1. FINANCIAL RISK and CORPORATE GOVERNANCE

2. LEGAL Inform HMRC – real time information VAT submissions, exemptions, capital goods Incur Expenditure without Legal Authority, delegated authorities to clerk Fail to use appropriate powers – S137,GPC Ultra Vires? Pension, councillor’s allowance Bank Mandates - annual renewal

3. VARIANCES Over or under – 5% allowance But consider total sum of variance Viring regulations and authorities PROCESSES Central versus Committee Staff versus Councillors Capex or Project Budgets Frequency of review Variance reporting RESERVES & CONTINGENCY Sink funds or earmark Lack of contingency Level of general reserve

4. FRAUD, CORRUPTION, THEFT, WASTAGE, CASH HOLDING, CASH HANDLING. Procurement & PO’s - who can buy what? - clerk’s/staff authorities? Material consideration reporting. Bad Debt policy Wastage? Theft? Stationary, printer costs, utilities, cartridge costs, refuse, time. Cash Holding? Safe, bank, receipts. Fraud? Staff, councillors, public.

5. INSURANCE All risks considered – not just physical Higher insurance premiums due to excessive claims Tender for insurance annually – or get benefit of long term Business recovery insurance Valuation of assets Linking leases with insurance Automatic increase clauses Associated insurances – events management, etc

6. BUSINESS CONTINUITY and LONG TERM FINANCIAL PLANNING Business Continuity Plan Length of Recovery Process IT recover Costed top 10 risks to council – pension deficit, utility costs, strikes, water quality etc. 5 year financial forecast. Business plans if income over 5% above precept

7. CORPORATE GOVERNANCE It really means all councillors Are all Councillors and all staff members financially literate Standing order and financial regulations review, new transparency regs. Payment schedules matched to invoices to cheques Have policy – does anyone use it? Who signs legal docs?

8. AUDIT New Bill Audit and Accountability – appoint own external auditors on advice of audit panels Who pays the piper on internal audits? Who audits the auditor? Objections costs No FRSSE? Pay attention to audit reports

9. SERVICES Excessive demand on services Reduced service delivery Failure to deliver service Hazards/risks to service users, staff, public Risk of missed opportunities

10. ASSETS Up to date asset register – historical, dep’c? reinstatement Small asset register – serial numbers and photographs When last valued Condition and structural surveys Covenants, church registration, red line drawings

11. STOCK What is stock? In and out procedures Stock Valuation Stock in accounts Cost of sales/managing margins Vending or other options

12. INVESTMENTS Change to legislation Must have a policy What is triple AAA? Treasury Bonds versus equity Property Public Sector Deposit Fund Be advised – get advice!