town Council Risk Assessment and Financial Reviewed

Transcription

1 Oundle Town Council Risk Assessment and Financial Reviewed Updated Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency INCOE Precept Not Submitted Full TC inute RFO follow up Charges Community Halls Not Paid by DC Accounts presented monthly to TC Adequacy of precept H review of accounts at TC meeting and quarterly review of budget to actual by Rental Invoices for regular users Payment in advance plus deposits for casual users Cash handling inimised due to request of Direct Debits and cheques. Cash delivered to office. Cash banking Banking same day when possible. Safe within building Charges - Cemetery Grave Allocation Burial register updated. Insurance cover Copy application to Chair Advise Chair and chase payment onitor finances Ensure payments received against register Two people count cash received. Receipts given Reconcile accounts Ensure records updated and insurance in place Chair to initial copy application Advise TC Until complete Invoices aintain register emorial fees aintain register Visual inspection of Cemetery Site visit Weekly Charges - arket Rental Invoices Weekly site inspections to confirm pitch sizes Terms and Conditions reviewed annually Properties Chair to review Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 1

2 Oundle Town Council Risk Assessment and Financial Reviewed Updated Income reviewed onitor finances Chair to review Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency Cash handling inimised due to request of Direct Debits and cheques. Cash delivered to office. Two people count cash received. Receipts given Charges Commercial Premises Risk to staff in cash collection A shortened journey from the point of cash collection to bank has been organised. Personal alarm issued. Cash banking Banking same day when possible. Safe within building Invoices or quarterly agreements in place with Direct Debit payments Review of rental and leases H Ensure rent reviews and leases current Reconcile accounts onitor finances Chair Properties to oversee plus a summary of the lease renewal fates and rents to be included in all Councillor Handbooks. Investment Income Investment Policy Review policy annually reviews investments as part of quarterly meetings Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 2

3 Oundle Town Council Risk Assessment and Financial Reviewed Updated Funds review of accounts at onitor finances TC meeting and quarterly review of budget to actual by EXPENDITURE Salaries Wrong salary paid Check to minute payroll ember verify Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency Wrong hours paid Check to timesheet/contract payroll ember verify Wrong rate pay Check to contract payroll False Employee Check to PAYE Records & lists payroll Wrong deductions - NI Check to PAYE Calculations payroll ember verify ember verify ember verify Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 3

4 Oundle Town Council Risk Assessment and Financial Reviewed Updated Direct Costs and overhead expenses Wrong deductions Income tax Goods not supplied Check to PAYE Calculations payroll ember verify Order system and checking Approval check process Invoice incorrectly calculated Check arithmetic Approval check Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency Cheque payable is Spot check of payments with RFO verify excessive signatory initialing cheque Cheque payable to wrong party stub and invoice. Spot check of payments with signatory initialing cheque stub and invoice. RFO verify Stock loss Inventory control Reconcile to stock 6 monthly Councillors Councillor overpaid Claim form and receipts RFO verify and sign ayor or Deputy Expenses ayor approval Grants and Support Power to pay inute Power inutes approved by TC Agreement of inute inutes approved Council to pay by TC Conditions agreed Conditions contained in Grant RFO check When issued letter Cheque and Signatory initials cheque and ember verify When issued Voucher stub plus accounts Follow Up verification Feedback Requested RFO check ember local knowledge Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 4

5 Oundle Town Council Risk Assessment and Financial Reviewed Updated Election Costs Adequate provision for costs Invoice at agreed rate VAT irrecoverable VAT analysis All items in detailed VAT report (SAGE) Include in annual budget RFO check approval Check invoice against Cheques by RFO payment plus 2 Councillors Charged on sales Automate through accounting system (SAGE). Consider annually RFO verify RFO verify to verify to verify Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency Charged on Automate through accounting RFO verify ember verify purchases system (SAGE Partial exemption Check with VAT office RFO verify ember verify applies Claimed within time limits Check quarterly returns RFO verify ember verify (Jan, April, July & Oct) OTHER RISKS Reserves General Adequacy Consider at budget setting opinion Approved by TC Reserves - Earmarked develop 3 year plan Adequacy Consider at budget setting and final accounts Earmarked or Contingent iability Review with RFO and Chair of RFO opinion RFO to review all spend plans review Considered at first Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 5

6 Oundle Town Council Risk Assessment and Financial Reviewed Updated Assets oss, damage, etc. Annual inspection, update insurance and asset registers Staff Risk or damage to third party property or individuals oss of key personnel ong term absence of a key member of staff Review adequacy of Public iability Insurance Employment of external Personnel Company for preventative advice and support Cross training and development for all staff Clerk reports to quarterly on staff issues meeting of year and reviewed at all subsequent meetings Estate inspects. review spend and insurance Insurance scheduled signed by two members to review plus quarterly Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency Fraud by staff Fidelity Guarantee value plus RFO check Ensure value internal audit sufficient oss Consequential loss due to critical damage or third party performance Review insurance cover adequacy TC to approve insurance schedule Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 6

7 Oundle Town Council Risk Assessment and Financial Reviewed Updated Cash oss through theft or dishonesty aintenance Poor performance of assets or amenities loss of income or performance H Borrowing/ending Adequacy of finances to be able to repay loans egal Powers Illegal activity or payment Financial Records Inadequate records Review insurance cover. Ensure adequacy of Fidelity Insurance Guarantee Conduct random and ad-hoc checks on cheque stubs, payments and receipts Annual maintenance inspection by independent contractors Financial review and cash flow forecasting Educate Council as to their legal powers RFO check monthly and regular internal audit. Independent review to review all invoices for a particular month and trace them back TC to approve insurance schedule Two Councilors to carry out checks embers to review report Full Council Review Full Council Review Topic Risk Identified H// of Risk Staff Action Councillor Action Frequency inutes Accurate and legal Review at following meeting Place on agenda Chair to approve embers Interests Conflict of Interest Update declarations of inutes approved interest. Item on each agenda by Chair Councils Objectives Failure to eet Set and regularly review objectives. to review quarterly Reviewed and accepted FC 12/03/09 Updated 18/03/10, , , , and Page 7