(A) Through the creation of standard operating procedures and accurate organizational reporting charts management conveys and identifies objectives, missions, policies, and risk tolerances to employees. The Finance Department will lead a risk analysis of three major areas:
(1) The effectiveness and efficiency of operations;
(2) The reliability of reporting for internal and external use; and
(3) Compliance with applicable laws and regulations.
(B) For each category, the Finance Department will define objectives in specific measurable terms in order to enable the design of internal control for related risk, increase understanding at all levels, assess performance, identify what is to be achieved, who is to achieve it, how it will be achieved, when it will be achieved and incorporate external requirements.
(Ord. 12-2016, passed 12-20-2016)