Using the attached case study and SOX section summaries below, answer the following question (following the instructions in the forum description:

Discuss the relevance of internal controls for a governmental organization. Could the requirements from Section 404 of the Sarbanes-Oxley Act be helpful, even if not required, as a government designs, implements, documents, and tests internal controls? Does Waterloo need an internal audit function? Where should it be placed in the citys organization?

Sarbanes Oxley Act of 2002

Section 302

Financial reports and statements must certify that:

• The documents have been reviewed by signing officers and passed internal controls within the last 90 days.
• The documents are free of untrue statements or misleading omissions.
• The documents truthfully represent the companys financial health and position.
• The documents must be accompanied by a list of all deficiencies or changes in internal controls and information on any fraud involving company employees.

Section 404

Companies must publish a detailed statement in their annual reports explaining the structure of internal controls used. The information must also be made available regarding the procedures used for financial reporting. The statement should also assess the effectiveness of the internal controls and reporting procedures.

The accounting firm auditing the statements must also assess the internal controls and reporting procedures as part of the audit process.

Preview File Edit View Go Tools Window Help * ES a 9 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... U Q Search Page 1 of 5 Comments city-of-waterlo. 1h IMA Case EDUCATIONAL Case Journal Study ima Portal in Bis SHIVAYX City of Waterloo, lowa: Organizing a Chief Financial Officer Function Ww E Bosi Mawa TWY Vorar Ldad Wax for 1. INTRODUCTION 2 The truth and Wawa, tas Anthem. Elisir., naye ap U a vit'iy Bed ads sin it's face. The vissfuascal where i tratitisinhas 'Irrimmirthritis' iyar on the ritrare in modal athing berharapan it's mind has a dan TURV Il pitit They ended raw ni In Harmonial hunter, a three Where the crach: til spars hires. A pochinoder de a ne connaire ha de ser water Obava Faixa de CFO sulltans. He sexo waid.intkperkatakan wulen EXPERIE and in the nurien that w noorts SERVICE Wine and the imalah: nood Form and the assaltar CFO madalas F. He lekitatan : FLETA atau FOLDER. Els barrisid bilem 1 DY, determinased in the 1.1. HAXGROUND ON THE CITY OF WATERLOO Word was incendistella Era Itxitchen callawa, wala popular to,6. The city's pabai Ieslending till www.afm.net sitesity eriye again thai tha walion Kitron 3 sh SCREES de Escocratis der erschide report the names artistes The teard NordTY puise fr, lary BIVES and ans Ducnu are burrit cyfronts Shtly after has been rer the throw *** pory that in the FD pen the city's fronxid utrzy. I dizista appena rapistis viia kaif facial for |Cra Fulni is initilitiz4. thotilier' dvisory Board mesledite CFO the 2=site. Emai Hair ma , ER ATATE wpuisitl: [IESISrilai. INA KRUCIONAL COL. 1., 4. MED., LE CONTRA 4 Slide 12 of 24 English (United States) Notes Comments B E + 102% % UN 20 vs A e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM D-city-of-waterloo-lowa-organizing-a-chief-financial-officer-fu... 0 ch Q Search Page 2 of 5 Comments city-of-waterlo. 2. CURRENT ORGANIZATIONAL STRUCTURE OF THE FINANCE ACTIVITY 22. FINANCE COMMITTEE THE FO nas baron une arme. Then ETTES SER i dati. Liburila v wespe in This Ibig enemies is cele pe aperte Pillairescatarie stalo das fix ite City of W. list Kesi ile different facile che si is freely reputablecite jersebne Theed LIFE that the art attack is that the comple, the FO : Episcine bately as the EEMAL Fis : RETAI -*- LurAl==pie, 28 CITY CLERK The order's chiar in alle tti:futilurd iralite: il ie here. Parcers in Report to the rykk pada prtly cry Bannalle IL CELER skranigata by sa traser. |agnaipriyumilmeirgst immiligni rar Aral rki TRIXIEEE. Friedrichshay tlesinabi ya SIAE ZI FINANCE OFFICER hanthanda, TITLE