What Are "Financial Regulations"
There is one area of a council’s work that is so large that it warrants its own set of standing orders. The financial affairs and accounting procedures are regulated by the “Financial Regulations”. Financial Regulations control the financial affairs and accounting procedures of a local council. They include most of the requirements relevant to the council’s Responsible Financial Officer.
These financial regulations direct Council’s financial management. They can only be changed by resolution of the council. They provide procedural guidance for both Councillors and Officers. Financial regulations must be used in conjunction with the council’s standing orders and any individual financial regulations relating to contracts.
The council is responsible in law for ensuring that its financial management is adequate and effective and that the council has a sound system of internal control. This ensures the effective exercise of the council’s functions, including the management of risk. The council’s accounting control systems must include measures:
- for the timely production of accounts;
- that provide for the safe and efficient safeguarding of public money;
- to prevent and detect inaccuracy and fraud; and
- identifying the duties of officers.
Members of council are expected to follow the Regulations and not to entice employees to breach them. The Responsible Financial Officer (RFO) holds a statutory office. The Clerk has been appointed as RFO for Anglesey Parish Council.