(1) Each county legislative body shall, with the advice and assistance of the county auditor and county treasurer, implement an internal control structure to ensure, on a reasonable basis, that all valid financial transactions of the county are identified and recorded accurately and timely. The objectives of the internal control structure shall be to ensure: (a) the proper authorization of transactions and activities; (b) the appropriate segregation of: (i) the duty to authorize transactions; (ii) the duty to record transactions; and (iii) the duty to maintain custody of assets; (c) the design and use of adequate documents and records to ensure the proper recording of events; (d) adequate safeguards over access to and use of assets and records; and (e) independent checks on performance and proper valuation of recorded amounts.

(a) the proper authorization of transactions and activities;

(b) the appropriate segregation of: (i) the duty to authorize transactions; (ii) the duty to record transactions; and (iii) the duty to maintain custody of assets;

(i) the duty to authorize transactions;

(ii) the duty to record transactions; and

(iii) the duty to maintain custody of assets;

(c) the design and use of adequate documents and records to ensure the proper recording of events;

(d) adequate safeguards over access to and use of assets and records; and

(e) independent checks on performance and proper valuation of recorded amounts.

(2) The state auditor shall evaluate procedures implemented to effectuate this section and shall provide advice and consultation in approving and updating these procedures.