A unique, holistic and complete approach
Our audit teams are experienced in preparing statutory audited accounts compliant with the Charities Statement of Recommended Practice (SORP) and in providing VAT advice in this sector.
Combined with highlighting areas of opportunity and recognising potential challenges, working together with you, we can then put together an approach that is designed to help develop the future strategy and direction of your academy.
We are able to assist you with a full range of audit and assurance services, including:
Key changes to be aware of
Following on from the recent Academies Accounts Direction, here are some of the key changes for accounting periods ending 31st August 2020
- New statutory requirements for streamlined energy and carbon reporting (SECR) in the trustees’ report.
- New statutory elements in the trustees’ report, covering the success of the company, employee engagement and business relationships.
- Legal costs incurred during the year are now required to be disclosed.
- Trusts must maintain a fixed asset register.
- Those employees whose benefits (gross pay, taxable benefits and termination payments) are more than £100k must be published on the trust’s website as an extract from your financial statements for the preceding accounting period.
- All academy trusts must now have a programme of internal scrutiny, to provide independent assurance to the board that its financial controls and risk management procedures operate effectively.
The Academies Financial Handbook 2020 clearly states that from 1 September 2020 accountancy firms who undertake both the external and internal audit can no longer offer both services to a trust in-line with the Financial Reporting Council’s latest Ethical Standard. Therefore, trusts will need to identify a new provider for their internal audit service where this is the case.
The handbook continues to state that both the Accounting Officer and Chief Financial Officer (CFO) should be employees, however, as of 1 September 2020, where either position is taken by a person who is not an employee, the trust must obtain ESFA approval prior to the appointment.
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