Financial responsibility and accountability. 1.1 All public bodies have a statutory responsibility and fiduciary duty to ensure that public money is properly accounted for and that responsibility extends to any funding within the terms of KA2. KCC is responsible for promoting clear financial responsibility and accountability and robust performance and risk management arrangements. This Framework sets out governance arrangements to ensure efficient and effective delivery of the financial management element of KA2. It has regard to the Audit Commission’s guidance on working in partnerships ‘Bridging the Accountability Gap’ and the need to manage risks around:
(a) accountability between partners
(b) clarity on the processes for making decisions about the allocation of funding
(c) scrutiny of expenditure and allocations
(d) the adequacy of the systems for financial budgeting control and monitoring (performance and financial) within the partnership
(e) the adequacy of partners’ financial skills, resources and systems to plan and report on expenditure
(f) ensuring that there is clear ownership for each of the outcomes, performance measures, targets and improvement plans attaching to KA2
(g) ensuring that there is a robust process in place for performance management
(h) recognising the importance of measuring, monitoring and managing the achievement of KA2 outcomes as a vital means of communication and motivation amongst all partners
(i) acting on behalf of partners involved in the development and delivery of KA2 in ensuring that all financial conditions are complied with
(j) ensuring good practice in procurement, commissioning and ethical standards
(k) the requirements and standards of accounting and financial records necessary to demonstrate effective stewardship of public funds
Financial responsibility and accountability. All Public Bodies have a statutory responsibility to ensure that public money is properly accounted for and that responsibility extends to any funding within the terms of the LAA. The Accountable Body will promote clear financial responsibility and accountability and robust performance and risk management arrangements. This Framework sets out governance arrangements to ensure efficient and effective delivery of the financial management element of the Cumbria Agreement. It has regard to the Audit Commission’s guidance on working in partnerships ‘Bridging the Accountability Gap’ and the need to manage risks around: • accountability between partners; • clarity on the processes for making decisions about the allocation of funding; • scrutiny of expenditure and allocations; • the adequacy of the systems for financial budgeting control and monitoring (performance and financial) within the partnership; • the adequacy of partners’ financial skills, resources and systems to plan and report on expenditure. • ensuring that there is clear ownership for each of the outcomes, performance measures, targets and improvement plans attaching to the Cumbria Agreement. • ensuring that there is a robust process in place for performance management; • recognising the importance of measuring, monitoring and managing the achievement of the Cumbria Agreement outcomes as a vital means of communication and motivation amongst all partners. • acting on behalf of partners involved in the development and delivery of the Cumbria Agreement in ensuring that all financial conditions are complied with. • ensuring good practice in procurement, commissioning and ethical standards. • The requirements and standards of accounting and financial records necessary to demonstrate effective stewardship of public funds.
