All councils are required to publish an annual statement of accounts by a specified date. The accounts show how money has been spent in the previous financial year.

When the accounts have been finalised and have been approved by Council, they are advertised to enable the public to examine them, the various documents can be accessed from this page.

All Councils are subject to independent internal audit and external audit in accordance with the Code of Audit Practice.

Madeley Town Council is required to make arrangements for the proper administration of its financial affairs.  The Town Council must ensure that it manages its affairs to secure economic, efficient and effective use of resources and safeguard its assets.

The Responsible Finance Officer is required to prepare the authority’s statement of accounts in accordance with proper practice and keep proper accounting records in line with the Code of Recommended Practice for Local Authorities which was published by the Department for Communities and Government in February 2015.  The Code sets out key principles for local authorities in creating greater transparency through the publication of public sector data – in particular how public money is being used, in order to allow local people to hold local authorities to account over how their council tax is spent and the decisions that are taken on their behalf.  The Code also sets out the information that it is recommended is published by town and parish councils with a gross annual income or expenditure exceeding £200,000.