 MODEL FINANCIAL REGULAT IONS Page  5 of  20 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
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