5.3. Risk Assessment - The internal control and internal audit procedures for Hacheston are regularly reviewed and a full Risk Assessment document is maintained.
5.5 Review of Internal Control and Internal Audit
All cheques are signed by two of the three named Councillors at council meetings, once council approval has been given, and invoices and cheque stubs are checked and counter signed. All expenses are tracked and full accounts are kept updated. Fidelity Guarantee insurance is calculated for the highest amount the council are likely to hold in their funds, taking into account the peak in funds at the times of the precept. An independent professional auditor carries out the internal audit which covers:
Proper book keeping with review of cash book, bank reconciliation and statements, supporting vouchers, invoices and receipts,
Financial regulations including Standing Orders,
Control and risk management,
Budgetary and income controls,
Petty cash, payroll, asset control and valuation, bank reconciliation, year end procedures.
Internal Audit is considered effective as all measures and suggestions have been taken up over the years. The Council, Clerk/RFO and Internal Auditor have clearly defined roles. The audit documents are prepared throughout the financial year and are constantly reviewed by the council
5.6. Standing orders are updated regularly as are Financial Regulations and the Asset Register is kept up to date. Last review was January 2019
10th January 2020