Responsibility for financial management
4.—(1) The relevant body shall be responsible for ensuring that the financial management of the body is adequate and effective and that the body has a sound system of internal control which facilitates the effective exercise of that body’s functions and which includes arrangements for the management of risk.
(2) The relevant body shall conduct a review at least once in a year of the effectiveness of its system of internal control and shall include a statement on internal control, prepared in accordance with proper practices, with—
(a)any statement of accounts it is obliged to publish in accordance with regulation 11, or
(b)any income and expenditure account, statement of balances or record of receipts and payments it is obliged to publish or display in accordance with regulation 12.