financial regs may 2016 page 5

1. ACCOUNTING AND AUDIT (INTERNAL AND EXTERNAL) 1.1. All accounting procedures and financial records of the council shall be determined by the RFO in accordance with the Accounts and Audit Regulations, appropriate g uidance and proper practices. 1.2. On a regular basis, at least once in each quarter, and at each financial year end, a member other than the Chai rman or a cheque signatory shall be appointed to verify b ank r ec onciliations for all accounts produced by the RFO. The member shall sign the r econciliations an d the original bank statements or similar document as evidence of verification. This activity sha ll on conclusion be reported , including any exceptions , to and noted by the c ouncil. 1.3. The RFO shall complete the annual statement of accounts, annual report, and any related documents of the council contained in the Annual Return as specified in proper prac tices as soon as practicable after the end of the financial year and having certified the accounts shall submit them and report thereon to the c ouncil within the timescales set by the Accounts and Audit Regulations. 1.4. The council shall ensure that ther e 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 c ouncil 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. 1.5. The internal a uditor shall be appointed by and shall carry out the work in relation to internal controls required by the council in accordance with proper practices. 1.6. The internal auditor shall :  be competent and independent of the financial operations of the c ouncil ;  re port to c ouncil in writing, or in person, on a regular basis with a minimum of one annual written report during each financial year ;  t o demonstrate competence, objectivity and independence, be free from any actual or perceived conflicts of interest , includ ing those arising from family relationships ; and  have no involvement in the financial decision making, management or control of the council. 1.7. I nternal or external auditor s may not under any circumstances :  perform any operational duties for the council;  init iate or approve accounting transactions; or