Internal Audit of Finance Management in Schools
Introduction
All schools are audited on a rolling programme and each year a number are selected for an audit inspection. Schools are given a copy of the inspection report usually within 20 working days of the audit.
Financial Services also request that all schools complete and return a Statement of Internal Controls and Best Value Statement at the end of each financial year. This statement is intended to give confidence to parents, other stakeholders, the Head of Corporate Resources and the Local Authority that:
- The school’s finances are properly controlled
- Appropriate internal financial controls are in place
- The school is constantly reviewing and improving its services by seeking best value
It is also intended to help schools identify possible areas of weakness or improvement.
Findings show, from both the internal audit of schools and the Statement of Internal Controls and Best Value statements received from schools, that there are a number of areas of concern and weakness that have been identified.
These are listed below together with recommendations from internal audit on good practice and useful links to further information you may find helpful.
The Children and Young People's Service is constantly seeking further improvements to offer support and advice to schools and we hope that you find this information helpful particularly if your school is undergoing external evaluation or will be in the near future.
The Department of Children, Schools and Families (DCFS) also outlines best practice and financial management and governance arrangements that should be in place within a school in its Financial Management Standard and Toolkit for Schools which you may find helpful.