Appendix E Internal Controls for Audit January 2022

Document Date

10/01/2022

Created by

N/A

Category

Meetings

Accessible version of document​

APPENDIX E INTERNAL CONTROLS FOR AUDIT REPORT JANUARY 2022

Background

Local authorities have been requested to regularly review their internal controls as part of the annual audit of accounts.

Bozeat Parish Council needs to determine if the current procedures are sufficiently robust enough to protect the council against potential fraud and reduce the risk of the loss of funds.

Bozeat Parish Council currently follows these procedures: –

  • Bozeat Parish Council banks with Lloyds Bank plc.
  • Three signatures are required on the council’s cheques.
  • Three signatories are required to authorize any of the councils’ online payments.
  • Eight members of the council have access to the online bank account and can check transactions.
  • The Clerk holds the council’s cheque and paying in books.
  • The Clerk produces a Finance Report each month, which includes a Bank Reconciliation account and provides details of all payments to be made/authorized and any recommended transfers of funds between accounts. The report is sent to every member of the council and published as part of the minutes.