Internal Audit
At EduFin we provide an Internal Audit Service that provides trustees and managers the tools to maintain a robust financial oversight.
Our aim is to ensure we deliver a service that is flexible enough to support the infrastructure of your trust, promotes best practice and provides peace of mind. Our internal audit service can cover a wide range of areas, our initial meeting will determine the focus that subsequent visits take but we would look to include elements of the below.
Budget Planning
Management Reports
Governor Reports
Budget Plan
School Development Plan
Minutes of Governing Body Meetings
Risk Management
Risk Register
Insurance
Whistle blowing
Continuity plan
Cash Control
Bank reconciliations
Cash flow projections
Control account review
Income
Banked promptly
Documentation
Separation of duties
Receipts for cash movements
Debtor invoicing systems
Procedure for cash held
Payroll
Segregation of duties
Payments are to genuine employees
Reconciliation of gross pay to
source documentation
Reconciliation of amounts paid
Recorded accurately
Audit Arrangements
Last external audit report
Audit Committee and internal financial controls
Last internal audit report
Governance
Trustee Responsibilities
Register of Directors and Members
Declaration of interests
Benefits
Pupil Premium
Included with budget plans
Uses of funding agreed with Governors
Reports to Governors
Published on School Website
Purchasing
Genuine / Appropriate expenditure
Tendering
Authorisation
Payments to individuals
Card payments
Lettings
Scale of charges
Indemnity Forms
Cash collection
Invoicing arrangements
Catering
Income is properly recorded
Contractor obligations are met
Budget Control is appropriate
Free meal authorisation
Assets
System for recording
Existence of assets
Disposable of assets
Leases
Register of leases
Budget commitments for lease payments
Financial Oversight and Control
Scheme of delegation
Internal Control Framework
Questions? Let’s talk.
Want to know more about how Internal Audit could help your academy?
Contact us