INTERNAL AUDIT

FINANCIAL REGULATIONS 1 INTRODUCTION 1.1 To conduct its business efficiently, a local authority needs to ensure that it has sound financial management policies in place and that they are strictly adhered to. Part of this process is the establishment of Financial Regulations that set out the financial policies of the authority. A modern Council should also be committed to innovation, within the regulatory framework, providing that the necessary risk assessment and approval safeguards are in place. 1.2 The Financial Regulations provide clarity about the financial accountabilities of individuals - Executive members, the Chief Executive, the Corporate Director of Performance, the Corporate Director of Finance & Resources and other chief officers. Each of the Financial Regulations sets out the overarching financial responsibilities. 1.3 These Regulations, in conjunction with Financial Codes of Practice, Contract Standing Orders, the Scheme of Delegation, Scrutiny Committees and Codes of Conduct of both employees and members, provide a framework within which the Council conducts the business of Local Government. 2 STATUS OF FINANCIAL REGULATIONS 2.1 Financial Regulations provide the framework for managing the authority's financial affairs. They apply to every member and officer of the authority and anyone acting on its behalf. 2.2 The regulations identify the financial ...