7 Maintenance of Accounting Records

7.1 Overview

To ensure proper financial management, it is essential that information is accurate, timely and appropriate.

The preparation of annual reports and statutory accounts, accounting records and returns must be maintained to a defined set of standards.

7.2 Responsibility/Accountability

7.2.1 Section 151 Officer (click here for all responsibilities for the Section 151 Officer)

Determining the standards and procedures concerning accounting records for the Authority. 

Consulting and providing advice to Business Unit Heads regarding how records should be maintained and treated.

7.2.2 Business Unit Heads (click here for all responsibilities for Business Unit Heads)

Accountable for maintaining and ensuring financial records are accurate in line with this Framework and any specific advice /requirements of the Section 151 Officer. 

Seeking approval of the Section 151 Officer before making any procedural changes and providing an audit trail from source documents to the General Ledger.

7.3 Policy

To enable reliance to be placed on financial management information all the Authority's transactions, commitments, contracts and other essential accounting information must be recorded completely, accurately and on a timely basis.  Balances and reconciliation procedures will be carried out regularly to ensure transactions are recorded correctly.

(click here for details on the Authority’s Guidelines on Retention and Destruction of Records)