For any entity hosting a special event, written policies and procedures documenting internal controls for the handling of funds at the event are important. Approval of the policies and procedures by the entity’s governing body emphasizes their importance and authority.
Documentation of the policies and procedures will help people working at the event understand their role in the internal control system. Documentation will also improve the efficiency and consistency of transaction processing and support management’s risk identification, evaluation, and mitigation. The documentation should:
- Describe procedures as they are intended to be performed;
- Indicate who is responsible for performing each procedure; and
- Explain the design and purpose of control-related procedures.
Date this Avoiding Pitfall was most recently published: 01/22/2016