Internal Controls

… STATE OF DELAWARE BUDGET AND ACCOUNTING POLICY Office of Management and Budget Internal Control Chapter 2 – Internal Control v.4.11 Page 1 of 11 …

… ............................................................................. 11 STATE OF DELAWARE BUDGET AND ACCOUNTING POLICY Office of Management and Budget Internal Control Chapter 2 – Internal Control v.4.11 Page 2 of 11 …

… ctives. Management, with oversight from the Organization’s oversight body or Organization STATE OF DELAWARE BUDGET AND ACCOUNTING POLICY Office of Management and Budget Internal Control Chapter 2 – Internal Control v.4.11 Page 3 of 11 …

… results through effective stewardship of public resources, promoting accuracy and reliability of the Organization’s accounting data, and encouraging compliance with all the policies and procedures of the State. An internal control system i …

… All components and principles are required for an effective internal control system. STATE OF DELAWARE BUDGET AND ACCOUNTING POLICY Office of Management and Budget Internal Control Chapter 2 – Internal Control v.4.11 Page 4 of 11 …

… orrective actions to remediate internal control deficiencies on a timely basis. STATE OF DELAWARE BUDGET AND ACCOUNTING POLICY Office of Management and Budget Internal Control Chapter 2 – Internal Control v.4.11 Page 5 of 11 …

… s support for both the purpose and amount of a transaction. • Recording and approving transactions timely in the accounting system to ensure transactions are recorded in the appropriate accounting period. ▪ Reconciliations • Monthly r …

… ing and approving transactions timely in the accounting system to ensure transactions are recorded in the appropriate accounting period. ▪ Reconciliations • Monthly reconciliations of financial data in the accounting system are properly re …