The Police and Crime Commissioner (PCC) is required by law to publish a set of accounts each year providing a breakdown of the PCC’s and Constabulary’s financial performance and financial position.
The statement of accounts follows a standard format (as prescribed by accounting codes of practice) and is audited by external auditors who also review the financial arrangements in place during the year.
Annual audit letter
The Office of the Police and Crime Commissioner for Norfolk (OPCCN) is audited by an external auditor appointed by Public Sector Audit Appointments. The auditor has a responsibility to review and comment upon the financial activities of the OPCCN and to provide an opinion on whether the financial statements present a fair view of the financial position, and whether they have been prepared in accordance with the appropriate regulations and proper accounting practices.
The auditor writes annually to the PCC to present his findings and conclusions from their audit and make recommendations for future action.
Reserves play an important part in the financial management of the organisation. They are set aside for particular purposes, most importantly helping to support the budget pending savings coming on stream, funding invest-to-save initiatives, and funding capital spending such as short-life capital assets (body worn video, mobile devices, etc).
Annual investment and treasury management
The Chartered Institute of Public Finance and Accountancy’s (CIPFA’s) Code of Practice for Treasury Management in the Public Services requires PCCs to produce a treasury management strategy for the year ahead.