Internal audit and assurance

Each academy trust must have in place a process for the independent checking of financial controls, systems, transactions and risks, which must be driven by the governors either directly or via a sub-committee such as a finance committee or in the case of larger or more complex academy trusts, an audit committee. 

There is some flexibility around how academies meet these requirements and we can offer advice based on our experience of working with established academies on how best to do this.

We can also provide an internal assurance service to assist academies in discharging these duties.The exact scope of our work is agreed in advance with the governors, finance committee or audit committee, but as well as reviewing the main income and expenditure processes with the academy, we also review the accounting system and procedures, budgeting and forecasting process and governance and risk management processes.

We provide management and the governors with a ‘traffic light’ report, which highlights the work undertaken, any weaknesses identified in the systems and controls and appropriate recommendations for improvements in these.

Good practice

Internal audit and assurance
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