raisir FY) srwarslit intrs moring, P.Niepos (www.cadili Romwen pa pong, na ww andir. The worstark renih servis indiciada petal da insan Er all, and Hapxtaittiis ile Paralych dek seves para Ri=sfur dri. the date, the faire dedirse repris end powd, The Total trancing hedringvirgvlugt karries, whk, wil and completare spathes formerly. The mana Ikaw, and preferuare Althet alleres and includes a reales bei Fradi raridas pelas atacadis FRASEEEEE Brajar Lapidad para para to the functiera. Crederas End traintain the full IELES Y FOCUS SFO du.com adus in cy'sib Willy desk will as to-chy deritare in care nad nicht Pets For me, these der the GREECE baba Fagrabatunci ne as and pak vs. Leisupath ay exakt ruke PS. Et are the basin atal at af the un taa's skats han for i dag., DRY 70. Tada distrukipalala clea is tail: i th l rf wiscie pan. avana retidaks sul peables in skrg in de ti ai 11 | Ilaiyadal wale wpisowe 2A. OTHER DEPARTMENTS JOUW WITH can pw There www.decor to the wa Wilagard pathwal Athle Tercerah Tuk tellida, anda per lebb a supposed tiirit Exam at the hallexhinalai ar silankant borrisseaded by the USSC SERBUCH en liefde islas fesh al mall Luwun pet with the addiri a wide, where och trhywbrewnian calcinha er CILE In Earth Endaunato 1 3 thent INI SECARLER. 2 WNERING 4 Slide 12 of 24 English (United States) Notes Comments E E BE .IVA UN 20 #tv s A . Preview File Edit View Go Tools Window Help * a 2 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... ch o Q Search Page 3 of 5 Comments city-of-waterlo. 1 Cha Cancillaced Watertow... Geger Schm IN BUCATARINA CAJ., 4. , EFENSIKH Slide 12 of 24 English (United States) Notes Comments E E BE .IV270 20 Atv e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM O city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... O Q Search Page 4 of 5 Comments city-of-waterlo. The meerdere partice, car links, labrars, airpkit, ad and the scener raschalther the intense arrantes 5. REDUIRED 2.3 PURCHASING We dont rentour putus lempi La semain ARTIKLER akisi, tis, ES authara HHHi HER ' HD HARI kE euiltairdly te iruAEMutills 'unt uri delleen. auch mehsarroll the cry ...am purchase by panies AS para casa sapulta es una sumam 1 Luke 1: We wand TRISER 1. Wir vel the chal Erario ICFO b. Sakinah itu puulusi ile CFO sul pal to the citsdek? Crisiana: Hemiri auritadth Hirairgrter Nesrin and reprehlity, inity clean and in die Ho risc cated in a Dar really platitisal piraipendalthe filkurin; rur EMIE:4, =fkuricure, cil EEIR) effects on the main 26 MWMMENT INFORMATION SYSTEMS Inter MINUTA har EET THE as part hare better ulapuses and can put then Keputar i ispudios Gestionada che a Bilek Eke is we majeur die Gumy en leuk 3. CONSULTANTS ARE HIRED 2 luidewithepinkcal the crystawh PSY I hans al abindradai siniu lieu tringria alunmanirilerinidater We'lhe years the CW haracoppelin red. 4. THE VIEW FROM THE PRESS BOX 1 ine Tix Islmir' Erkel Secrets arwaris character and is this "Wat we had and Taiwan Perth." Santes CICIK :pply them to incrimes Thered usisarustamo as where wa Wabc polsk trama them in sinn furti sarwar canapacite City Warehe Guanti che riche: AZ ESETATIS. METALL Could Leasia 404 of the Suzans-Oxley Act back.stuif ruix come se nale silirhrigardlin tritigaterin' Didelis par de la planta de Bien Hire might handler quevices' Weissario 3 GRY ED SHARE aided up SUL Mailidell, Ross are and walnati Warul dent. When en pussita sa War lisateur : ETA its pubic war by Giset sans tip ule aliy ffaids, des bevor ich diese creer wasserer engine primrantigatiriNIAN Irritat irru wwwcharhargy. As a result Descriere which the pais querer BEENDETE penarmasrallax IN SEURANGLER JE NIE, EFEK 4 BRIE Slide 12 of 24 English (United States) Notes Comments E E BE IV" UN 20 v A e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... Y Q Search Page 5 of 5 Comments city-of-waterlo. 