Internal financial controls

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Internal financial controls reduce risk of loss through theft, fraud, error, bad decisions and unforeseeable circumstances. They can help you identify risks sooner and take necessary action. They can also help achieve good value for money.

Why do you need internal financial controls?

Internal financial controls are essential checks and procedures that can help your PCC:

  • meet its legal duties to safeguard your parish’s assets
  • administer your PCC’s finances and assets in a way that identifies and manages risk
  • ensure proper financial reporting, by keeping adequate accounting records and preparing timely and relevant financial information.

If your PCC is to fulfil its mission, you will need to ensure that:

  • assets are properly used,
  • funds are spent effectively
  • financial affairs are well managed
 to reduce the risk of loss.

Parishes vary considerably in terms of their size, activities and complexity. Where your activities or financial transactions are complex, you may need to seek advice on appropriate controls in those areas.
Guidance on Internal Financial Controls
The Charity Commission document CC8 provides detailed guidance on internal financial controls.

For further information, please contact our Resources Team on 0151 705 2180 or email resources.team@liverpool.anglican.org.