Management Control Policy

Jefferson Science Associates, LLC Management Control Policy

 

1.     Management is charged with the responsibility for establishing a network of processes with the objective of controlling the operations of JSA in          a manner that provides the JSA Board of Directors reasonable assurance that:

  • Data and information published either internally or externally is accurate, reliable, and timely;

  • Actions of directors, officers, and employees are in compliance with JSA policies, standards, plans and procedures, and all relevant laws and regulations;

  • JSA resources (including its people, systems, data/information bases, and customer goodwill) are adequately protected;

  • Resources are acquired economically and employed profitably; quality business processes and continuous improvement are emphasized;

  • JSA plans, programs, goals, and objectives are achieved.

 

Controlling is a function of management and is an integral part of the overall process of managing operations. As such, it is the responsibility of managers at all levels of JSA to:

  • Identify and evaluate the exposures to loss which relate to their particular spheres of operations;

  • Specify and establish policies, plans, and operating standards, procedures, systems, and other disciplines to be used to minimize, mitigate, and/or limit the risks associated with the exposures identified;

  • Establish practical controlling processes that require and encourage directors, officers, and employees to carry out their duties and responsibilities in a manner that achieves the control objectives outlined above;

  • Maintain the effectiveness of the controlling processes they have established and foster continuous improvement to these processes.

 

2.     The internal auditing function is responsible for:

  • Ascertaining that the ongoing processes for controlling operations throughout the organization are adequately designed and are functioning in an effective manner;

  • Reporting to management and the JSA Finance & Audit Committee on the adequacy and effectiveness of the organization’s systems of internal control, together with ideas, counsel, and recommendations to improve the systems.

3.     The JSA Finance & Audit Committee is responsible for:

  • Monitoring, overseeing, and evaluating the duties and responsibilities of management, the internal audit activity, and the external auditors as those duties and responsibilities relate to the organization’s processes for controlling its operations;

  • Determining that all major issues reported by the internal auditor, the external auditor, and other outside advisors have been satisfactorily resolved;

  • Reporting to the JSA Board important matters pertaining to the organization’s controlling processes.