(A) The State Board of Accounts under I.C. 5-11-1-27(e) have defined the acceptable minimum level of internal control standards for internal control systems of political subdivisions, including: control environment risk assessment; control activities; information and communication; and monitoring. All political subdivisions, subject to audit by State Board of Accounts (SBOA), are expected to adhere to these standards, and will be evaluated accordingly in any audits that are performed by or on behalf of the SBOA, and a Town Council member will check and sign off on each month’s bank statement and reconcilement.
(B) The acceptable minimum level internal control standards as established by I.C. 5-11-1-27(e) is hereby adopted by the town and that all town personnel will receive training concerning the internal control standards and procedures.
(Ord. 2016-5, passed 10-18-2016)