Internal Auditing

It is the policy of the Arapahoe Library District to support internal controls and fraud prevention through implementation of a comprehensive internal auditing function, managed through the Finance Department. Internal control is designed to provide reasonable assurance of achieving objectives related to reliable financial reporting, efficiency and effectiveness of operations, and compliance with applicable laws and regulations.

Procedures and processes to audit various functions, including cash collection and management, purchasing and payroll accuracy, journal entry validation, bank statement reconciliation, material ordering and receiving, as well as general operational procedures, will be implemented, monitored and evaluated in order to maintain the highest professional standards and ethics in the operation of the District.

Discrepancies observed or discovered through this process, along with recommendations for change or improvements, will be reported to management.

ADOPTED 10/06

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