If you run an Academy trust your audited accounts need to go to the ESFA by 31 December 2019. These accounts are based on your financial statements from the period ending 31 August 2019. This article has some points to help you through the process of submitting your audited end of year accounts to the ESFA.
How important is the external audit?
The external audit is a legal requirement and one where you need to complete the right steps.
Once completed this audit will show whether the trustees are running the trust effectively and can affect the trusts’ ability to operate.
What can happen if it goes wrong
If for example the auditors are unable to give an unqualified opinion, then the audit report could be flagged up by the ESFA which could then lead in to an investigation.
Being registered auditors, even though we don’t audit trusts, we can assist with the audit process and take the financial stress away from your academy for you to concentrate to what you do best. Please email email@example.com
The external audit process
There are four main steps you need to undertake to comply with the law. These are:
1. prepare an annual report and financial statement for the year end 31 August 2019
2. get your auditors to audit your accounts and prepare the external audit for the financial statements.
3. submit the audited accounts to ESFA within the four months of the year end date.
4. file the accounts with Companies House as required under the Companies House.
Presentation of the accounts
The audited accounts are presented at your AGM. If you want some ideas on presenting finances at an AGM click here
How we can help you
We have a specialist Educational Team who can help with difficulties in preparing and actioning the audit.
• We can help you explain the audit findings to your board and help you create a better plan of action.
• Some trusts struggle to find the time to prepare their financial statements. Usually preparation begins towards the end of August or the first week in September. If you are running late, we can help you catch up.
• The previous year’s financial records must be adequate for the auditors. If you’re unsure, we can help you.
We provide the skills and services to support and update the Schools and Trusts financial management procedures, giving your school Financial clarity.
“I was really pleased that our first audit we had a really excellent outcome. The feedback was that this was one of the best audits from any new trust that has converted. I know that has been down to the support that we’ve had and the confidence that Alan Patient has given my staff.”
Keri Edge, CEO of Agate Momentum Trust