2015 Assessment of the Effectiveness of Internal Financial Controls
- Post by FCIDA
- January 6, 2016
Section 2800(1)(a)(9) and Section 2800(2)(a)(8) of Public Authorities Law require all public authorities to complete an annual assessment of the effectiveness of their internal control structures and procedures.
The intent of the Fulton County Industrial Development Agency’s (IDA) system of internal control shall be to:
This system of internal control includes performing an annual assessment to identify potential weaknesses in policies or procedures and to implement corrective actions.
This assessment shall identify significant weaknesses in controls, recognize emerging or inherent risks, and to enable early detection of existing or potential problems.
If an internal control system is working effectively, the IDA Board will have a reasonable indication of the reliability of its operating practices and the accuracy of the information it is using to measure its activities and performance. Any deficiencies identified as a result of the assessment shall be addressed by the IDA Board.
A. Define the IDA’s Primary Functions:
B. Determine Risks:
C. Review Existing Internal Control Systems in Place:
D. Assess the Extent to Which the Internal Control System is Effective:
E. Take Corrective Action:
A. Section 2800(2)(a)(8) of the Public Authorities Law:
“The IDA Board of Directors has documented and assessed the internal control structure and procedures off the Fulton County Industrial Development Agency for the year ending December 31, 2015. This assessment found the IDA’s internal controls were determined to be adequate, and to the extent that deficiencies were identified, the IDA has developed corrective action plans to reduce any corresponding risk.”
B. Public Authorities Reporting Information System (PARIS):
Approved by IDA Board of Directors on March 9, 2011.
Approved by IDA Board of Directors on March 23,2012.
Approved by IDA Board ofDirectors on January 31,2013.
Approved by IDA Board of Directors on January 14, 2014.
Approved by IDA Board ofDirectors on February 5, 2015.
Approved by IDA Board of Directors on January 6, 2016.