Accounting controls are to 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.
(B) Transactions of the utilities be recorded as necessary to permit preparation of financial statements in conformity with generally accepted principles.
(C) Adequate detail record be maintained to assure accountability for town and utility owned assets.
(D) Access to assets be permitted in accordance with management's authorization.
(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. 1998-08, passed 7-14-98)