6. APPENDIX A ABOUT MA Stky Wale evsti siswa 5.1. Plass, tis. addita al dial ativa inlikle deschermen lexiblen ble www powder dans le monde IX wiedingende Erre eif Awadnim www.terowarstwriad Manager With wel , ETAM danasyon urarit aral probos. BE Home PVC 2 6Z D otomatik wiringan, dan pening , , nd waarindsleculas Luk Manschen istiral Daar is. Eray Epicure and Care Erfarslicky dopusta na fuk Preberi na die nutrip, 3 54. Decksammual CLTD anal isrikrshmmmit trpermarkai , and is rendang cleofalaer the trucares af rheiny ss. Das war nunca Cameryci CIAS Bransoires Wat wil , il deprecals on itemi che ci 67. Det betyr desky weighinuliwe Elin yun. I WERE rest cu cara arrecamarca and th: despre Karwen 10. Senie w krwawa 5.11. Evaluatia persalinan ve Je fansat GAECEN INACEUCATIONAL CASE. BERET IBRI Side 12 of 24 English (United States) Notes Comments E BE IV270 Pa UN 20 otv A e Preview File Edit View Go Tools Window Help * ES a 9 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... U Q Search Page 1 of 5 Comments city-of-waterlo. 1h IMA Case EDUCATIONAL Case Journal Study ima Portal in Bis SHIVAYX City of Waterloo, lowa: Organizing a Chief Financial Officer Function Ww E Bosi Mawa TWY Vorar Ldad Wax for 1. INTRODUCTION 2 The truth and Wawa, tas Anthem. Elisir., naye ap U a vit'iy Bed ads sin it's face. The vissfuascal where i tratitisinhas 'Irrimmirthritis' iyar on the ritrare in modal athing berharapan it's mind has a dan TURV Il pitit They ended raw ni In Harmonial hunter, a three Where the crach: til spars hires. A pochinoder de a ne connaire ha de ser water Obava Faixa de CFO sulltans. He sexo waid.intkperkatakan wulen EXPERIE and in the nurien that w noorts SERVICE Wine and the imalah: nood Form and the assaltar CFO madalas F. He lekitatan : FLETA atau FOLDER. Els barrisid bilem 1 DY, determinased in the 1.1. HAXGROUND ON THE CITY OF WATERLOO Word was incendistella Era Itxitchen callawa, wala popular to,6. The city's pabai Ieslending till www.afm.net sitesity eriye again thai tha walion Kitron 3 sh SCREES de Escocratis der erschide report the names artistes The teard NordTY puise fr, lary BIVES and ans Ducnu are burrit cyfronts Shtly after has been rer the throw *** pory that in the FD pen the city's fronxid utrzy. I dizista appena rapistis viia kaif facial for |Cra Fulni is initilitiz4. thotilier' dvisory Board mesledite CFO the 2=site. Emai Hair ma , ER ATATE wpuisitl: [IESISrilai. INA KRUCIONAL COL. 1., 4. MED., LE CONTRA 4 Slide 12 of 24 English (United States) Notes Comments B E + 102% % UN 20 vs A e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM D-city-of-waterloo-lowa-organizing-a-chief-financial-officer-fu... 0 ch Q Search Page 2 of 5 Comments city-of-waterlo. 2. CURRENT ORGANIZATIONAL STRUCTURE OF THE FINANCE ACTIVITY 22. FINANCE COMMITTEE THE FO nas baron une arme. Then ETTES SER i dati. Liburila v wespe in This Ibig enemies is cele pe aperte Pillairescatarie stalo das fix ite City of W. list Kesi ile different facile che si is freely reputablecite jersebne Theed LIFE that the art attack is that the comple, the FO : Episcine bately as the EEMAL Fis : RETAI -*- LurAl==pie, 28 CITY CLERK The order's chiar in alle tti:futilurd iralite: il ie here. Parcers in Report to the rykk pada prtly cry Bannalle IL CELER skranigata by sa traser. |agnaipriyumilmeirgst immiligni rar Aral rki TRIXIEEE. Friedrichshay tlesinabi ya SIAE ZI FINANCE OFFICER hanthanda, TITLE raisir FY) srwarslit intrs moring, P.Niepos (www.cadili Romwen pa pong, na ww andir. The worstark renih servis indiciada petal da insan Er all, and Hapxtaittiis ile Paralych dek seves para Ri=sfur dri. the date, the faire dedirse repris end powd, The Total trancing hedringvirgvlugt karries, whk, wil and completare spathes formerly. The mana Ikaw, and preferuare Althet alleres and includes a reales bei Fradi raridas pelas atacadis FRASEEEEE Brajar Lapidad para para to the functiera. Crederas End traintain the full IELES Y FOCUS SFO du.com adus in cy'sib Willy desk will as to-chy deritare in care nad nicht Pets For me, these der the GREECE baba Fagrabatunci ne as and pak vs. Leisupath ay exakt ruke PS. Et are the basin atal at af the un taa's skats han for i dag., DRY 70. Tada distrukipalala clea is tail: i th l rf wiscie pan. avana retidaks sul peables in skrg in de ti ai 11 | Ilaiyadal wale wpisowe 2A. OTHER DEPARTMENTS JOUW WITH can pw There www.decor to the wa Wilagard pathwal Athle Tercerah Tuk tellida, anda per lebb a supposed tiirit Exam at the hallexhinalai ar silankant borrisseaded by the USSC SERBUCH en liefde islas fesh al mall Luwun pet with the addiri a wide, where och trhywbrewnian calcinha er CILE In Earth Endaunato 1 3 thent INI SECARLER. 