All accounting procedures and financial records of the Council shall be determined by the RFO in accordance with the Accounts and Audit Regulations, appropriate guidance and proper practices.
On a regular basis, at least once in each quarter, and at each financial year end, a member other than the Chair or other cheque signatory shall be appointed to verify bank reconciliations for all accounts produced by the RFO. The member shall sign the reconciliations and the original bank statements, or similar document, as evidence of verification. This activity shall on conclusion be reported, including any exceptions, to, and noted by, the Council.
The RFO shall complete the annual statement of accounts, annual report, and any related documents of the Council contained in the Annual Governance and Accountability Return (as specified in proper practices) as soon as practicable after the end of the financial year and having certified the accounts shall submit them and report thereon to the Council within the timescales set by the Accounts and Audit Regulations.
The Council shall ensure that there is an adequate and effective system of internal audit of its accounting records, and of its system of internal control in accordance with proper practices. Any officer or member of the Council shall make available such documents and records as appear to the Council to be necessary for the purpose of the audit and shall, as directed by the Council, supply the RFO, internal auditor, or external auditor with such information and explanation as the Council considers necessary for that purpose.
The internal auditor shall be appointed by and shall carry out the work in relation to internal controls required by the Council in accordance with proper practices.
The internal auditor shall:
be competent and independent of the financial operations of the Council;
report to Council in writing, or in person, on a regular basis with a minimum of one annual written report during each financial year;
demonstrate competence, objectivity and independence, be free from any actual or perceived conflicts of interest, including those arising from family relationships; and
have no involvement in the financial decision making, management or control of the Council.
Internal or external auditors may not under any circumstances:
perform any operational duties for the Council;
initiate or approve accounting transactions; or
direct the activities of any Council employee, except to the extent that such employees have been appropriately assigned to assist the internal auditor.
For the avoidance of doubt, in relation to internal audit the terms ‘independent’ and ‘independence’ shall have the same meaning as is described in proper practices.
The RFO shall make arrangements for the exercise of electors’ rights in relation to the accounts including the opportunity to inspect the accounts, books, and vouchers and display or publish any notices and statements of account required by Audit Commission Act 1998, or any superseding legislation, and the Accounts and Audit Regulations.
The RFO shall, without undue delay, bring to the attention of all Councillors any correspondence or report from internal or external auditors.
