The treasurer is responsible for establishing and maintaining an internal control structure, which includes written policies, designed to insure that the assets of the village are protected from loss, theft or misuse. The internal control structure shall be designed to provide reasonable assurance that these objectives are met.

Accordingly, the treasurer shall establish a process which includes an annual independent review by an external auditor to assure compliance with the established policies and procedures. Additionally, the internal control structure shall consider control of collusion, separation of transaction authority from accounting and bookkeeping, custodial safekeeping, clear delegation of authority to subordinate staff members, and written confirmation of transactions for investments and wire transfers. Furthermore, when practicable, monies received will be invested within five business days in an interest-bearing account. (Ord. 1999-14 § 1 (part), 1999)