Loading...
The purpose of this Article is to set forth direction for the establishment of appropriate internal controls and expectations and procedures for the audit of Tribal operations.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
A. Each Director assigned responsibility for implementation of activities and functions under this Chapter shall be responsible to implement effective internal controls over such functions, to properly segregate duties and to establish effective written procedures and instructions for assigned functions.
B. Professionals knowledgeable within the areas of internal control shall be engaged at reasonable intervals to review the implementation of internal controls.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
The Tribe shall maintain insurance and risk management policies and procedures to protect and safeguard Tribal assets. Insurance policies required and risk management activities shall include but may not be limited to:
A. A policy of liability insurance that shall insure the Tribal Council and other Directors of the Tribe for errors and omissions in carrying out Tribal business.
B. A fidelity bond covering all employees having access to, or responsibilities over, monies and other assets of the Tribe.
C. Property and casualty policies providing for the replacement of assets lost due to fire, theft or other casualty.
D. Minimum insurance and endorsements as required by a funding source.
E. Self-insurance programs may be used for low cost losses where such programs will reduce the overall cost of insuring against losses without significantly increasing risks, if approved by the Tribal Council by resolution.
F. Independent risk management assessments shall be conducted at three-year intervals by professionals knowledgeable of such matters.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
A. The Tribal Council shall conduct, or direct to be conducted, internal examinations of financial records and procedures and shall require the results of investigations to be reported.
B. The Tribal Administrator shall obtain proposals and shall recommend to the Tribal Council a firm of independent Certified Public Accountants, who shall conduct an annual audit of all of the financial operations and records of the Tribe for each Fiscal Year.
1. Such audit shall be conducted in accordance with Generally Accepted Auditing Standards (GAAP) and shall provide for all financial statements and other reports required by the Tribe, the federal government and any other funding source.
2. The report of the auditors shall be addressed to the Tribal Council.
3. The Tribal Administrator shall schedule and coordinate the audit in such a manner as to facilitate delivery of completed audit reports not later than June 30 of each succeeding fiscal year. Multiple year engagements with audit firms shall be utilized where practical to provide efficiency and continuity in performance of audits. To the extent that conditions exist that delay the completion of the required audit reports beyond the required date, the Tribal Administrator shall advise the Tribal Council, in writing, of the conditions and anticipated completion date.
4. Independent auditors shall report formally to the Tribal Council, with formal correspondence through the President.
5. The report of the auditors shall be addressed and delivered, in person, to the Tribal Council annually in order to afford members of the Tribal Council to obtain answers to questions regarding audit findings and recommendations.
6. At the request of a subordinate organization, the annual audit shall include and provide separate audit reports for such subordinate organization. The cost of such audit shall be paid by the subordinate organization.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
To the extent that any disagreements exist during the period of the audit regarding any audit finding or the presentation of information within the audit report, such matters shall be resolved by the President and Tribal Administrator as soon as practical in order to ensure a timely completion of the audit and delivery of the report. If the President and Tribal Administrator are not able to resolve the issues timely and satisfactorily, then the matter shall be brought before the Tribal Council for resolution. Audit resolution shall not result in qualification of the auditor's opinion on Tribal Financial Statements, unless authorized by the Tribal Council.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
A. Any and all financial assets and information regarding the assets and financial matters and interests of the Tribe shall be utilized only to carry out the programs and purposes as authorized by the Tribal Council and only in the best interests of the Tribe.
B. Any individual who knowingly and willfully misappropriates funds, property or information for personal or other use, not in the interest of the Tribe shall be subject to the penalties or disciplinary actions as authorized by applicable law and policies.
[Legislative History: Enacted by Resolution No. 2018-76, 10/19/2018]
[END OF CHAPTER]
Let us help. This form will collect basic information. Once we receive the form, we will contact you to get more information and help you find what you're seeking.
Contact Us
