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 be recorded as necessary to permit preparation of financial statements in conformity with generally accepted principles;
(C) Adequate detail 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) The recorded accountability for assets be compared with the existing assets at least every two years and appropriate action be taken with respect to any differences.
(Ord. 1999-3, passed 5-18-1999)