To respond to the varying risks faced across the sector we have expanded our internal assurance offering. This will allow for the audit committee (or equivalent) to direct the testing to those areas they perceive to be of most importance or highest risk.
The list below sets out some of the key areas of work that we can undertake:
- Regularity and Compliance
- Month end procedures
- Budgeting and Financial management
- Procurement
- Bank payments
- Income
- Risk management and insurance
- Vehicles
- Capital and contract management
- Payroll
- VAT, Corporation tax and other taxes
This is not an exhaustive list, but is a starting point to help trustees consider the effectiveness of the academy’s internal controls and the risks faced.