§ 35-14-4 - Internal accounting controls.
SECTION 35-14-4
§ 35-14-4 Internal accounting controls.– (a) Internal accounting and administrative controls are the methods throughwhich reasonable assurances can be given that measures adopted by state agencyheads to safeguard assets, check the accuracy and reliability of accountingdata, promote operational efficiency, and encourage adherence to prescribedmanagerial policies are being followed. The elements of a satisfactory systemof internal accounting and administrative control shall include, but are notlimited to, the following:
(1) A plan of organization that provides segregation ofduties appropriate for proper safeguarding of state agency assets;
(2) A plan that limits access to state agency assets toauthorized personnel who require these assets in the performance of theirassigned duties;
(3) A system of authorization and recordkeeping proceduresadequate to provide effective accounting control over assets, liabilities,revenues, and expenditures;
(4) An established system of practices to be followed inperformance of duties and functions in each of the state agencies;
(5) Personnel of a quality commensurate with theirresponsibilities; and
(6) An effective system of internal review.
(b) State agency heads shall follow these standards ofinternal accounting and administrative control in carrying out the requirementsof this chapter.