YEAR END REPORT BY THE INTERNAL AUDITOR TO ULVERSTON

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YEAR END REPORT BY THE INTERNAL AUDITOR TO ULVERSTON TOWN COUNCIL

PERIOD 1ST OCTOBER 2020 – 31ST MARCH 2021

FINANCIAL YEAR ENDING 31 MARCH 2021


I confirm I have, on the 14th June undertaken an internal audit for the period 1st October 2020 - 31st March 2021in accordance with the Account and Audit Regulations (England) 2015 as outlined in the Audit Plan approved by Council and incorporating any new requirements as outlined in “Governance and Accountability for Local Councils” A Practitioners’ Guide (England) March 2020


The Council has a statutory duty to complete an Annual Governance and Accountability Return (AGAR) each year. Within the AGAR there is an annual internal audit report that provides assurances on a range of agreed control objectives.


This year-end report supplements the interim half- year report. The objectives below were tested to verify compliance with the Account and Audit Regulations.



1. Proper Bookkeeping


The Council outsources financial management accounts to an external accountant who operates the commercial accounting package – Xero, which is comprehensive and fulfils the requirements needed to complete all monthly and cumulative Income and Expenditure counts as required by the Regulations, as Ulverston Town Council exceeds Income and/or Expenditure in excess of £200k.

All income and expenditure is coded to the Council’s budgeted headings, allowing immediate identification of spending in each budget sector and enables monthly control accounts to be produced for budget comparisons.

The Trial Balance and attendant information verified the accuracy of all financial information.



2. Standing Orders/Financial Regulations/Transparency Code

Standing Orders and Financial Regulations are current and contain the most recent legislation.

A regular review process is in place.

An updated website is now up and running and all requirements under the Transparency Code

Is now publicly displayed.





3. Payment Controls

A sample of payments of invoices was made which had been paid in the period. All comply with Financial Regulations and adhere to the principle of Best Value. A schedule of payments is presented to Council for authorisation prior to the release of funds.





4. VAT


Vat has been recorded and quarterly submissions to HMRC for the reclaim of vat on expenditure are submitted in a timely manner.

The yearend figure of £6473.00 is verified. Repayments are made directly into the Council bank account.


5. LGA Sct 137 Payments


Ulverston Town Council is a General Power of Competence Council and therefore would use this “power of first resort”,Sct 137 is not applicable.

6. Risk Management


Risk assessments of all activities are an on going process. The documentation displayed on the website is dated April 2020


7. Internal Financial Controls

There is clear evidence by checks, dates and signatures on relevant documents e.g. invoices, financial statements, schedule of payments, bank reconciliations and chequebook stubs that the Council is in control of the use of public monies.



8. Register of Interest


Copies of all documentation are retained on file and members fulfil their obligation to advise and declare as appropriate and update their personal register.





9. Budgetary Control


A correct budget process is in place and the budget is monitored.

The accounting method enables immediate identification of monthly and cumulative spends to each budget heading. The financial reports presented by the RFO enable the council to readily address any budget under/overspends and if necessary make the relevant virements.

10. Cash Balances at the Bank

The balances at the bank as at the 31st March 20201are considered adequate to enable the Council to fulfil budgeted expenditure, deliver planned projects and retain an adequate cash flow.

A substantial sum in the cash reserves is held in earmarked funds.

External Audit guidance advises free revenue cash reserve nearer 3 months Net Revenue Expenditure (N.R.E.) for authorities with a N.R.E. in excess of £200,00.






11. Income Controls


Expected income was fully received, based on correct prices, properly recorded and promptly banked.

12. Petty Cash


Petty cash expenses are reported to the relevant meeting.

Sums drawn are allocated to the appropriate budget head and VAT is identified and claimed.

13. Payroll Controls


PAYE/NIC records are undertaken externally and are properly operated and up to date.

All statutory payments to HMRC and Pension provider have been made. The accuracy of the deductions and payments are confirmed in house.


14. Asset Control


All assets are adequately covered by insurance.

RECOMMENDED that a review of the Asset Register be undertaken to record historic values of all assets. To also ensure all information is included on acquisitions and disposals to ensure accuracy with information on the AGAR.



15. Bank Reconciliation


The core cash accounts are reconciled to the bank statements monthly and state the financial position of the council.


16. Year End Accounts


Ulverston Town Council produces accounts on an Income and Expenditure basis, which is required, by the Accounts and Audit Regulations.





I confirm Ulverston Town Council is compliant with the Accounts and Audit Regulations and all other statutory undertakings.








The Clerk/Responsible Financial Officer (RFO) and Administrator have maintained a high standard of recordkeeping, which has simplified the audit process. The Council’s control systems are efficient and effective and give the appropriate level of confidence. The financial statements and reports reflect a true and accurate account of the Council’s finance and governance records.


In concluding the report I acknowledge the assistance of the Clerk/RFO for her telephone assistance with queries and the thorough preparation and availability of all documents, either by e-mail or on the website, which expedited the audit process as a result of accurate and transparent records.






YEAR END REPORT BY THE INTERNAL AUDITOR TO ULVERSTON




Georgina D. Airey – Internal Auditor. June 2021.







































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