We outline the key changes of the new academies financial handbook, released by the Education Funding Agency (EFA) on the 21 September 2012, which replaces the previous 2006 version. The handbook is much shorter than original, but the requirements around financial control have not reduced, they have increased in many areas.
The EFA’s expectations are that:
The relevant committee must review the risks to internal financial control. Options of managing this programme of risk review may include:
These limits have now being removed. However where an AT has clauses in its funding agreement limiting the amount of carry forward the provisions in that funding agreement will prevail until such time as those clauses are amended by agreement between the parties to reflect the new arrangements
An accounting officer’s statement on governance, regularity, propriety and compliance must be included in the AT’s annual report.
This form will no longer be required by those academies who have completed timely, audited unqualified annual accounts. New ATs that will not be producing financial statements will be asked to complete a revised, shorter, FMGE for their first year only or to agree an alternative method of providing assurance for this interim period.
The handbook also provides limits on delegated authority over different categories of financial transaction including;
Download the Academies Financial Handbook and read the handbook frequently asked questions
Caroline White, Advisor
T: 01964 533097/07919 018938
+44 (0)20 7543 5805
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