The financial statements are an essential means by which the Police and Crime Commissioner for Gwent and the Chief Constable for Gwent Police accounts for their stewardship of the resources at their disposal and their financial performance in the use of those resources. The Auditor General's Code of Audit Practice identifies that it is the responsibility of the audited body to:
- put in place systems of internal control to ensure the regularity and lawfulness of transactions;
- maintain proper accounting records; and
- prepare financial statements in accordance with relevant requirements
The appointed auditor is required to audit the financial statements and issues an auditor’s report which includes an opinion on whether the financial statements give a ‘true and fair’ view of the state of affairs of the Commissioner and the Chief Constable. The auditor’s report also gives an opinion on whether the financial statements have been prepared properly in accordance with relevant legislation, directions or regulations, and applicable accounting standards.