Internal Audit

Having worked with schools and academies over a number of years and being Chartered Accountants and Registered Auditors, we have the knowledge and expertise to ensure you maintain robust and effective systems of internal controls 

Internal scrutiny 

The ESFA requires that academies and academy trust’s run a programme of internal scrutiny that provides independent assurance to the board that its financial and other controls, and risk management procedures, are operating effectively.  

This can be provided by employing an in-house internal auditor, the appointment of a non-employed trustee, a peer review performed by the CFO or other member of the finance team from another academy trust or a bought-in internal audit service. 

Changes to internal scrutiny 

You may already have a bought-in internal audit service provided by the same firm as your external auditor. Following a change in the ethical standards, and confirmation in the Academies Financial Handbook 2020, you will no longer be able to use the same firm for your external and internal audit.  

This means that if you have separate internal and external auditors you can keep using your existing providers. If you, along with the majority of academies and trusts, currently use the same firm for both you will need to need to choose a new firm to separate these services from September 2020. 

Our Internal Audit service 

As a firm of Chartered Accountants and Registered Auditors we are regulated by the Institute of Chartered Accountants in England and Wales and provide Internal Audit and Assurance services following the established International Standards of Auditing. 

Our service is tailored to work closely with you and your Audit Committee to ensure your internal audit needs are met and that they meet the requirements of the ESFA. 

The areas we can investigate include: - 

• Procurement 
• Monthly financial closedown 
• Payroll and HR 
• Efficiency, funding and budgets 
• Fraud, theft and bribery 
• Management information and reports 
• Governance 

The internal audit work we carry out in these areas is provided by qualified auditors and Education sector specialists. 

There are, however, other areas which you may wish to investigate. These areas may require other specialist skills, including: - 

• Safeguarding and whistleblowing 
• Data and IT issues 
• Premises issues 

The areas that your Audit Committee identify as necessary for investigation may determine how many internal audit visits you require from us each year and we can advise you on this. 

To find out more about our Internal Audit service please contact us for a complimentary consultation where we will discuss how we can best meet your internal scrutiny needs.