Expenditures from the fund shall be subject to the approval of the Board. This Section requires the Chief Inspector and Supervisor of Public Offices to adopt and require within each school district the use of a uniform system of cost accounting, whereby the direct and indirect costs of all school district activities, including athletic and non-instructional activities, regardless of the sources of funding, can be analyzed. It is the management s responsibility to install, maintain and update the fiscal management system. The cost of any system should not exceed the benefits, which may reasonably be expected to be derived from the system. C. Regardless of what method of data processing is utilized, the objective is to safeguard the assets and to provide reliable data.
All systems have certain inherent limitations.
E. A system is only as good as the people who operate it. F. Procedures designed to detect errors and irregularities should be performed by persons other than those who are in a position to perpetuate them. G. Transactions should be authorized by officials or employees acting within the scope of their authority. The system should ensure that transactions are recorded in the accounting records in the proper amount and fiscal period, and are classified properly. I. Access to assets, such as cash, securities and physical plant should be limited to authorized personnel only.