Skip to main content
Find a Lawyer

Rhode Island General Laws Title 35. Public Finance § 35-20-4. Internal accounting controls

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Internal accounting and administrative controls are the methods through which reasonable assurances can be given that measures adopted by public corporations to safeguard assets, check the accuracy and reliability of accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies are being followed. The elements of a satisfactory system of internal accounting and administrative control, shall include, but are not limited to, the following:

(1) A plan of organization that provides segregation of duties appropriate for proper safeguarding of public corporation assets.

(2) A plan that limits access to public corporation assets to authorized personnel who require these assets in the performance of their assigned duties.

(3) A system of authorization and recordkeeping procedures adequate to provide effective accounting control over assets, liabilities, revenues, and expenditures.

(4) An established system of practices to be followed in performance of duties and functions in each of the public corporations.

(5) Personnel of a quality commensurate with their responsibilities.

(6) An effective system of internal review.

(b) Public corporations shall follow these standards of internal accounting and administrative control in carrying out the requirements of this chapter.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Rhode Island General Laws Title 35. Public Finance § 35-20-4. Internal accounting controls - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-35-public-finance/ri-gen-laws-sect-35-20-4/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard