 MODEL FINANCIAL REGULAT IONS Page  3 of  20  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
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