit the town to the principles of internal controls as established by the State Board of Accounts.
(B) The town has the responsibility to establish and maintain an adequate system of internal controls and furnish the Town Council, governmental agencies, creditors and others reliable financial information on a timely basis. As the fiscal body, the Town Council expects the town administration and the town’s employees to affect an internal control environment with policies and procedures necessary to provide reasonably assurance that practices cause effective and efficient operations, reliable financial reporting and compliance with applicable laws and regulations and to minimize the risk of loss.
(C) (1) As the town’s chief financial officer, the Clerk-Treasurer will be the town’s chief agent in implementing and managing the internal control policies and procedures. As the individual with delegated approval authority, the Clerk-Treasurer shall be responsible for maintaining and supporting the system of internal controls.
(2) The Town Council directs the Clerk-Treasurer and the Town Supervisors to monitor the necessary compliance with the policy on materiality and process for reporting material items and report noteworthy items to the Town Council.
(Ord. 2016-11, passed 12-5-2016)