In order for Council to function in an effective and efficient manner it is necessary for extensive finance and accounting services to be provided internally throughout the organization.
Most of these services are prescribed as mandatory legislative requirements under the authority of the Local Government Act 1999, the Local Government (Financial Management) Regulations 2011 and the Australian Accounting Standards. These requirements include the following:
- Adoption of an Annual Budget and Business Plan
- Quarterly reviews of the Annual Budget
- Preparation of a Long Term Financial Plan
- Adoption of applicable Fees and Charges
- Preparation of the Annual Financial Statements and accompanying notes
- Review of financial internal controls
- Management of the Audit Committee.
The Annual Financial Statements and financial systems in operation are required to be audited annually by an independent external auditor with the objective of obtaining unqualified audit opinions in relation to both the Annual Financial Statements and the financial internal controls.