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The Accounts and Audit (Wales) Regulations 2014

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Responsibility for internal control and financial management

5.—(1) The relevant body must ensure that there is a sound system of internal control which facilitates the effective exercise of that body’s functions and which includes—

(a)arrangements for the management of risk, and

(b)adequate and effective financial management.

(2) The relevant body must conduct a review at least once in a year of the effectiveness of its system of internal control.

(3) The findings of the review referred to in paragraph (2) must be considered—

(a)in the case of a larger relevant body, by the members of the body meeting as a whole or by a committee, and

(b)in the case of a smaller relevant body, by the members of the body meeting as a whole.

(4) Following the review, the body or committee must approve a statement on internal control prepared in accordance with proper practices.

(5) The relevant body must ensure that the statement referred to in paragraph (4) accompanies—

(a)any statement of accounts which it is obliged to prepare in accordance with regulation 8; or

(b)any accounting statement which it is obliged to prepared in accordance with regulation 14.

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