Audit and Assurance
School Audit Programme
Internal Audit is moving to a more risk based approach to school audits. Schools will no longer be on a rolling programme of visits but assurance will still need to be given to the Council’s Section 151 Officer that there is a system in place to assess the financial management and controls in place within schools.
They are planning to audit using a Thematic Audit Programme for a sample of schools. The audit programme and report will be issued to the Education Director, Head of Educational Curriculum and Enrichment, Head of Access and Learning and will be shared with all schools (anonymised) so that they can see the controls that should be in place.
It should be noted that where a school is considered a high risk i.e. secondary school, deficit budget (and no planned recovery plan in place), notice of concern etc. then Internal Audit retains the right to visit
Examples of themed audits are as follows:
• Purchasing & Payments
• Employees and Payroll
• Safeguarding/Recruitment
• Health & Safety
• Pupil Census
• Governance
If you wish to discuss any of the above, please email ann.ross@nottinghamcity.gov.uk
School Fund Audit
Maintained schools are required to submit their audit certificates by 25th September 2020 (extended date due to the COVID-19 situation)
School Fund Audits are required on an annual basis to provide assurance that records are complete, accurate and clearly show the financial position of the fund. Schools Finance Support will audit your school fund, the charge for this is £110. This return supports the statement of assurance (Schools Financial Value Standard – SFVS, submitted in March) by each school. The SFVS's are then reviewed by audit, summarised and a statement, signed by the Chief Finance Officer of the Local Authority, is submitted to the DfE by 31 May 2020.
The School Fund Audit Certificates do not need to be signed by the chair of Governors for the Local Authority's requirements.
School Finance Support have developed a new easy to use School Fund spreadsheet that you may be interested in using. The spreadsheet allows you to record your income and expenditure, provides a monthly bank reconciliation and also generates your school fund audit certificate in readiness for checking by your auditor. If you use our new School Fund spreadsheet and request Schools Finance to audit your School Fund the charge is reduced to £65. Please contact Schools Finance Support if you have any queries or wish to have your school fund audited.
Tel: 0115 8765053 Fax: 0115 8763237 schools.finance@nottinghamcity.gov.uk
