Accounting controls shall be designed and implemented to provide reasonable assurance 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 accounting principles;
(C) Adequate detailed records be maintained to assure accountability for town and utility owned assets;
(D) Access to assets be permitted in accordance with management’s authorization; and
(E) Recorded accountability for assets be compared with existing assets at least annually and appropriate action be taken regarding any differences.
(Ord. 08-002, passed 4-21-08)