Audit committee arrangements-Academys

I thought it would be useful to briefly touch upon a recent change that was included in the September 2012 version of the Academy’s Handbook – that you as Academy’s should be aware of:

  • Academy Trusts (AT) that are a multi-academy federation must have a dedicated audit committee;
  • all ATs with an income of over £10m or capitalised asset value of over £30 million should consider having a dedicated audit committee; and
  • all other ATs may have a dedicated audit committee.
  • The relevant committee must review the risks to internal financial control at the AT and must agree a programme of work that will address these risks, inform the statement of internal control and, so far as is possible, provide assurance to the external auditors.

Posted by Annal Nayyar

Both comments and pings are currently closed.

Comments are closed.