3cf5627a-982d-4559-bfa9-e9e52d8ee150_Wadebridge_Financial_Regulations_2025-artifacted.pdf — PaddleOCR-VL (Baidu)

1.6 The Council must not delegate any decision regarding:

setting the final budget or the precept (Council tax requirement);

the outcome of a review of the effectiveness of its internal controls

approving accounting statements;

approving an annual governance statement;

borrowing;

declaring eligibility for the General Power of Competence; and

addressing recommendations from the internal or external auditors.

1.7 In addition, the Council shall:

determine and regularly review the bank mandate for all Council bank accounts;

authorise any grant or single commitment in excess of £10,000.

2. RISK MANAGEMENT & INTERNAL CONTROL

2.1 The Council must ensure that it has a sound system of internal control, which delivers effective financial, operational and risk management.

2.2 The RFO shall prepare, for approval by the Finance & General Purposes Committee and the Council, a risk management policy covering all activities of the Council. This policy and consequential risk management arrangements shall be reviewed by the Council at least annually.

2.3 When considering any new activity, the RFO shall prepare a draft risk assessment including risk management proposals for consideration by the Council.

2.4 At least once a year, the Council must review the effectiveness of its system of internal control, before approving the Annual Governance Statement.

2.5 The accounting control systems determined by the RFO must include measures to:

ensure that risk is appropriately managed;

ensure the prompt, accurate recording of financial transactions;

prevent and detect inaccuracy or fraud; and

allow the reconstitution of any lost records;

identify the duties of officers dealing with transactions and

ensure division of responsibilities.