PAPER D
Ryde Town Council
INTERNAL AUDIT 2020-21
THE ACCOUNTS & AUDIT REGULATIONS 2003 as amended by THE ACCOUNTS
& AUDIT (AMENDMENT)(ENGLAND) REGULATIONS 2006, REGULATIONS 4(2),
4(3),
6(3) & 6(4)
The above regulations require a local council to conduct a review of the effectiveness
of its system of internal audit and that the findings of the review be considered as part
of the councils review into the effectiveness of its system of internal control.
As part of the review the council will need to make an assessment of the internal
audit plan, detailed below.
AUDIT PLAN
1.
Check the books of account have been properly kept throughout the year,
and that they are compliant with the Council’s financial regulations.
2.
Check a 20% representative sample of receipts and payments over the year
to ensure that the Council’s financial regulations have been met, payments are
supported by invoices, expenditure is approved and VAT is correctly
accounted for.
3.
Review the Council’s risk management assessment ensuring adequate
arrangements are in place to manage all identified risks
4.
Verify that the annual precept request is the result of a proper budgetary process,
that budget process has been regularly monitored and that the Council’s
reserves are appropriate.
5.
Check salaries to employees have been paid in accordance with Council
approvals, that they are reconciled to the expenditure ledger and that PAYE
requirements have been applied correctly.
6.
Check accuracy of asset register, capital accounting and capital financing
records (including borrowing approvals).
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7. Test accuracy and timeliness of periodic and year end bank account
reconciliation
8. Test accuracy and completeness of year-end financial statements
9. To undertake any other relevant and appropriate action as requested by
the Town Council.
Gareth Hughes RFO
6th January 2021
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