SECTION 735:15-5-1. Duties of OST's Internal Auditor

  OST's Internal Auditor shall determine that the State Treasurer's investment policies and procedures adhere to state statutes, these administrative rules, and other applicable policies of OST. In carrying out those duties, he or she shall have the following specific duties:

(1)   Determine that the appropriate internal controls exist, including the safeguarding of the paper and electronic documents;

(2)   Determine that the trade file was prepared and reviewed by the appropriate personnel;

(3)   Determine that all required documents are present;

(4)   Determine that the type of investment is allowed by statute;

(5)   Determine that a system of competitive bidding was used when practicable, and that only approved financial institutions were solicited;

(6)   Determine that the information on all documents agrees;

(7)   Determine that the recorded information agrees with the paper documents;

(8)   Determine that the trade was settled in accordance with the transaction records;

(9)   Conclude whether the trade was executed in accordance with the State Treasurer's investment policies and procedures and state statutes;

(10)   Report to the State Treasurer any exceptions noted during the examination; and

(11)   Conduct appropriate follow-up procedures to assure that any exceptions noted have been resolved in a proper and timely manner.

[Source: Added at 13 Ok Reg 1591, eff 4-2-96 (emergency); Added at 13 Ok Reg 3349, eff 7-25-96; Amended at 24 Ok Reg 2420, eff 6-26-07]