Section R. 456.1702 - Internal controls purposeRule 702. The procedures of the internal control system specified in section 16(12)(d) of the act, MCL 456.536(12)(d), shall be designed to ensure all of the following:
(a) The trust assets of the cemetery are safeguarded.(b) The financial records of the registrant are accurate and reliable.(c) The transactions of the registrant are performed only under specific authorization.(d) The transactions are recorded adequately.(e) Accountability for trust funds is maintained.(f) Only authorized personnel have access to trust assets.(g) Recorded trust assets are compared with actual trust assets at reasonable intervals, and that appropriate actions are taken with respect to any discrepancies.(h) The functions, duties, and responsibilities are appropriately segregated and performed under sound practices by competent, qualified personnel, and that no person is in a position to perpetuate and conceal errors or irregularities in the normal course of his or her duties.Mich. Admin. Code R. 456.1702
2015 MR 19, Eff. 10/6/2015