The Transparency Code requires the following information, relating to the authority and the previous financial year, to be published annually:
- all items of expenditure above £100;
- end of year accounts, annual governance statement, and internal audit report (as contained in the annual return).
The end of year accounts should be accompanied by:
-a copy of the bank reconciliation for the relevant financial year;
-an explanation of any significant variances (e.g. more than 10-15%, in line with proper practices) in the statement of accounts for the relevant year and previous year; and
-an explanation of any differences between ‘balances carried forward’ and ‘total cash and short term investments’, if applicable
For the financial year starting on 1 April 2017, smaller authorities will be responsible for appointing their own external auditor. Each year the appointment must be made by the 31 December before the start of the audited year in April. So, by 31 December 2016, smaller authorities must have appointed an external auditor to undertake an assurance review of the 2017/18 accounts
Click here for more information and guidance on the Transparency Code.
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