2 WNERING 4 Slide 12 of 24 English (United States) Notes Comments E E BE .IVA UN 20 #tv s A . Preview File Edit View Go Tools Window Help * a 2 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... ch o Q Search Page 3 of 5 Comments city-of-waterlo. 1 Cha Cancillaced Watertow... Geger Schm IN BUCATARINA CAJ., 4. , EFENSIKH Slide 12 of 24 English (United States) Notes Comments E E BE .IV270 20 Atv e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM O city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... O Q Search Page 4 of 5 Comments city-of-waterlo. The meerdere partice, car links, labrars, airpkit, ad and the scener raschalther the intense arrantes 5. REDUIRED 2.3 PURCHASING We dont rentour putus lempi La semain ARTIKLER akisi, tis, ES authara HHHi HER ' HD HARI kE euiltairdly te iruAEMutills 'unt uri delleen. auch mehsarroll the cry ...am purchase by panies AS para casa sapulta es una sumam 1 Luke 1: We wand TRISER 1. Wir vel the chal Erario ICFO b. Sakinah itu puulusi ile CFO sul pal to the citsdek? Crisiana: Hemiri auritadth Hirairgrter Nesrin and reprehlity, inity clean and in die Ho risc cated in a Dar really platitisal piraipendalthe filkurin; rur EMIE:4, =fkuricure, cil EEIR) effects on the main 26 MWMMENT INFORMATION SYSTEMS Inter MINUTA har EET THE as part hare better ulapuses and can put then Keputar i ispudios Gestionada che a Bilek Eke is we majeur die Gumy en leuk 3. CONSULTANTS ARE HIRED 2 luidewithepinkcal the crystawh PSY I hans al abindradai siniu lieu tringria alunmanirilerinidater We'lhe years the CW haracoppelin red. 4. THE VIEW FROM THE PRESS BOX 1 ine Tix Islmir' Erkel Secrets arwaris character and is this "Wat we had and Taiwan Perth." Santes CICIK :pply them to incrimes Thered usisarustamo as where wa Wabc polsk trama them in sinn furti sarwar canapacite City Warehe Guanti che riche: AZ ESETATIS. METALL Could Leasia 404 of the Suzans-Oxley Act back.stuif ruix come se nale silirhrigardlin tritigaterin' Didelis par de la planta de Bien Hire might handler quevices' Weissario 3 GRY ED SHARE aided up SUL Mailidell, Ross are and walnati Warul dent. When en pussita sa War lisateur : ETA its pubic war by Giset sans tip ule aliy ffaids, des bevor ich diese creer wasserer engine primrantigatiriNIAN Irritat irru wwwcharhargy. As a result Descriere which the pais querer BEENDETE penarmasrallax IN SEURANGLER JE NIE, EFEK 4 BRIE Slide 12 of 24 English (United States) Notes Comments E E BE IV" UN 20 v A e Preview File Edit View Go Tools Window Help * ES a 2 Sun Jun 20 11:17 PM D city-of-waterloo-iowa-organizing-a-chief-financial-officer-fu... Y Q Search Page 5 of 5 Comments city-of-waterlo. 6. APPENDIX A ABOUT MA Stky Wale evsti siswa 5.1. Plass, tis. addita al dial ativa inlikle deschermen lexiblen ble www powder dans le monde IX wiedingende Erre eif Awadnim www.terowarstwriad Manager With wel , ETAM danasyon urarit aral probos. BE Home PVC 2 6Z D otomatik wiringan, dan pening , , nd waarindsleculas Luk Manschen istiral Daar is. Eray Epicure and Care Erfarslicky dopusta na fuk Preberi na die nutrip, 3 54. Decksammual CLTD anal isrikrshmmmit trpermarkai , and is rendang cleofalaer the trucares af rheiny ss. Das war nunca Cameryci CIAS Bransoires Wat wil , il deprecals on itemi che ci 67. Det betyr desky weighinuliwe Elin yun. I WERE rest cu cara arrecamarca and th: despre Karwen 10. Senie w krwawa 5.11. Evaluatia persalinan ve Je fansat GAECEN INACEUCATIONAL CASE. BERET IBRI Side 12 of 24 English (United States) Notes Comments E BE IV270 Pa UN 20 otv A e