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Kerry Ace, Finance and Policy Manager, CIPFA looks at the Role of the Chief Financial Officer in Academies.
The Academies Financial Handbook issued by the Education Funding Agency (EFA) highlights the need for a chief financial officer (CFO) to ensure resources are properly accounted for and managed in an academy. The Handbook notes that the EFA requires academies to appoint a ‘chief financial officer’ to lead on financial matters. At the same time, an academy must have an accounting officer – the principal or chief executive – who is designated as accountable for value for money, regularity and propriety. It makes sense, therefore, to have effective arrangements in place to ensure the success of the chief financial officer role both in terms of the person carrying out the role and the governance structures in place that enable the person to perform well.
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