financial regs may 2016 page 3

 act s under the po licy direction of the c ouncil ;  administers the c ouncil's financial affairs in accordance with all Acts, Regulations and proper practices ;  determines on behalf of the council its accounting records and accounting control systems ;  ensure s the accounting con trol systems are observed ;  maintains the accounting records of the council up to date in accordance with proper practices ;  assists the council to secure economy, efficiency and effectiveness in the use of its resources ; and  produces financial management i nformation as required by the council. 1.1. The accounting records determined by the RFO shall be sufficient to show and explain the council’s transactions and to enable the RFO to ensure that any income and expenditure account and statement of balances , or rec ord of receipts and payments and additional information , as the case may be, or management information prepared for the council from time to time comply with the Accounts and Audit R egulations 1 . 1.2. The accounting records determined by the RFO shall in particu lar contain:  entries from day to day of all sums of money received and expended by the council and the matters to which the income and expenditure or receipts and payments account relate ;  a record of the assets and liabilities of the council ; and  wherever relevant, a record of the council ’ s income and expenditure in relation to claims made, or to be made, for any contribution, grant or subsidy. 1.3. The accounting control systems determined by the RFO shall include:  procedures to ensure that the financial transa ctions of the council are recorded as soon as reasonably practicable and as accurately and reasonably as possible ;  procedures to enable the prevention and detection of inaccuracies and fraud and the ability to reconstruct any lost records ;  identification of the duties of officers dealing with financial transactions and division of responsibilities of those officers in relation to significant transactions ; 2 Accounts and Audit (England) Regulations 2011/817