By Dana Kavander and Harlita Robinson on behalf of the Association of Public Treasurers

This brand new guide is the ideal reference tool to identify and access operating controls, financial reporting and legal or regulatory compliance processes and to take action to strengthen controls where needed.

By developing an effective system of internal controls, you can reduce the potential liability from theft, fraud or potential fines and penalties that could be imposed due to losses incurred. A well documented internal control environment will improve communications with auditors.

Objectives of the Association of Public Treasurers’ Guide to Internal Controls:

1. Ensure that management understands it is responsible for producing an environment conducive to achieving strong internal controls.
2. Ensure compliance by all employees of your organization with internal controls.
3. Provide you with the tools to establish, properly document, monitor, maintain, and adhere to your organization’s system of internal controls.
4. Ensure that risks both inside and outside the organization are properly assessed and managed.

Scope of the Association of Public Treasurers’ "Guide to Internal Controls"

This guide applies to all of your organization’s departments and operations. The examples contained in this guide are not presented to be all-inclusive or exhaustive of all the specific controls appropriate in each department. Over time controls may be expected to change to reflect changes in your operating environment.

An effective control system provides reasonable, but not absolute assurance for the safeguarding of assets, the reliability of financial information, and the compliance with laws and regulations. Reasonable assurance means that control systems should be developed and implemented to provide management with the appropriate balance between the risk of your daily business practice and a level of control required to ensure business objectives are being met.

Training Component

To inquire about attending or booking a training program based on the Guide in your city, county, state/province, email training@publictreasuryinstitute.com or
call (301)229-6566.

Table of Contents

• Chapter One — Introduction to Internal Controls
• Chapter Two - Budgeting and Planning
• Chapter Three - Cash Receipts and Disbursements
• Chapter Four – Investments
• Chapter Five – Revenues and Receivables
• Chapter Six - Capital Assets
• Chapter Seven – Inventory
• Chapter Eight - Purchasing and Receiving
• Chapter Nine - Accounts Payables and Disbursements
• Chapter Ten - Personnel and Payroll
• Chapter Eleven - Information Systems Management
• Chapter Twelve - General Ledger Accounting and Financial Reporting
• Chapter Thirteen - Grant Receipts and Disbursements
• Chapter Fourteen – Debt
• Chapter Fifteen - Record Disposition
• Chapter Sixteen - Electronic Transactions
• Appendix I – Internal Control Checklists
• Appendix II – Definition