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 are to be recorded as necessary to permit preparation of financial statements in conformity with generally accepted principles;
(C) Adequate detail records are to be maintained to assure accountability for town and utilities owned assets;
(D) Access to assets are to be permitted in accordance with management’s authorization; and
(E) The recorded accountability for assets are to be compared with the existing assets at least every two years and appropriate action be taken with respect to any difference.
(Ord. 2016-8, passed 5-2-2016)