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FINANCE DEPARTMENT RESPONSIBILITY/AUTHORITY: The Finance Department staff will act as the County's agents in assuring that assets and resources of Cabarrus County are safeguarded against loss or improper use, and that the County's financial policies and departmental internal control procedures are followed. It is the responsibility of the Finance Department to review, test and monitor the internal controls in place for all Departments ofthe County to ensure expenditures are appropriate for their business function. The Finance Department will perform financial and internal control compliance audits of every department within Cabarrus County every two years, or as deemed necessary by the Finance Director. It is the responsibility ofthe Finance Department to issue an internal audit report, ifthere are material findings, upon completion of the fieldwork. A copy of this report will be sent to the County Manager for any comments or additional guidance. Finance will perform additional procedures as necessary to follow up on internal audit recommendations to ensure they are appropriately implemented. The Finance Department staff has full authority to ask questions and review documentation, procedures and activities of all Departments of the County, and recommend changes related to internal control procedures in connection with any financial activity affecting the County. DEPARTMENTAL RESPONSIBILITY: It is the responsibility of each department to maintain internal controls which assure expenditures are appropriate for their business function and assure that assets within control oftheir department and the County are properly safeguarded. It is the responsibility of each Department Director and all employees to disclose all known or suspected occurrences of fraud, theft or other illegal acts, and all material errors and/or irregularities in their department's financial records and reports, whether they are asked about them or not. Any questions posed by the Finance Department staff in connection with the internal audits must be answered truthfully and completely. If the person to whom a question is addressed does not feel comfortable answering the question or discussing the matter with a particular Finance Department staff member, this person should contact their Department Director or the Finance Director to discuss the matter discreetly. All information requested by the Finance Department staff in connection with the internal audits must be provided in a timely fashion, not to exceed two weeks from the date of request. EXTERNAL AUDIT: An external auditing firm is selected every three years by the Board of County Commissioners to perform an annual audit of the County's records in accordance with Generally Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), and in accordance with the Single Audit Act (OMB A-133) for federally assisted programs. The internal auditing function simply serves as an enhancement to the external audit, and provides a more detailed review of departmental internal controls and compliance with financial policies and procedures. . . Internal Auditing & Control Policy, Cabarrus County, North Carolina F.I3 Page 2