(A) Management considers fraud potential when identifying, analyzing and responding to risks.
(B) Management is committed to fraud prevention by utilizing a “trust but verify” approach. The potential for fraud, misappropriation and outright theft are contemplated as controls are designed for various city divisions. Fraud responses will include statutorily-required responses to fraud, including, but not limited to, I.C. 5-11-1-27(l), relating to the report of misappropriation of funds to the State Board of Accounts and the prosecuting attorney, and I.C. 5-11-1-27(j), relating to the report of material variances, losses, shortages or thefts to the State Board of Accounts. The city shall utilize a materiality threshold of $500.
(Ord. 2016-04, passed 7-5-2016)