© Reed Parish Council 2021
Website Accessibility Statement
Reed Village
The website of Reed Parish Council
Risk
Procedures to address
Reassess/carry out
Lack of general financial control
1
Lack of responsible officer
Appointment of responsible finance officer (RFO)
When Clerk resigns or when
separate RFO necessary due to
workload
2
Lack of financial Standing Orders
Produce Financial Standing Orders for Council to review and adopt
Annually
3
Lack of overview
Chairman’s responsibility to check periodically
Internal Auditor’s report
Regular reporting of Budget v. Actual to Council
Ongoing
Annually
Each meeting
4
Lack of Power to spend
Clerk to check Council spending within powers
Ongoing
5
Loss/destruction of financial
documentation
RFO & Clerk or assistant to hold
RFO to lock away cheque book
Ongoing
Ongoing
6
Loss of computerised records
Backup of computerised systems
Continually backed up to Cloud
- Onedrive
7
Lack of skill in systems
Training for clerk
As needed
Accounting errors
1
Incorrect data entry
Clerk or Assistant to enter on spreadsheet or computer software
RFO to examine entries on schedule before submission to Council
Ongoing
Monthly
2
Incorrect entries by Bank/RFO
Clerk to do bank reconciliation through software or manually
Monthly
3
Discrepancies in report to Council
Statement of payments reported checked. Chairman signatory
Bi-monthly
4
VAT discrepancies
VAT reconciled to financial schedule
VAT reclaimed annually
Monthly
Ongoing
Budget overspend
1
Overspend against budget
RFO to check sufficient funds available when expenditure incurred
Budget v actual examined
Bi-monthly
Misappropriation of public funds
1
Expenditure without authority
Prior approval for spending authorised by Council .
Ongoing
2
Invoice payment without authority
All cheques to be listed on a schedule and authorised for payment by Council
Bi-monthly
3
New cheque book misappropriation
Cheque books to be stored securely with clerk
Ongoing
4
Cheque misuse
Cheques agreed against the approved schedule to be signed by two councillors. All
signatories must initial the cheque stubs.
Ongoing
5
Incoming cash and cheque
misappropriation
All cash and cheques to be stored securely and banked within 2 working days.
Ongoing
Under-insurance of Council assets
1
Level of cover inadequate
Reviewed by RFO in association with Council
Annually and as necessary
2
Inadequate record of possessions
Asset Register maintained by Clerk and listed in Notes to the Accounts at Audit.
Deeds and other legal documents relating to assets stored securely by Council’s Solicitor.
Annually
Ongoing
Chairman’s signature
Ken Langley
1 July 2020
Clerk’s signature
Catharine Toms
1 July 2020
© Reed Parish Council 2020
Website Accessibility Statement
Reed Village
The website of Reed Parish Council
Reed Parish Council Financial
Risk Assessment
Reviewed 1 July 2020 Unfortunately this table will not render in mobile format. Download as PDF file
