§ 2930. Definitions. For the purposes of this title, the following terms shall have the following meanings: 1. “Internal control”. A process that integrates the activities, plans, attitudes, policies, systems, resources and efforts of the people of an organization working together, and that is designed to provide reasonable assurance that the organization will achieve its […]
§ 2931. Internal control responsibilities. The governing board of each covered authority shall: 1. establish and maintain for the authority guidelines for a system of internal control that are in accordance with this article and internal control standards; 2. establish and maintain for the authority a system of internal control and a program of internal […]
§ 2932. Internal audit responsibilities. 1. The governing board of each covered authority or its designee shall determine, and periodically review the determination of, whether an internal audit function within the covered authority is required. Establishment of such function shall be based upon an evaluation of exposure to risk, costs and benefits of implementation, and […]
