Audit: Getting ahead of the Game with 10 Top Tips.

Year End. It can be stressful, busy and not everyone’s favourite time of year, but it doesn’t have to be all bad! Check out our Top 10 tips below and get ahead.

1.     You don’t need to wait for year end get started, get ahead on reconciliations and data gathering to avoid a last-minute rush

2.     Payroll reconciliations can be done at the end of August, as soon as final costing reports are received. This means staff data for higher paid staff member’s FTE's etc can be calculated at the end of August.

3.     Fixed Assets can be reviewed during the year and should be updated as much as possible and reflected on the Fixed Asset Register

4.     Fund Accounting can start to be reviewed before Year End as most curriculum purchases are complete by the end of July. Over the Summer you can check Pupil Premium, UIFSM, High Needs Funding etc expenditure is allocated correctly.

5.     Review Aged Debtors and Creditors for old items. Large expenditure items can be reviewed for prepayments.

6.     If you have CIF projects on-going during the Summer, ensure you get a valuation of works as of 31st August, as this will be your Asset In Construction valuation.

7.     If you’ve had new academies join the trust in year, ensure you have all land and buildings independently valued.

8.     If you want to go that extra mile for the auditors, get photos of the new assets on the Fixed Asset Register so they don’t need to visit the site.

9.     If, like many schools this year, you have had a revaluation of your land and buildings this will need to be adjusted in your accounts and fixed asset register.

10.   If you have been lucky enough to have had CIF bids awarded, you will need to accrue for future income due. A a schedule of payments can be downloaded to help to work out what needs to be accrued.

Lastly and most importantly, be friendly and keep them well supplied with beverages!